Consumer Electronics Segment is the largest segment driving the growth of Unmanned Ground Vehicle Market
SWOT Analysis
Strengths:
- Cost-effectiveness compared to manned vehicles for dangerous missions
- Reduces risks to human life by performing tasks in hazardous environments
Weaknesses:
- Technical issues such as network breakdown can limit autonomous operations
- Requires skilled personnel for operating and maintaining advanced technology
Opportunities:
- Growing defense expenditure of developing countries on unmanned weapon systems
- Potential applications in commercial sectors such as agriculture, mining, and logistics
Threats:
- Vulnerable to cyber-attacks and hacking due to use of wireless networks
- Stringent regulations regarding use of lethal autonomous weapons
Key Takeaways
Global Unmanned Ground Vehicle Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing militarization and law enforcement funding globally.
The North American region currently dominates the UGV market with the highest military spending. Modernization of armed forces and growing procurements from law enforcement and commercial sectors in the US is fueling the regional market growth.
Europe and the Asia Pacific are also lucrative markets for UGVs. Countries such as India, China, South Korea are increasingly adopting UGVs for border surveillance and security applications.
Key players operating in the unmanned ground vehicle market are Northrop Grumman Corporation, BAE Systems, Lockheed Martin Corporation, Clearpath Robotics Inc., John Bean Technologies Corporation, ECA Group, Israel Aerospace Industries Ltd., Endeavor (Now a part of FLIR system), Harris Corporation, and General Dynamics.
Read More- https://makuv.com/rising-defence-budgets-to-drive-growth-of-the-unmanned-ground-vehicle-market/
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