Market Trends in Global Military Robots Market
General Dynamics Corp. acquired the Bluefin Robotics, manufacturer of unmanned undersea vehicles (UUVs) which helped the company to expand its portfolio in the field of unmanned undersea vehicles (UUVs).
Increasing demand for innovative and advanced robotics technologies in defense sector is pressurizing the companies to launch new products. The military robot companies such as Lockheed Martin Corp. introduced its very own quite, lightweight and multicopter Indago drone on May 2017.
There is a growing adoption of the automation technology for surveillance purposes across the borders and increasing investment by government to develop military infrastructure. This is driving the market of military robots. Further, the government of major countries is continuously adopting military robots to strengthen their defense power. Military robots play a very important role in strengthening of defense power through enhancing security at national borders, better surveillance in sky, water and on ground as they can perform dangerous military tasks which are very difficult for a human soldier to perform. This increase in replacement of human soldiers with military robots to perform dangerous tasks and to secure life of human soldiers is fueling the demand for military robots and is benefiting the expansion of the global military robots market at a CAGR of 9.0% over the period 2017-2024. The global market of military robots accounted for USD 1,300.4 Million in 2016 and is further believed to reach USD 2,571.8 Million in 2024.
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Geographical Growth Highlights during 2016-2024
The global military robots market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, North America accounted for largest market share of 42.5% in 2016 and is predicted to hold leading market share, in terms of revenue by the end of 2024 owing to the increasing military expenditure to strengthen the army in the region. The U.S. and Canada are the prominent market holders in the region where the U.S. military robots market is anticipated to achieve a Y-o-Y growth rate of 8.8% in 2024. Besides, positive GDP growth coupled with advancement in military robots is also expected to impel the growth of the military robots market in the North America region. Further, Europe and Asia Pacific are believed to hold more than 50% of the total combined market share by the end of 2024. The Asia-Pacific military robots market is expected to grow significantly by registering a CAGR of 9.7% over the forecast period.
Market Segmentation Synopsis
The global military robots market has been segmented by platform into airborne, land-based and naval. Among these segments, the airborne segment dominated the market by holding market share of 45.6% in 2016 and is believed to grow remarkably throughout the forecast period. Further, the land-based segment accounted for second largest market share in 2016 and is predicted to expand with highest CAGR of 10% between the years 2017 and 2024.
The global military robots market is divided by payload into sensor, weapon, radar, camera, video screens and others, out of which, the sensor segment held the highest market revenue in 2016 and is anticipated to have largest share by the end of 2024 and is further believed to achieve Y-o-Y growth rate of 10.4% in 2024. After sensor segment, the weapon, radar and camera segment are predicted to grow significantly over the next 6-7 years. The weapon segment is estimated to expand with highest CAGR of 11.5% over the forecast period. Further, the video screens segment contributed around 6.6% market share of total military robots market in 2016 and is projected to capture 5.5% market share by 2024.
Military Robots Market
The global military robots market is segmented by application into Intelligence, Surveillance & Reconnaissance (ISR), pick & place, firefighting, rescue & search, explosive ordnance disposable and others. The Intelligence, Surveillance & Reconnaissance segment accounted for the largest market size of around USD 579.5 Million in 2016 and is estimated to dominate the overall military robots market by crossing USD 1,100 Million by 2024. These ISR military robots are mainly designed for scouting missions and are able to identify objects from very far distance, locating designated targets, breaching a compound or simply observing from a position.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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