The global search and rescue robots market is estimated to garner a substantial revenue by growing at a CAGR of ~20% over the forecast period, i.e., 2022 – 2030. Governments of several nations are planning on implementing advanced systems for tackling complicated combat operations, which is resulting in the upsurge in investments in military modernization programs. This in turn is largely expected to drive market growth in the forthcoming years. Furthermore, growing inclusion of artificial intelligence in robotics is projected to offer abundant growth opportunities to the market in the near future.
Get more information on this report: Download Sample PDF
Along with these, the growth of the market can also be attributed to the increasing military expenditure, especially in developed and developing countries, and rapid technological advancements in the robotics industry around the world. According to the World Bank, the military expenditure in the United States reached a value of 3.741 percent of GDP in 2020, up from 3.427 percent and 3.316 percent in 2019 and 2018 respectively.
The market is segmented by platform type into ground, marine, and aerial, out of which, the ground segment is anticipated to hold the largest share in the global search and rescue robots market. This can be accounted to the high usefulness of ground robots when dealing with post-disaster interventions and for urban search and rescue. Apart from this, these robots provide shorter rescue times, faster location of victims, and faster assessment of building damage, which is also predicted to boost the market segment growth in the future. Additionally, on the basis of operation, the segment for autonomous robots is assessed to witness the fastest growth over the forecast period owing to the superior efficiency and productivity, improved safety for employees, and reduction in error and risk rates offered by these robots.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global search and rescue robots market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period primarily on the back of the increasing investments in robotics, specifically in China and Japan. In July 2020, the industrial robot production in China observed a surge by more than 29 percent in June to about 20,700 units, up from approximately 17 percent in May the same year. In addition, rise in defense budgets, and growing territorial disputes among the countries in the region are also predicted to drive APAC’s market growth in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period, which can be credited to the growing government initiatives for military modernization, and strong presence of significant market players in the region.
Get more information on this report: Download Sample PDF
The global search and rescue robots market is further classified on the basis of region as follows:
Our in-depth analysis of the global search and rescue robots market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing military expenditure in developed and developing nations, and rapid technological advancements in the robotics industry worldwide.
The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022 – 2030.
Limited operational range of search and rescue robots is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing investments in robotics, specifically in China and Japan.
The major players in the market are Elbit System Ltd., Thales Group, Kongsberg Gruppen, Lockheed Martin Corporation, Northrup Grumman Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by operation, platform type, and by region.
The ground segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization