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The global unmanned ground vehicles market size is projected to reach USD 7.45 billion by the end of 2026. The increasing investment in the R&D of the product will have a positive impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Unmanned Ground Vehicles (UGV) Market Size, Share and Industry Analysis, By Mobility (Wheeled, Tracked, Hybrid, and Legged), By Size (Small, Medium, Large, Very Large, and Extremely Large), By Mode of Operation (Tethered, Teleoperated, and Autonomous), By System (Payload, Controller System, Navigation System, Power System, and Others), By Application (Military, Commercial, Law Enforcement, and Federal Law Enforcement) and Regional Forecast, 2019-2026,” the market was worth USD 2.57 billion in 2018 and will exhibit a CAGR of 14.95% during the forecast period, 2019-2026.
Unmanned ground vehicles are vehicles that operate without the presence of any man inside the actual vehicle. It operates through on the basis of an integrated system that is built through an amalgamation of technologies. These vehicles are inclusive of various sensors that are used for operating in several conditions. Recent technological advancements have allowed widespread product applications. They are used in military as well as civilian purposes across the world. The growing demand for UGVs is consequential to the increasing product applications across diverse industry verticals. Applications in military and defense purposes have particularly caught the eye of several investors. Moreover, increasing investments in technological interventions have yielded products with high efficiency and flexibility. Contributions from government agencies as well as private organizations in the development of UGVs will open up a huge potential for the growth of the market in the coming years.
QinetiQ Bags $152 Million Contract from the US Army for Developing Small UGVs
Due to the increasing applications in military and defense activities, governments as well as defense organizations across the world are looking to collaborate with respective vendors. Advancements in UGV have been consequential to the use of modern concepts and low-cost technologies. Moreover, the involvement of large scale companies, with exceptional technologies at their disposal will have a direct impact on market growth. In March 2019, QinetiQ announced that it has received a contract from the US army for the development of a new UGV. The company bagged a contract worth USD 152 million for manufacture of small UGVs. QinetiQ’s latest contract with the US Army will bode well for the market in the coming years.
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Use of Autonomous Systems in Defense Purposes Will Fuel Product Demand
The report encompasses several factors that have had a significant impact on the growth of the market in recent years. Among all factors, the growing use of autonomous concepts in UGVs, mostly for defense and military applications has made a huge impact on market growth. Besides military applications, uses in agricultural sectors have boded well for the market. UGVs are suitable for uses in irrigation, soil management, and precision spraying. The increasing product applications will present several opportunities for unmanned ground vehicles manufacturers across the world.
Major Companies are Focused on Integrating Advanced Technologies
Due to increasing product applications, major companies across the world are looking to integrate modern technologies in unmanned ground vehicles. This will not only yield products with high accuracy, but will attract more customers. The list of companies profiled in the report is:
Further Report Findings:
Value (USD Million)
By Mode of Operation