Military Robots Market - Growth Opportunities in Global Industry
Posted by Akshata Sharma on October 24th, 2019
Military Robots Market
Albany, NY, USA, Oct-23, 2019 /(Aerospace NEWS)-- The report "Military Robots Market by Platform (Land, Marine, Airborne), Application (ISR, Search and Rescue, Combat Support, Transportation, EOD, Mine Clearance, Firefighting), Mode of Operation (Human Operated, Autonomous), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 16.79 Billion in 2017 to USD 30.83 Billion by 2022, at a CAGR of 12.92% from 2017 to 2022. This growth can be attributed to the increasing incidences of terrorism and need to create unmanned military systems.
Among platforms, the land robots segment is leading the military robots market
Based on platform, the land robots segment is leading the military robots market and is expected to continue its dominance till 2022. Land robots are widely used by military forces for applications such as EOD, combat, firefighting, transportation, etc. Developing countries such as China, India, and others are building a large force of land robots. These countries are investing increasingly in new automated technologies and focusing on the manufacturing of a wide range of unmanned systems. For example, India recently signed a contract with the US for 22 predator 'Guardian' drones that will help significantly in surveillance over the Indian Ocean.
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Based on mode of operation, the autonomous segment of the military robots market is expected to grow at the highest CAGR during the forecast period
The military robots market has been segmented and analyzed on the basis of mode of operation into human operated and autonomous. The global market is led by the human operated segment; however, the autonomous segment is projected to grow at the highest CAGR during the forecast period, owing to increase in funding for research and development, rising number of upgrades, modernization programs, and procurement of new military equipment.
Europe and Asia Pacific to be the opportunistic markets for military robots
Europe and Asia Pacific are expected to drive the growth of the military robots market in the coming years, with the Europe military robots market projected to grow at the highest CAGR during the forecast period. This rapid growth of the Europe military robots market can be attributed to the increasing research and development activities being undertaken in the region for the development of advanced robotic systems. The increased defense spending of emerging countries of the Asia Pacific region is one of the major factors that is expected to drive the growth of the Asia Pacific military robots market. Geopolitical dynamics of the region also have a major role to play in the measures taken by emerging economies such as India and China for the enhancement of military capabilities. Thus, these countries are focusing more on developing unmanned systems, which can assist in military applications.
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Major players in the military robots market have been identified as Lockheed Martin Corporation (US), Northrup Grumman Corporation (US) QinetiQ (UK), Boeing (US), etc.
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About the AuthorAkshata Sharma
Joined: July 22nd, 2019
Articles Posted: 107
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