Unmanned Ground Vehicle Market Worth 18.65 Billion USD by 2020
PUNE, India, January 20, 2016 /PRNewswire/ --
The report "Unmanned Ground Vehicles (UGV) Market by Application (Defense, Commercial), Mode of Operation, Size, Mobility, Payload, and Region (North America, Europe, Asia-Pacific, Middle East, Rest of the World) - Global Forecasts to 2020", published by marketsandmarkets, the global market is estimated to reach USD 18.65 Billion by 2020, at a CAGR of 23.7% from 2015 to 2020.
Browse 82 market Tables and 60 Figures spread through 150 Pages and in-depth TOC on "Unmanned Ground Vehicles (UGV) Market"
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This growth can be attributed to the rising need for efficient border surveillance and general ISR functions, combined with the technological advancements in the field of UGVs, globally.
"Commercial segment to dominate the UGV market, among applications"
The commercial segment is projected to grow at the highest CAGR compared to all other application segments during the forecast period, primarily owing to huge investments made by major players in the development of UGVs for applications in agriculture, underground mining, medical, and so on. In Europe, the agriculture sector dominates the demand for UGVs in the commercial segment, followed by transportation and medical sectors.
"The laser payload segment to grow the highest during the forecast period"
The global UGV market has been segmented and analyzed in terms of payloads, namely, sensors, radars, cameras, lasers, and others. While the overall market is dominated by the sensors segment, the lasers segment is projected to grow at the highest CAGR during the forecast period, primarily driven by the increased use of lasers in defense for target acquisition, guided munitions, electro-optical countermeasures (EOCM), and for blinding enemy troops, among others.
"Europe and Asia-Pacific to be the game changers in the UGV market"
The global UGV market is dominated by North America, as of 2015, owing to the technological advancements and rising incidences of terrorism in the region. However, Europe and Asia-Pacific are expected to drive the growth of the global Unmanned Ground Vehicle Market in coming years, with the European market projected to grow at the highest CAGR during the forecast period, 2015 to 2020. This rapid growth of the European market can be attributed to the increasing development and deployment of UGVs robots for ISR and combat operations in defense sector; and for crop harvesting, medical, and underground mining, among others, in commercial sector. The Asia-Pacific market is driven mainly by the increasing investments by China and India for development of multifunctional UGVs in defense as well as commercial applications.
The major players in this market have been identified to be Lockheed Martin (U.S.), Northrop Grumman (U.S.), Oshkosh Corporation (U.S.), QinetiQ Group Plc. (U.K.), and iRobot (U.S.), among others.
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The report segments and analyzes the UGV market on the basis of mode of operation (tethered, tele-operated, autonomous), mobility (wheeled, tracked, legged, others), size (micro, small, medium, large, others), payload (sensors, lasers, camera, radars, others), application (defense & commercial), and maps these segments and subsegments across the major regions of the world, namely, North America, Europe, Asia-Pacific, the Middle East, and Rest of the World (constituted by Latin America and Africa).
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