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.
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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.
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.
Companies operating in unmanned ground vehicles (UGV) 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.
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The presence of prominent industry players in North America will support regional industry growth. Interest taken by the market players to improve the defense offerings will outline UGV landscape over the period of study. Reports estimate that North America unmanned ground vehicles (UGV) market will register notable CAGR of more than 10% through 2026.
Prominent unmanned ground vehicles (UGV) market players include, General Dynamics Corporation, BAE Systems, Rheinmetall, Elbit Systems and Northrop Grumman Corporation, among various others.
Major Key Points from Table of Content:
Chapter 8. Unmanned Ground Vehicles (UGV) Market, By Operation
8.1. Key trends, by operation
8.2.1. Market estimates and forecast, 2015 - 2026
8.3.1. Market estimates and forecast, 2015 - 2026
8.4.1. Market estimates and forecast, 2015 – 2026
Chapter 9. Unmanned Ground Vehicles (UGV) Market, By Component
9.1. Key trends, by component
9.2. Navigation System
9.2.1. Market estimates and forecast, 2015 - 2026
9.3. Communication System
9.3.1. Market estimates and forecast, 2015 - 2026
9.4.1. Market estimates and forecast, 2015 - 2026
9.5. Power systems
9.5.1. Market estimates and forecast, 2015 – 2026
9.6.1. Market estimates and forecast, 2015 – 2026
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