The global security robots market is still at a nascent stage. Given the scenario, it witnessed only a handful of companies emerging as established players at the initial phase. This on the other hand showcases the high potential for the entry of new players in the market. As a majority of them are likely to have limited regional presence, they are more likely to focus on various strategies that will help them propel businesses. According to Transparency Market Research (TMR), some of the leading players are vying for merger and acquisition to strengthen their position in the market. Besides this, their investment toward research and development activities and in security robots to enrich consumer experience will have a significant influence on the global security robots market. Lockheed Martin Corporation, BAE Systems PLC, Knight Scope, Boston Dynamics, Northrop Grumman Corporation, Liquid Robotics, Inc., SMP Robotic Systems Corp. are some of the prominent names operating in the global security robot market.
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According to TMR, the global security robots market is likely to reach US$3,881.4 mn by the end of 2025, from US$1,862.1 mn, which was its valuation in 2016. Considering these figures deem correct, the global security robots market will exhibit an impressive 8.9% CAGR between 2017 and 2025. Regionally, North America accounted for the dominant 30% of the global market in 2016. In addition, the Europe security robot market is likely to boast strong growth during the course of the forecast period. Among the key industries, the demand from defense & aerospace segment was the highest. It held nearly 24.2% of the global market in 2016.
Rising Demand from Diverse Sectors to Boost Growth
While the key application of security robots remains in the defense sector, the market is likely to witness gradual progression in the firefighting, oil and gas, rescue operations, patrolling and surveillance and other sectors. In addition, their escalating use in border patrolling, law enforcement, and homeland security will enable the market report accelerated gain. Security robots offer great quality and reliability, thus, efficiently playing its part as an unmanned solution for military and defense sectors. Security robots boast futuristic designs, which enable them to be put into diverse uses. This will enable the global security robots market gain immensely from the rising application of the technology in the near future.
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Ongoing Geopolitical Concerns may Boost Application of Security Robots Worldwide
The ongoing geopolitical conflicts and instabilities such as unrest in Syria, recent incidents of gun violence in the US, and drug war in Mexico will stoke the uptake of unmanned solutions, subsequently boosting the global security robots market. Moreover, with companies investing in innovations, the market is projected to witness promising growth in the coming years. For instance, a start-up called Knightscope has launched a life-sized robot that can patrol and monitor in college campuses, corporate houses, malls, and school. However, there is still a huge scope for improvement in this segment. For instance, the innovation of humanoid can prove to be of remarkable use in the defense sector. With several technological advancements underway, the global security robots market is likely to witness strong growth in the coming years.