July 21, 2024
Unmanned Ground Vehicle Market
Ict

Unmanned Ground Vehicle Market Is Estimated To Witness High Growth Owing To The Adoption Of UGVs For Defense Applications

The Unmanned Ground Vehicle Market is estimated to be valued at US$ 1880.78 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Unmanned ground vehicles (UGV) are equipped with sensors, cameras and navigation systems that allow them to operate without a human crew. They are used in applications such as transportation, logistics, inspection and reconnaissance mainly for defense and homeland security. UGVs offer advantages such as 24/7 operational capabilities and enhanced protection of human lives especially in hazardous environments.

Market key trends:
One of the major trends driving the growth of unmanned ground vehicle market is the adoption of UGVs for defense applications. Military forces across the globe are increasingly adopting UGVs to perform tasks like explosive ordnance disposal (EOD), surveillance and ground resupply. UGVs enhance efficiency with continuous operation abilities and minimize risks to human soldiers. The demand for UGVs is expected to significantly rise from defense forces as they aim to reduce casualties and focus on troop safety. This growing focus on soldier modernization programs will support the unmanned ground vehicle market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low start up capital and economical of scale keep the threat of new entrants in this market low.

Bargaining power of buyers: Large defense organizations and government have significant bargaining power as they are major buyers in this market.

Bargaining power of suppliers: Leading UGV manufacturers source custom parts from specialized suppliers giving them moderate bargaining power.

Threat of new substitutes: Threat from new substitutes like remotely operated vehicles is moderate as UGVs offer advantages of complete autonomy.

Competitive rivalry: Intense competition exists between major players to gain contracts from defense organizations driving technological innovations.

SWOT Analysis

Strength: UGVs offer better mobility, require no onboard human and can operate in hazardous environments reducing risk to human lives.

Weakness: UGVs have limited use cases and high initial investment restricting adoption. Technical glitches and connectivity issues affect performance.

Opportunity: Increasing defense budgets globally and rising threats provide scope for expanding UGV portfolio. Growing acceptance for commercial applications like logistics presents new opportunities.

Threats: Technological advancements in Robotics, AI and IoT enable new competitors to enter market. Regulations around autonomous weapons limit scope.

Key Takeaways

Global Unmanned Ground Vehicle Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing defense budgets and modernization programs globally. North America dominates currently due to large procurements by US armed forces.

Regional analysis Asia Pacific market is fastest growingdue government investments in border security and counter terrorism fleets in India and China. Southeast Asian countries are also procuring UGVs for coastal monitoring.

Key playersoperating in theUnmanned Ground Vehicle Market areNorthrop Grumman Corporation, BAE Systems, Lockheed Martin Corporation, Clearpath Robotics Inc., John Bean Technologies Corporation, ECA Group, Israel Aerospace Industries Ltd., Endeavor (Now a part of FLIR system), Harris Corporation, and General Dynamics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it