According to a new report published by Allied Market Research, titled, “Terrain Robot Market by Type, Product, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the terrain robot market size was valued at $0.43 billion in 2020, and is projected to reach at $1.43 billion by 2030, growing at a CAGR of 14.1% during the forecast period.
Manufacturers of robotics technology field are emphasizing on the development of a robot that can move in all sort of landscapes, inclining surfaces, and rise and plunge steps independently. The terrain is not constantly customized to execute predefined activities. Recently, the interest for a terrain robot has increased significantly attributable to their different operational patterns and behaviors. Moreover, the developing interest for versatile robots in significant businesses, such as auto, clinical science & medical care, and oil & gas is projected to boost the terrain robot market growth. However, high capital investment required for terrain robot hampers the overall market development.
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Some of the prime drivers of the terrain robot industry are surge in demand for terrain robots for military & defense applications, improvement in the machine vision systems, and automation of mining & construction industries. However, technical challenges in designing robots act as major barrier for the terrain robot market growth. Contradictory, increase in trend of precision agriculture is expected to create lucrative opportunities for the market growth during the forecast period.
COVID-19 not only impacted the operations of the various terrain robot manufacturers companies but also affected the budget of applications. The pandemic’s immediate impact on revenues has made every organization re-evaluate investment in new technologies that have a borderline impact on revenue and margin growth or cost reduction. Despite the pandemic, various businesses realized the importance of robots during the pandemic, while labor shortages was a major issue, which gradually contributed toward the growth of the terrain robot market revenue. However, the market is anticipated to witness substantial growth post recovery from the pandemic.
Region wise, North America was the major share contributor in the global terrain robot market revenue. U.S. holds the major market share, owing to the presence of leading market players and mounting internal & external security threats in the country.
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Key Findings Of The Study
- In 2020, the legged segment accounted for maximum revenue and is projected to grow at a notable CAGR of 13.4% during the forecast period.
- The hardware segment accounted for more than 60.0% of the terrain robot market share in 2020.
- The mining & construction segment of the terrain robot market is projected to grow at a CAGR of 12.9% during the forecast period.
- North America contributed major share in the terrain robot market, accounting for more than 30.0% share in 2020.
The key players profiled in the report include Boston Dynamics, Dr Robot Inc., ENDEAVOR ROBOTICS, INC., Evatech, Inc., Inspector Bots, NIDES Ltd., Roboteam, Stanley Innovation, SuperDroid Robots, Inc., and Telerob. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the terrain robot industry.
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