The study provides an in-depth analysis of the unmanned ground vehicle market, with current and future trends to elucidate the imminent investment pockets.
Portland, OR -- (SBWIRE) -- 10/11/2017 -- According to a new report by Allied Market Research, titled, "Unmanned Ground Vehicle Market by size, by mode of locomotion, by operation, by application Type: Global Opportunity and Forecast, 2017–2023," the unmanned ground vehicle market was valued at $1,497 million in 2016, and is projected to reach at $3,358 million by 2023, growing at a CAGR of 11.1% from 2017 to 2023. This is attributed in reference to reduction in risk of human life, increased demand of UGVs in civilian application, and impressive vehicle combat performance.
The size segment includes small, lightweight, medium, and heavy. By mode of locomotion, the market is divided into tracked, wheeled, and legged. Operation segment is bifurcated into automated and teleoperated. Based on application, the market is categorized into defense and commercial.
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Reduction in risk of human life and increased demand of unmanned ground vehicle in civilian applications consisting of homeland security and commercial purpose a fuel the growth of the market. However, the restricted battery life of vehicles limit the growth.
The small size UGV segment is projected to grow at the CAGR of around 12.4% during the forecast period. Increased demand of UGVs in civilian application and high operational efficiency favor market growth.
The wheeled type mode of locomotion of UGVs segment dominated the market in 2016, followed by tracked type. Furthermore, these segments collectively accounted for around 96.6% share of the overall unmanned ground vehicle market revenue in 2016. The agriculture sectors providing lucrative options for the wheeled unmanned ground vehicles. In addition, increased use of the unmanned vehicles in the mining industry favors unmanned ground vehicle market growth.
By application, the commercial segment is expected to grow at CAGR of around 18.6% followed by defense segment. These vehicles are used to move material at a mining site, assist in snow removal on the roadside in the winter season, and patrolling thereby favoring market growth.
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The global unmanned ground vehicle market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as strategic alliance and product development. Some of the key players operating in the unmanned ground vehicle industry include Armtrac Limited, Northrop Grumman Corporation, DOK-ING, Cobham plc., HORIBA MIRA Ltd., ICOR Technology, General Dynamics Corporation, RE2, Inc, Clearpath Robotics Inc and ENDEAVOR ROBOTICS.
KEY FINDINGS OF THE STUDY
- The small size UGV segment is expected to grow at the highest CAGR during the forecast period.
- The wheeled type segment dominated the unmanned ground vehicle market growth in 2016.
- North America was the highest contributor in the overall unmanned ground vehicle market size in 2016; however, in terms of growth, the market in Asia-Pacific is estimated to grow at the highest rate.
- U.S. led in terms of expenditure on the unmanned ground vehicle in 2016.
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