As per the report published by Allied Market Research, the global military robot market was accounted for $17.55 billion in 2020, and is estimated to reach $34.61 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.
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Rise in investment to develop autonomous systems and surge in demand for underwater drones for defense and security applications drive the global military robot market. However, high cost of military drones and communication problems associated with autonomous underwater vehicles hinder the market growth. On the contrary, rise in investment for robotics technologies in unmanned ground vehicles and surge in defense spending are expected to open new opportunities for the market players in the future.
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The global military robot market report includes an in-depth analysis of the prime market players such as BAE Systems plc, General Dynamics Corporation, Elbit Systems Ltd., Lockheed Martin Corporation, Israel Aerospace Industries Ltd., Rafael Advanced Defense Systems Ltd., Northrop Grumman Corporation, SAAB AB, Rheinmetall AG, and Thales Group.
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The report offers the analysis of the global military robot market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for more than one-third of the market. In addition, the region is anticipated to showcase the highest CAGR of 8.7% during the forecast period.
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Covid-19 scenario of Military Robot Market:
- The Covid-19 pandemic forced governments across the world to impose strict lockdown restrictions and ban international import-export on non-essential items. This, sudden fall in availability of raw materials hampered the manufacturing of military robots.
- The prolonged lockdown hampered the manufacturing activities due to disruption of the supply chain and lack of workforce.
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