Press release
Unmanned Ground Vehicle Market Projected Expansion to $6.04 + Billion Market Value by 2030 with a 11.4% CAGR
Unmanned Ground Vehicle Market
Increase in demand for unmanned ground vehicles for civilian purposes and reduction in risk of human lives drive the growth of the global UGV market. However, reductions in defense budgets by developed economies, concerns regarding reliability and bandwidth, and vehicle battery's restricted life impede the market growth. On the contrary, a rise in the demand for autonomous control systems and a gain in operational efficiency create new opportunities in the coming years.
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Reduction in risk of human life and increase in demand for UGVs in civilian applications are expected to drive the UGV market during the forecast period. However, restricted battery life of the vehicles is anticipated to hamper the growth of the market. Moreover, demand for autonomous control systems is expected to offer lucrative opportunities for the market in future.
Covid-19 Scenario:
The outbreak of Covid-19 had a significant effect on the global unmanned ground vehicle market, due to the implementation of lockdown measures across the globe.
The Covid-19 pandemic created several obstacles for the unmanned ground vehicle market, including disruptions in the supply chain of raw materials and components, logistical challenges, and reductions in defense spending in many countries.
Defense system manufacturers and service providers, however, had to cut expansion and R&D expenditures to cope with the defense industry's declining revenue and operating performance.
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Based on region, North America contributed the highest share in 2020, accounting for nearly half of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 13.85% during the forecast period.
Leading players in the global unmanned ground vehicle market discussed in the research include Autonomous Solutions Inc. (ASI), Armtrac Inc., Clearpath Robotics Inc., General Dynamics Corporation, DOK-ING Ltd., GESAR INC., ICOR Technology, Horiba Mira Ltd., Teledyne FLIR LLC., and Northrop Grumman Corporation.
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