LONDON, May 5, 2016 /PRNewswire/ -- 'Increasing need for operational efficiency is a major factor for increasing procurement of UGV, globally'
The global unmanned ground vehicle market is expected to grow from an estimated USD 6.44 billion in 2015 to USD 18.65 billion by 2020, at a CAGR of 23.7% from 2015 to 2020. The market for UGV is driven by the increasing demand for operational efficiency, rising commercial applications, and minimized human intervention.
'Commercial segment to witness higher growth during the forecast period'
The key applications considered for the market study are commercial and defense. The commercial segment market is estimated to grow at a higher CAGR during the forecast period, among applications, owing to increasing use of UGVs for underground mining, strip mine haulage, crop harvesting, and ship cleaning, among several others.
'North America dominates; Europe to grow at the highest rate'
The North American region dominates the global UGV market in 2015, and is expected to continue its dominance during the forecast period of 2015 to 2020. The main functions of UGVs in the North American region have been observed to be ISR (intelligence, surveillance, & reconnaissance), ensuring border security, and minimizing the risks of terrorism on domestic assets and population.
The market in Europe is projected to grow at the highest CAGR during the forecast period. With rapid advancements and adoption of defense technologies in the region, the UGV market in Europe is projected to grow significantly during the forecast period. Another key factor driving the growth of the European market is the increasing investments and development of UGVs for commercial functions such as logistics, transportation, medical support, mining, and so on.
'Break-up of profile of primary participants for the UGV Market'
- By Company Type - Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation - C level – 60%, Director level – 25%, Others – 15%
- By Region - North America - 10%, Europe – 20%, APAC – 40%, RoW – 30%
The major companies profiled in the report include Northrop Grumman (U.S.), Lockheed Martin (U.S.), iRobot (U.S.), QinetiQ Group Plc. (U.K.), Cobham Plc (U.K.), Oshkosh Corporation (U.S.), BAE Systems Plc (U.K.), and General Dynamics Corporation (U.S.), among others.
The global UGV market offers several opportunities to the market stakeholders for growth in coming years, mainly in the form of development of combat vehicles; fully autonomous UGVs for military operations; and the declining defense budgets of advanced economies forcing them to channel defense funds into development of UGVs, while also reducing troop sizes.
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends, and PEST analysis), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the UGV market; high-growth regions and countries and their respective regulatory policies; government initiatives; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on UGV offered by the top 10 players in the global UGV market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyses the markets for UGV across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global UGV market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global UGV market
Download the full report: https://www.reportbuyer.com/product/3587955/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/unmanned-ground-vehicles-market-by-application-mode-of-operation-size-mobility-payload-and-region---global-forecasts-to-2020-300263762.html