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Unmanned Ground Vehicle Market to Hit USD 4.55 Billion by 2029 | At a CAGR of 5.67%

Companies Covered in Unmanned Ground Vehicle Market are BAE Systems (U.K.), Aselsan A.S. (Turkey), Lockheed Martin Corporation (U.S.), General Dynamics Corporation (U.S.), L3Harris Technology, Inc (U.S.), Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.), Rheinmetall AG (Germany), Teledyne FLIR LLC. (U.S.), QinetiQ (U.K.), Northrop Grumman Corporation (U.S.) and Other key players

/EIN News/ -- Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The unmanned ground vehicle market size was valued at USD 3.02 billion in 2021 and USD 3.09 billion in 2022. The market is expected to reach USD 4.55 billion by 2029 with a CAGR of 5.67% during the forecast period. Integration of AI for the development of next-generation Unmanned Ground Vehicles (UGVs) is expected to open a new set of opportunities is anticipated to drive market growth. The rise in demand for the product in the autonomous systems for commercial and defense applications is expected to propel the market course. Countries such as Poland and Denmark have declared an increase in the defense budget for security purposes, which is projected to assist in the market development. Fortune Business Insightsshares this information in its report titled “Unmanned Ground Vehicle Market, 2022-2029.

Russian-Ukraine War Impact:

Rising Investments in Strengthening Defense Forces Positively Influenced Market Growth

The Russia-Ukraine war increased the budget for defense for many countries. Most European countries increased their defense expenditure due to Russia’s invasion. The growth in the defense budgets for security purposes propelled the demand for UGVs.

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List of Key Players Profiled in the Report

  • BAE Systems (U.K.)
  • Aselsan A.S. (Turkey)
  • Lockheed Martin Corporation (U.S.)
  • General Dynamics Corporation (U.S.)
  • L3Harris Technology, Inc (U.S.)
  • Oshkosh Defense, LLC An Oshkosh Corporation Company  (U.S.)
  • Rheinmetall AG (Germany)
  • Teledyne FLIR LLC. (U.S.)
  • QinetiQ (U.K.)
  • Northrop Grumman Corporation (U.S.)

Report Scope & Segmentation:

Report Coverage Details
Forecast Period 2022-2029
Forecast CAGR 5.67%
2029 Value Projection USD 4.55 Billion
Base Year 2021
Unmanned Ground Vehicle Market Size in 2021  USD 3.02 Billion
Historical Data 2018-2020
No. of Pages 224
Segments Covered By Mobility Analysis, By Size Analysis, By System Analysis
Unmanned Ground Vehicle Market Growth Drivers Rising Demand from Commercial and Defense Sectors to Propel Market Development

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/unmanned-ground-vehicles-market-102525

Segments

Tracked Segment to Lead Due to Growing Defense Budget

On the basis of mobility analysis, the market is segmented into wheeled, tracked, hybrid, and legged. Tracked segment accounted for the largest part in 2021 due to growing defense expenditure, and procurement of next-generation tracked UGVs from various countries. Wheeled is expected to have a considerable growth due to rising demand for UGVs for military operations.

Small (10-200 lbs) to Head the Segment Due to Demand from Military Operations

Based on size, market is categorized into small (10-200 lbs), medium (200 - 500 lbs), large (500 - 1000 lbs), very large (1000- 2000 lbs), and extremely large (>2000 lbs). Small (10-200 lbs) segment is anticipated to have the fastest growth due to demand for small and lightweight robots for military and commercial applications for various military operations such as Intelligence, Surveillance, Reconnaissance (ISR), and combat operations.

Autonomous Segment to Dominate Due to Growing Adoption
Based on mode of operation, the market is segmented into tethered, autonomous, and teleoperated. Autonomous segment is expected to dominate the market during the forecast period due to growing adoption of autonomous UGVs for ISR, search, and rescue operations.

Increasing Demand for UGV Payload Added to the Market Growth

On the basis of system, the market is divided into payload, controller system, navigation system, power system, and others. Payload is the weight an UGV can carry and is set to dominate market growth.

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Military Segment to Dominate the Market Due to Increasing Application in Explosive Ordnance Disposal (EOD)
According to application, the market is divided into military, commercial, law enforcement, and federal law enforcement. The military segment holds the largest market share due to increasing application in Explosive Ordnance Disposal (EOD) such as landmines, heavy loading items, and repairing ground conditions under enemy fire.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Rising Demand from Commercial and Defense Sectors to Propel Market Development

One of the major driving factors for unmanned ground vehicles rise in the need for autonomous UGVs from the defense and commercial sectors, which is anticipated to drive the unmanned ground vehicle market growth. The vehicles have three mobility levels: computer-aided driving, teleoperation, and autonomous control. There is growing demand from the agriculture sector for soil sampling, mechanical weeding, irrigation management, crop harvesting, and precision spraying. Such applications are expected to push market growth.

However, reduction in defense budgets and issues relating to reliability and bandwidth is expected to hamper the market growth.

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Regional Insights

North America to Lead the Market Owing to High Budget in Defense

North America is expected to dominate the unmanned ground vehicle market share due to high budget for defense and growing spending on procurement of next-generation robots. In April 2021, the U.S. army signed a contract worth USD 31.6 million with FLIR Systems for the building of the Man Transportable Robot System Increment II (MTRS Inc II). It helps in detection, identification, confirmation, and disposition of concealed explosives.  

Asia Pacific is anticipated to have a considerable growth in the forecast period due to increasing defense budgets from India and China.

Europe to have a profitable growth due to rising defense budget from countries such as the U.K, Russia, Germany, France, and others.  

Competitive Landscape

Partnership Strategies by Key Players to Progress Market Route

Partnership strategies by the market players are predicted to progress market grip. L3 Harris Technologies Inc. is the leader of the market with share of 15.6%. L3Harris Technologies is a U.S.-based manufacturer of aerospace and defense products, systems, and services. In April 2022, Oshkosh Corporation announced the strategic partnership with Robotic Research for investment. The new collaboration is set to further complete Oshkosh’s ongoing work in autonomous vehicles and equipment.  

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments –Mergers, Acquisitions and Partnerships
    • Latest technological Advancements
    • Porters Five Forces Analysis
    • Supply Chain Analysis
  • Russia-Ukraine War Crisis Impact on the Unmanned Ground Vehicle Market

TOC Continued…!

Key Industry Development

  • September 2021- L3Harris Technologies Inc. signed an agreement worth USD 85 million with the U.S. Air Force to provide UGVs to help protect bases. The agreement includes robots, robotics support, maintenance, and training. The 10-year IDIQ contract covers the provision of up to 170 T7 UGVs to replace the existing 20-year-old Explosive Ordnance Disposal (EOD) system.

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