The worlwide UGV market has an estimated value of $1.51 billion in 2014 and is projected to reach $8.26 billion in value by 2020, the research firm said Thursday.
Growth will be driven by demand for UGVs defense and industrial applications and an increasing adoption of the platform to limit human risks during critical situations, according to Research and Markets.
The research firm expects Asian-Pacific nations to invest in unmanned land vehicles for military use over the next six years.
Large-scale UGV production in the U.S. and Canada could help grow the countries’ market share through 2020, the report states.
The report also cited Cobham, Lockheed Martin, ST Engineering, G-Nius and DOK-ING as several major players in the UGV market.