According to new study “Unmanned Ground Vehicle (UGV) Market by Application (Defense (ISR, EOD, Crew Integration, Physical Security), Commercial (Field, Agriculture, Chemical, Oil & Gas)), Mobility, Size, Component, Modes of Operation, Payload & Region – Global Forecast to 2021”,
The unmanned ground vehicle (UGV) market is estimated to be valued at USD 1.49 Billion in 2016 and is projected to reach USD 2.63 Billion by 2021, at a CAGR of 12.14% during the forecast period.
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The increasing demand for UGVs in the commercial and defense sectors and technological innovations that have created a demand for UGVs to perform complex operations with minimal human intervention and better safety are the major factors driving the UGV market.
“Commercial segment to dominate the unmanned ground vehicle (UGV) market, among applications”
Based on application, the UGV market has been segmented into commercial and defense. The commercial segment of the UGV market is projected to grow at the highest CAGR till 2021. This growth is driven by the increasing demand for domestic and industrial UGVs.
“The small UGV segment to grow the highest during the forecast period”
Based on size, the unmanned ground vehicle (UGV) market has been segmented into micro UGVs, small UGVs, medium UGVs, and large UGVs. The small UGV segment of the unmanned ground vehicle (UGV) market is projected to grow at the highest CAGR during the forecast period. The demand for small UGVs from both the commercial and defense sectors for their capabilities has enhanced the growth of this segment.
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“Tracked UGV segment projected to grow at the highest CAGR by 2021”
Wheeled UGV and tracked UGV have been considered under the mobility segment of the unmanned ground vehicle (UGV) market wherein the tracked UGV segment is projected to grow at the highest growth rate. Tracked UGVs are more versatile than wheeled UGVs as they can be operated on difficult terrains and can carry higher amounts of loads, thus leading to its higher demand.
“The autonomous mode of operation segment to grow at the highest rate during the forecast period”
The unmanned ground vehicle (UGV) market is segmented into tethered, tele operated, semi- autonomous, and autonomous based on mode of operation. The autonomous segment is estimated to have the largest share with the highest CAGR in this segment during the forecast period due to their capability of operating without any human intervention.
“The software component segment projected to grow at the highest rate by 2021”
The software component segment is estimated to grow at the highest CAGR during the forecast period compared to the hardware segment as the customers are looking for sophisticated UGVs, which require advanced software systems.
“Asia-Pacific to dominate the unmanned ground vehicle (UGV) market”
The UGV market Asia-Pacific is projected to grow at the highest growth rate during the forecast period. The rapid growth of the Asia-Pacific market can be attributed to the increasing investments to develop UGVs for defense as well as commercial applications. The investments are mainly driven by the developments in China, India, Japan, and South Korea, which are among the fastest-emerging economies in the world.