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Military Robot Market to Grow to $21.11 Billion by 2020
December 18, 2015 | PRNewswireEstimated reading time: 2 minutes
Research and Markets has announced the addition of the "Military Robots Market - Global Forecast to 2020" report to their offering.
The military robot market is projected to grow from USD 13.55 Billion in 2015 to USD 21.11 Billion by 2020, at a CAGR of 9.27% during the forecast period. Factors, such as increase need for the better cross border surveillance, improving effectiveness and efficiency of the operation in automation, and minimization of causalities are the major factors which will drive the military robots market.
On the basis of platform, the given market has been segmented into airborne, naval and land. The airborne segment is projected to grow at a significant CAGR during the forecast period of 2015 to 2020, as demand for the UAV across all the industries is increasing globally. UAVs have been increasing the interest of various manufacturers and their inclination towards the UAV market. Government organizations and private agencies have been investing a lot in the manufacture and development of advanced and efficient UAVs.
The market for military robots has been segmented based on application such as Warfield robots, firefighting robots, pick n' place robots, metal detector robotic. The application sector dominates the studied market, and is expected to continue its dominance over the next 5 years, primarily driven by the rise in demand in the military and homeland for the border surveillance and battle field operations.
The European region is expected to exhibit the highest growth rate in the military robot market, and is projected to grow at a highest CAGR during the forecast period from 2015 to 2020. The European market is expected to grow at the highest CAGR, because manufacturing companies in Europe have profound knowledge of how to build speech and haptics-based human machine interface, grippers and dexterous hands, and systems for navigation and collision avoidance. This is specifically in Europe and not in other regions because Europe has innovation-driven and export-oriented robot industry and currently it has been estimated that more than 250 universities and research institutes offer education and research in robotics. Europe is ahead in developing technologies which are used by military robot manufactures for successful implementation of military robots.
The growth of the military robots market may be, however, affected by certain major restraints in the coming years. These factors include the declining budgets of the major economies of North America and Europe; especially the U.S., which is one of the most important players in the manufacturing of military robots.
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