The defense robotics market growth outlook is stable with significant growth potential for unmanned aerial vehicles. There is mounting pressure from military organizations globally, to reduce costs, improve features, efficiency and operability of unmanned systems. At the same time, increasing investment in modernization in emerging markets is contributing to the growth of the market.
The global market for defense robotics reached $9.6 billion in 2018 and should reach nearly $14.1 billion by 2023, at a compound annual growth rate (CAGR) of 8.2% for the period of 2018-2023.
The market for defense robotics is moderately concentrated. Major players in the market are Textron Inc, Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company and BAE Systems Plc.
The unmanned aerial vehicles segment accounted for the largest share of the defense robotics market in 2018 at REDACTED billion. The highest growth is projected to come from the unmanned aerial vehicles segment, which is forecast to grow at a CAGR of REDACTED. Major factors for this growth include rise in terrorism and political instability in the Middle East region.
North America was the largest region in the defense robotics market, accounting for REDACTED of the global market. It was followed by Western Europe and Asia Pacific. Going forward, North America is expected to witness the fastest growth in the defense robotics market, estimated at grow at a CAGR of REDACTED, followed by Asia Pacific which is expected to grow at a CAGR of REDACTED.
The USA was the largest country in terms of value in the defense robotics market. China and the USA are forecast to have the fastest growth, growing at a CAGR of REDACTED and REDACTED, respectively.
The market is challenged by restraints such as high costs, cyber wars, corruption and increasing trade protectionism.
The research report categorizes the defense robotics market by type. Product types include unmanned aerial vehicles, unmanned ground-based vehicles, unmanned underwater vehicles and demining robots.
Report Includes, an overview of the global markets for defense robotics, analyses of the global market trends with data from 2017, estimates for 2018, and projections of compound annual growth rates (CAGRs) through 2023,country specific data and analysis for United States, Canada, Mexico, Japan, China, India, France, Germany, U.K., Italy, Spain and Middle East and Africa.
The report impacts analysis of major drivers and restraints, and regional dynamics of the global defense robotics markets and current trends within the industry. Also, we are able to find discussion of technological advancements, international regulations, and economic trends that are affecting the market and detailed profiles of the major market players, including BAE Systems Plc, Lockheed Martin Corp., Northrop Grumman Corp., Textron Inc. and The Boeing Company.