The global unmanned ground vehicles market size is projected to reach USD 7,452.2 million by the end of 2028. Applications in defense sector have caught the eye of several investors from across the world. According to a report published by Fortune Business Insights, titled “Unmanned Ground Vehicles Market Size, Share and Industry Analysis, By Mobility (Wheeled, Tracked, Hybrid, and Legged), By Size (Small, Medium, Large, Very Large, and Extremely Large), By Mode of Operation (Tethered, Teleoperated, and Autonomous), By System (Payload, Controller System, Navigation System, Power System, and Others), By Application (Military, Commercial, Law Enforcement, and Federal Law Enforcement) and Regional Forecast, 2021-2028,” the market was worth USD 2,570.2 million in 2018 and will exhibit a CAGR of 14.95% during the forecast period, 2021-2028.
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Unmanned ground vehicles are automobiles that do not require a human presence inside the vehicle. These vehicles are incorporated with modern technologies that are integrat6ed with sensors and similar peripherals. Applications of UGVs in diverse industry verticals including agriculture, transport, and military & defense. Technological advancements have been pivotal to the growth of the market. Accounting to this, several companies are looking to invest huge sums towards developing technologically sound UGVs. The demand for these products is rising constantly, owing to the exceptional properties that they possess. The presence of several large scale companies across the world has opened up a massive potential for the growth of the market in the foreseeable future.
FLIR Systems Received a $152 Million Contract from the US Army Manufacturing of 350 UGVs
The report encompasses several factors that have contributed to the growth of the market in recent years. Owing to the increasing applications of UGVs in diverse industry verticals, governments of several countries across the world are looking to approach UGV manufacturers with custom requirements. In March 2019, FLIR Systems announced that it has bagged a contract from the US Army. The contract was worth USD 152 million and is aimed at the development of 350 unmanned grounded vehicles. FLIR’s latest collaboration with the US Army will not just benefit the company but will have a direct impact on the growth of the market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing unmanned grounded vehicles market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America is likely to account for the highest unmanned ground vehicles market share in the coming years. The presence of several large scale companies in several countries across this region will aid the growth of the market. As of 2018, the market in North America was worth USD 899.5 million and this value is likely to increase further in the coming years. The market in Asia Pacific will also witness considerable growth rate in the coming years, accounting to the growing applications of the product in the defense sector.
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List of Companies Profiled in the Report:
- L3Harris Technologies, Inc.
- Northrop Grumman Corporation
- Oshkosh Defense, LLC An Oshkosh Corporation Company
- Rheinmetall AG
March 2019: QinetiQ announces that it has signed a contract with the United States Army for the development of a new small unmanned ground vehicles. The contract is said to be worth USD 152 million.
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