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Global Military Robots Market Is Anticipated to Register Significant CAGR Over A Forecast Period 2018-2023

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).

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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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.

Market Overview

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.

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

By Platform

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.

By Payload

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

By Application

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).

Market Drivers & Challenges

Growth Indicators

The global military robots market is thriving on the back of increasing defense budgets and growing acceptance of advanced technology in defense sector. This can be attributed to the increasing terrorism attacks all across the globe especially in Iraq, Afghanistan, Pakistan, Syria, India, and other countries which is getting attention of the governments from all over the world and is driving them to invest high capital to adopt advanced military robots to enhance their defense power at international borders.

The growing applications of military robots in defense sector coupled with the replacement of human soldiers with robots are the major factors that are expected to fuel the growth of the global military robots market over the forecast period. Apart from this, these unmanned systems are able to work perfectly on land, in the water, air and in space. Further, these abilities of military robots are making them highly acceptable in the defense sector.

Additionally, growing demand for unmanned aerial vehicles (UAVs) is also believed to aid the global military robots market to grow in near future.

Barriers

The complexities of military robots along with unpredictable behavior in complex robots is arising alarming concerns regarding the use of the robots for military purposes. Further, lack of technological maturity, limited ability of decision making and high investment cost required for the manufacturing of military robots are expected to negatively impact the growth of the global military robots market.

View Original Source: http://www.marketwatch.com/story/global-military-robots-market-is-anticipated-to-register-significant-cagr-over-a-forecast-period-2018-2023-2019-07-30

Competitive Landscape

Some of the affluent industry leaders in the global military robots market are Northrop Grumman Corp., Thales Group, AeroVironment Inc., Boeing, ReconRobotics Inc., General Dynamics Corp., Lockheed Martin Corp., Boston Dynamics and Clearpath Robotics Inc.

AeroVironment Inc., a U.S. based electrical and electronic company, headquartered in California is engaged in the designing, developing, manufacturing and marketing of unmanned aircraft systems, tactical missile systems and electric energy systems. In September 2017, AeroVironment Inc. launched new long range of tracking antenna for Puma™ AE unmanned aircraft system. This up gradation of the technology extends the operating range of the drone up to 60 Km and has boosted the intelligence, surveillance and other capabilities.

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