Selbyville, Delaware, March 24, 2020 (GLOBE NEWSWIRE) —
According to latest report “Unmanned Ground Vehicle Market by Commutation Type (Tracked, Wheeled, Legged, Hybrid), Application (Defense [Search and Rescue, Special Mission, Combat Support, Explosive Ordnance Disposal System], Commercial [Fire Fighting, Oil & Gas, Agriculture]), Size (Small, Medium, Large, Extra Large), Operation (Teleoperated, Semi-automatic, Automatic) Component (Navigation System, Communication System, Motors/Actuators, Power Systems), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of unmanned ground vehicle (UGVs) will reach $7 billion by 2026.
The UGV market growth can be attributed to increasing defense expenditure and shift in investment trends of the defense budget. The U.S., Russia, China, Saudi Arabia and France contribute to over 50% of global market share. Australia, New Zealand, and Japan are some countries showing dominance in commercial UGV sector. Integration of various communication technologies and l advancement in sensor system is one of the major market drivers.
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The tracked segment in the unmanned ground vehicle market will capture over USD 1 billion in 2019 and is anticipated to experience CAGR of over 13% during the forecast timeframe. The rise in segment is owing to increasing demand of various defense UGV capable of performing operations on multiple terrain. Industry players are introducing technologically advanced UGV, allowing them to improve their market