Increasing Investment by Governments to Strengthen the Military Forces is likely to drive the Growth of Global Military Robots Market in Future“Military Robots Market: Global Demand Analysis & Opportunity Outlook 2024”
The global military robots market is segmented into platform type which includes airborne, land-based and naval. Among these segments, land-based segment is expected to show considerable growth during the forecast period. Growing applications of military robots including explosive ordinance, combat, fire-fighting and in transportation purposes is a major factor which is estimated to bolster the growth of land–based segment in near future.
Global military robots market is expected to register a 9.8% CAGR over the forecast period. Moreover, the global military robots market was valued at USD 13.5 Billion in 2016 and is expected to reach at a valuation of 21.6 Billion by the end of 2024. Increasing terrorism activities all across the globe is fueling the need for development of unmanned military systems. Further, rising adoption of advanced technology in defense sector is likely to foster the growth of global military robots market during the forecast period.
Global military robots market is segmented by application type such as war-field robots, pick and place robots, firefighting robots, metal detector robotic vehicle and voice controlled robotic vehicle. Further, war field segment is expected to witness significant demand for military robots during the forecast period. Rising demand for military robots to limit the number of death of soldiers in war field is anticipated to increase the market size of war field segment.
Rise in Defense Budget of developing nations
The governments of emerging nations such as China, India and other countries are vastly investing in enhancement and strengthening their military & defense sector. Growing terrorism activities all across the globe is fuelling the concern regarding safety & security of national borders. Further, this rise in investment by governments in defense sector is a major factor which is estimated to drive the global military robot market during the forecast period.
Growing adoption of robots in military & defense sector
Military & defense sector is witnessing huge demand for robots. Growing need for spying in enemy territories and other application of robots in different military purposes are some of major factors which are fueling the demand for unmanned robots. Further, unmanned aerial vehicle, unmanned ground vehicle and unmanned marine vehicle are highly used in military applications.
Although, recent defense budget cuts in developed nations such as U.S. is expected to negatively impact the growth of global military robots market in near future. Additionally, augmented skepticism regarding danger of automated weapon systems is a major factor which is anticipated to hamper the growth of global military robots market.
The report titled “Military Robots Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global military robots market in terms of market segmentation by platform, by payload, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global military robots market which includes company profiling of Boston Dynamics, General Dynamics Corp., Lockheed Martin Corp., Northrop Grumman Corp., Thales Group, AeroVironment, Clearpath Robotics, Boeing, Energid Technologies, and Recon Robotics. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global military robots market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.