October 04, 2018
WELLESLEY, Mass., Oct. 04, 2018–Increased investments and growth from emerging nations are two factors helping to drive growth of the global defense robotics market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 8.2% through 2022, when it could be worth nearly $14.1 billion, according to the report Defense Robotics: Global Markets to 2023.
Major players in the market include Textron Inc, Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company and BAE Systems Plc.
“Rising military tensions and terrorism threats compelled countries to invest heavily in their military and defense operations, thereby benefiting the defense robotics market,” the report notes. “For instance, the Gulf Cooperation Council, in 2017, announced increased defense spending by Middle East countries such as Saudi Arabia and the UAE due to rising terrorism and political instability in the region. Saudi Arabia, currently at war in Yemen and competing for regional influence with Iran, increased its defense spending by 6.7% in 2017 to 191 billion riyals ($50.8 billion).”
Market Challenged by Corruption and Political Pressures
Although the market is relatively strong, several factors are impacting growth, the report adds. Corruption within military ranks and governmental bodies has hampered procurement deals, collaborations and investments in robotics applications. Political pressure to end conflicts, and humanitarian efforts to reduce violence and conflict, are also negatively impacting growth. Global peacekeeping efforts, particularly in the Middle East, Africa, and Eastern Europe, have pressured countries to end hostilities and caused some nations to stop selling arms to conflict-roiled nations.
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Defense Robotics: Global Markets to 2023( ENG018A )
Publish Date: Sep 2018
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