Global Military Robots Market Forecast To 2023
The global military robots market is expected to decline from $19.19 billion in 2019 to $18.68 billion in 2020 at a rate of -2.66%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to recover and reach $25.28 billion in 2023 at a rate of about 10.6%. The market growth can be attributed to the increasing adoption of land-based military robots by various countries for border security. However, decline in the defense budget in developed economies across the globe acts as a restraint for the industry.
The global military robots market consists of sales of robots designed for military applications. The market consists of revenue generated by the establishments by the sales of remotely controlled military robots that are designed for tasks such as transport, search, rescue, gunfire/attack, airborne and for underwater surveillance, image capturing, bomb disposal, carry wounded military personnel, and detecting mines.
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The global military robots market is further segmented based on type and geography.
By Platform: Land; Marine; Airborne
By Application: ISR; Search and Rescue; Combat Support; Transportation; EOD; Mine Clearance; Firefighting
By Payload: Sensors; Cameras; LCD Screens; Weapons; Radar; Others
By End User: Armed Forces; Homeland Securities
By Geography: The global military robots market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American military robots market accounts for the largest share in the global military robots market.
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Trends In The Military Robots Market
Multi-mission robots are designed to carry out multi-domain operations in military. Unlike humans, robots do not suffer from physical and mental exhaustion. With continuous advances in electronic component technology and miniaturization, the operational flexibility of robots increased tremendously.
Military Robots Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides military robots market overviews, analyzes and forecasts military robots market size and growth for the global military robots market, military robots market share, military robots market players, military robots market size, military robots market segments and geographies, military robots market trends, military robots market drivers and military robots market restraints, military robots market’s leading competitors’ revenues, profiles and market shares. The military robots market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.