The autonomous technology has gained recognition across different industry verticals, such as logistics, pharmaceuticals, automotive, among others. However, the highest demand for unmanned ground vehicles has been from the defense industry in the last few years. Defense industry, especially the U.S. defense, has incorporated UGVs in their regime and have already signed contracts with big players in the market to deliver the best of autonomous technology to them. For various skilled tasks, defense industry is utilizing UGVs to reduce human intervention, such as for complex missions like logistics, bomb handling and for intelligence gathering.
Top market players such as Lockheed Martin and Northorp Grumman are utilizing various market strategies, such as mergers, acquisitions and product launches, to expand the reach of the market to potential markets. In a latest development, Lockheed Martin Corp., Northrop Grumman Corp. and Raytheon Co. each won contracts on March 31, according to the U.S. Department of Defense. With the increased investment from the defense industry, the UGV market, and autonomous market as a whole, is expected to reach new heights. Apart from the defense industry, the commercial application of UGVs has also surged in the last decade as more and more companies are looking to cut their labor cost and increase efficiency in their production.
Acknowledging the dynamic nature of the market, BIS Research has compiled a report, titled ‘Global Unmanned Ground Vehicle Market - Analysis and Forecast (2016-2023)’, which is a comprehensive study of the of the key development strategies and market trend dynamics which include drivers, restraints and opportunities prevailing in the unmanned ground vehicle market.
According to the analyst at BIS Research, “unmanned ground vehicle market is growing with leading players introducing latest products into the market. The major factor influencing the development is increase in operational efficiency and flexibility, reduced human intervention, among others. This will led to the growth of the global unmanned ground vehicle market which it is expected to reach $9.06 billion by 2023.” The market is poised to grow in North America, but the trend is expected to change in the coming years, with the market shifting towards Asian economies, driving towards a major demand for the UGVs in the coming future.
The study also provides insights into key industry standards because of the compliance requirements with industry regulations. Value chain analysis and product mapping analysis has been undertaken for a deeper understanding of the nature of competition prevailing in the market. The key market players are analyzed and profiled in detail in the report, covering the business financials, company snapshots, key products & services, major developments, and finally, the individual SWOT analysis.