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.
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The global search and rescue robots market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global search and rescue robots market includes the following segments:
By Platform Type
September 2020- Elbit Systems completed search and rescue UAS demos for the UK’s Maritime and Coastguard Agency over Wales. The aim was to test long-range flights for drones in civilian airspace.
May 2020- Kongsberg Geospatial, Larus Technologies and Civil Air Search and Rescue Association of Canada partnered to develop new methods for using drones, integrated with AI and UAS, in remote search and rescue operations in Canada.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are increasing military expenditure in developed and developing nations, and rapid technological advancements in the robotics industry worldwide.
Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022 – 2030.
Ans: Limited operational range of search and rescue robots is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing investments in robotics, specifically in China and Japan.
Ans: The major players in the market are Elbit System Ltd., Thales Group, Kongsberg Gruppen, Lockheed Martin Corporation, Northrup Grumman Corporation, and others.
Ans: 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.
Ans: The market is segmented by operation, platform type, and by region.
Ans: 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.