Unmanned Ground Vehicles Market Analysis to 2026: Top 4 Trends Propelling Industry Growth
Unmanned Ground Vehicles (UGV) Market size is expected to account for a considerable growth rate during the forecast timeline on account of integration of centralized ground control system.
Delaware , United States – August 9, 2021 /MarketersMedia/ —
The unmanned ground vehicles (UGV) market is expected to witness tremendous growth on account of expanding defense budget by developing countries and surging military spending worldwide. Nations across the globe have allocated a healthy share of their budget in the advancement and development of UGV. Studies claim that countries like Russia, the U.S., Saudi Arabia, France, and China account for more than 50% of the overall industry share.
Commercial UGVs are also finding application in the agriculture and mining sector. Currently, nations like New Zealand, Japan and Australia are pioneering the commercial UGV sector due to increasing commencement of mining and agricultural activities.
Meanwhile, technological advancement in sensor systems and the integration of numerous communication technologies are expected to massively benefit UGV business outlook. Manufacturers have started to implement communication technologies like IoT, AI, and the cloud to enhance overall driving experience of UGVs.
Based on these factors, Global Market Insights Inc., projects that the unmanned ground vehicles market might exceed USD 7 billion by the year 2026.
Mentioned below are some of the ongoing trends fostering UGV industry outlook:
Increasing application of tracked UGVs:
Growing demand for defense UGVs that are capable of performing critical operations over multiple terrains could drive the demand for tracked UGVs. Earlier in 2019, the segment was projected to record more than USD 1 billion.
Meanwhile, further estimates suggest that the segment may record a CAGR of over 13% by 2026. Introduction of technologically advanced UGVs by manufacturers may help businesses amass a considerable market share over the projected period.
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Growing demand for communication & navigation components in UGVs:
The advent of multiple communication technologies like IoT, AI and cloud computing could broaden the industry horizon of UGVs. Usually, these technologies are backed by powerful software that helps UGVs to conduct critical activities efficiently.
Besides, introduction of UGVs that harness the ability to support open architecture could enhance the growth prospects of communication and navigation components segment over the coming years.
North America emerging as a dominant regional avenue:
North America is often considered as a lucrative avenue for unmanned ground vehicles market owing to the rich presence of prominent UGV manufacturers. Estimates suggest that the region may record a compound annual growth rate of more than 10% by 2026.
Apart from prominent UGV companies, North America also hosts a number of regional players that actively participate in numerous defense exhibitions. Increasing number of UGV related R&D activities could stimulate business outlook of UGV firms. Taking 2019 for instance, the overall budget allocation for UGV related R&D activities was close to USD 343 million, encompassing nearly 70% of overall UGV budget allocation.
Adoption of numerous business expansion strategies:
Companies operating in unmanned ground vehicles market are constantly working on innovating new technologies by signing sophisticated R&D agreements with other industry players. Earlier in September 2019, a group of companies tendered a proposal to the European Commission’s EDIDP for the advancement of multi-mission UGV solutions. This group included 14 industry participants that possess deep expertise in diverse domains like communication, cybersecurity, and defense.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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