LONDON--(BUSINESS WIRE)--The new military robots market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the military robots market.
"One of the primary growth drivers for this market is the advances in naval warfare domain,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the military robots market size to grow by USD 6.54 billion during the period 2021-2025.
Military Robots Market Segment Highlights for 2020
- The military robots market is expected to post a year-over-year growth rate of 5.92%.
- Based on the product, the airborne military robots saw maximum growth in 2020. The airborne military robots segment comprises unmanned aerial vehicles that can function without a human on board. Defense agencies are increasingly focusing on the enhancement of their intelligence which drives the growth of the market.
- The growth of the market segment will be significant during the forecast period.
- 44% of the growth will originate from the APAC region.
- The growing demand for technologically advanced systems in military operations is one of the prime factors that will facilitate the military robots market growth in APAC over the forecast period
- China and India are the key markets for military robots in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
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- The military robots market size is expected to accelerate at a CAGR of about 7% during the forecast period.
- The military robots market is segmented by product (Airborne, Naval, and Land-based) and geography (North America, APAC, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including BAE Systems Plc, Boston Dynamics Inc., Elbit Systems Ltd., General Dynamics Corp., Israel Aerospace Industries Ltd., Lockheed Martin Corp., Northrop Grumman Corp., Saab AB, Thales Group, and Turkish Aerospace Industries Inc.
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