The defense robotics market growth outlook is stable with significant growth potential for unmanned aerial vehicles. There is mounting pressure from military organizations globally, to reduce costs, improve features, efficiency and operability of unmanned systems. At the same time, increasing investment in modernization in emerging markets is contributing to the growth of the market.
The defense robotics market reached a value of nearly XXXXX in 2018 and is expected to grow at a compound annual growth rate (CAGR) of XXXXX to nearly XXXXX by 2023. (Growth numbers have been redacted, available for customers only)
The market for defense robotics is moderately concentrated. Major players in the market are Textron Inc, Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company and BAE Systems Plc.
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The unmanned aerial vehicles segment accounted for the largest share of the defense robotics market in 2018 at XXXXX billion. The highest growth is projected to come from the unmanned aerial vehicles segment, which is forecast to grow at a CAGR of REDACTED. Major factors for this growth include rise in terrorism and political instability in the Middle East region.
North America was the largest region in the defense robotics market, accounting for XXXXX of the global market. It was followed by Western Europe and Asia Pacific. Going forward, North America is expected to witness the fastest growth in the defense robotics market, estimated at grow at a CAGR of XXXXX, followed by Asia Pacific which is expected to grow at a CAGR of XXXXX.
The USA was the largest country in terms of value in the defense robotics market. China and the USA are forecast to have the fastest growth, growing at a CAGR of XXXXX and XXXXX, respectively.
The market is challenged by restraints such as high costs, cyber wars, corruption and increasing trade protectionism.