Global Security Robots Market Forecast 2021-2028
The global security robots market is projected to record a CAGR of 9.07%, over the forecast years of 2021 to 2028. The market growth is accredited to factors, such as, increasing safety concerns, the growing use of robots in security and surveillance applications, rising border conflicts, and geopolitical instabilities.
Security robots are autonomous and designed to patrol properties, while responding to perceived threats and dangers.
Robots are gradually moving into the surveillance market, in order to patrol parking lots, shopping malls, and college campuses, in addition to other public areas. They are primarily equipped with inertial, LiDAR, GPS, biometric, and ultrasound-based range sensors. The robots are also equipped with thermal, multispectral, and hyperspectral sensors, owing to the enhancements in functionalities and features. Moreover, the emergence of hybrid UMV systems is identified as one of the major trends, expected to drive the market’s growth prospects. Recent technological advancements in terms of a wide range of sensors and their miniaturization, coupled with growing investments within the surveillance robots’ domain, essentially drive their demand.
The global security robots market growth is evaluated by analyzing North America, the Asia Pacific, Europe, and the rest of the world. The Asia Pacific is projected to be the leading market, during the forecast years. The growth is primarily supplemented by the increasing government support and generous funding for the research and development across robotics and unmanned systems.
The global security robots market comprises a smaller number of leading firms and start-ups. As a result, the intensity of competitive rivalry is moderate. The market also witnesses new entrants, and therefore, the level of competition is expected to rise among various companies operating in the business.
Some of the key enterprises operating in the market include, Thales SA, BAE Systems PLC, Lockheed Martin Corporation, Northrop Grumman Corporation, Elbit Systems Limited, etc.
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