UGV market to grow to $7.0 billion globally by 2025, study saysNews
January 07, 2019
NORTHBROOK, Ill. The global market for unmanned ground vehicles (UGVs) is projected to grow from $2.7 billion in 2018 to $7.0 billion by 2025, at a CAGR of 14.81 percent, according to a new report from MarketsandMarkets, "Unmanned Ground Vehicles (UGV) Market by Application (Military (ISR, EOD, Combat Support, Transportation), Commercial (Firefighting, CBRN, Physical Security, Oil & Gas), Mobility, Size, System, Mode of Operation, and Region -- Global Forecast to 2025."
The military segment of the UGV market is projected to grow at a higher CAGR during the forecast period as compared to the commercial segment; the higher growth in this segment can be attributed to rising use of automation in various military applications such as intelligence, surveillance, and reconnaissance (ISR); explosive ordnance disposal (EOD); transportation; and combat support.
In terms of market area, the study found that the Asia-Pacific region will see the highest growth in the use of UGVs during the forecast period as countries in this region -- including India and China -- increase their defense budgets and invest in the development and procurement of advanced systems for military operations. Also driving these markets will be advancements in manufacturing capabilities of these emerging economies.