There is a high investment in the development of advanced technologies such as artificial intelligence (AI) and Nano robotics by governments of various nations so as to strengthen their defense sector. This adoption of advanced military robots is driven by the increased rate of terrorism around the globe. With the help of automation technology, the military robots can be used for surveillance services such as surveillance in sky, water and on ground combined with performing dangerous military tasks which are otherwise not possible for humans to perform. These factors are believed to drive the military to replace humans with military robots in upcoming years.
The global market of military robots accounted for USD 1,300.4 Million in 2016 and is predicted to reach significant market valuation of USD 2,571.8 Million by the end of 2024, expanding at a CAGR of 9.0% over the years 2017-2024.
In terms of regional segmentation, the global military robots market is divided into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, North America accounted for largest market share of 42.5% in 2016 and is predicted to dominate the market by the end of 2024. This can be attributed to the increasing military expenditure to strengthen the army combined with positive GDP growth and advancement in military robots in the region. Further, Europe and Asia Pacific are believed to rise significantly by holding more than 50% of the combined market share by the end of 2024.
The global military robots market is segmented into platform, payload and applications, out of which, the platform segment is further segmented into airborne, land-based and naval. The airborne segment dominated the market with 45.6% of total market share in 2016 and is believed to grow significantly throughout the forecast period. Further, the land-based segment is predicted to witness highest CAGR of 10% over the forecast period.
The Report titled “Global Military Robots Market Outlook: Industry Demand Analysis & Opportunity Assessment 2016-2024” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
This report also studies existing competitive scenario of some of the key players of the global military robots market which includes profiling of Northrop Grumman Corp., Thales Group, AeroVironment Inc., Boeing, ReconRobotics Inc., General Dynamics Corp., Lockheed Martin Corp., Boston Dynamics and Clearpath Robotics Inc.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Military Robots Market Outlook 2024”, analyses the overall military robots industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global military robots market in the near future.