Published Date : Sep 06, 2016
Albany, NY, Sep 06, 2016: MarketResearchReports.biz has recently added a new research report to its online repository. The research report, titled “The Global Military Unmanned Ground Vehicles Market 2016-2026,” discusses the market drivers and restraints shaping the trajectory of the global military unmanned ground vehicles (UGV) market. The report assesses the market size in terms of volume and revenue and presents a thorough reports of the competitive landscape present in the market. The report evaluates the business strategies adopted by the leading players in the global market to maintain their dominant positions over the period of ten years. The document also details the market share of various players in the overall market.
According to the research report, the opportunity in the global military UGV market is expected to be worth US$707.8 mn by 2026 rising from US$444.8 mn in 2016. Between the forecast years of 2016 and 2026, the overall market is expected to expand at a CAGR of 4.7%. The overall market is expected to grow due to the rising number of internal and external security threats. Militaries across the globe are upgrading their equipment and modernizing their warfare tactics to deter the horrifying acts of terrorism, which has led to an increased uptake of UGV. Analysts predict that North America will hold a significant share in the global military UGV market, accounting for nearly 52.1% by 2026.
Governments are making large investments in technologically advanced military UGVs as territorial disputes have become the unfortunate realities of several nations across the globe. The aim to minimize the number of soldiers to reduce war casualties has also augmented the demand for autonomous robots and an uptake of unmanned ground vehicles, which can be controlled through a remote. The research report indicates that Europe’s share in the overall market will account to 24.3% by 2026, while Asia Pacific will register at 15.8%.
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The report suggests that explosive ordnance disposal segment will the frontrunner in the global market as it will acquire a share of 51.3% by the end of the forecast period. The other emerging segments will be intelligence, surveillance and reconnaissance (ISR) as it accounts for a share of 40.9% in the overall market by 2026.
The research report also studies the various programs being undertaken by the governments across the world that are encouraging adoption of unmanned ground vehicles. It provides a comprehensive review of changing trends in the market and the various challenges faced by the industry players. It also suggests business strategies that manufacturers should consider in order to turn the challenges into lucrative opportunities. Furthermore, the report dedicates chapters to the regional segmentation of the overall market to determine the growth factors impacting each of the mentioned regions. The research report concludes with consists of recommendations from senior analysts that highlight the changes the market is likely to undergo in the coming years.
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