ID: MRFR/A&D/0363-CR | 134 Pages | Published By Swapnil Palwe on September 2019
Security Robots Market Size is expected to reach USD 3.35 Billion by 2027, registering a CAGR of 7.93% during 2020-2027.
Security Robots Market Overview
Security robots market Size Anticipeted to reach at USD 3.35 Billion by 2027 and Grow at a 7.93% CAGR from 2020 to 2027.
The surge in cross-country conflicts has risen considerably over the years, particularly in the past decade. The European refugee crisis that started in 2015, saw a surging number of migrants and refugees journeying to the European Union (EU) for asylum, moving across the Mediterranean Sea or via Southeast Europe from regions like South and Western Asia, the Western Balkans and Africa. Western Sahara has a high content of phosphate while its offshore areas comprise several oil deposits. For numerous decades, its borders have been contested by Algerian-backed Polisario front and Morocco.
India and Pakistan face constant disputes across the line of control as well as over Pakistan occupied Kashmir (PoK). Security robots including UAVs provide advanced capabilities during violent extremism. These robots guarantee proactive tactics to detect terrorist activities. Therefore, the use of advanced security robots and unmanned systems will surge in the years to come, benefitting the overall market.
The introduction of modern technologies has significantly upgraded the capabilities of security robots. At present, these are used in challenging terrains as well as tough environments to conduct surveillance and various actions that are based on analytics. The use of various advanced sensors and their integration in security robots improves the capabilities of reviewing the environment and offering highly reliable data. This has considerably enhanced their use in numerous military devices.
Developments, including K5 by KnightscopeInc., translate into significant profit margin for the security robots market. Previously, such robots had subpar capabilities; but with constant advances in the sensor technology as well as automation capabilities, security robots are now extremely useful in several working applications. The improvements and development of neural network technology provide security robots the ability to learn with time and enhance their functionality.
It is not possible to understate the reactions to the COVID-19 pandemic and its effects on societies and economies around the world. Many organisations and companies have acknowledged that, in times of vulnerability, they should look beyond traditional security solutions to expect new threats and protect against those risks. The functionality of security robots surpassed the efficiency of security guards at the beginning of the pandemic. This issue has been made a top priority by the outbreak of COVID-19, and using autonomous security robots in a pandemic can be a good option to address the risks and threats. The COVID-19 pandemic gave impetus to the introduction of unmanned technologies into private security and asset protection companies' businesses. Since the first days of the pandemic, the risk of infection among security company personnel has arisen. At the same time, even a small number of trained personnel are spreading the infection, leading to the need to hire new employees or to reduce the quality of service and safety. Besides, the inflow of immigrants to their territories has been reduced by many countries. All of this prompted private security companies to use security robots to start.
Technological Innovations to Drive Market Growth
The face of warfare has been revolutionised by security robots and helped in decision making on combat operations. They are widely used for monitoring and patrolling work by different governments around the globe to maintain peace and regular security checks both inside the country and on the borders. Improvements in sensor technology and automation capabilities have led to heavy use in different applications of security robots. In addition, neural network technology enhancements have also given these robots the ability to learn over time and improve their functionality. In addition, because of their enhanced capabilities, the incorporation of security robots into military bases has increased significantly. These sensors help robots to analyse their surroundings and provide more reliable information. These robots' remote sensing abilities can be used to safeguard the premises and detect unwanted threats.
R&D Investments to Create Growth Aveneus for Market Players
The abilities of these robots have also been significantly improved by the development of new technologies. They can currently be deployed in challenging terrains and environments to perform analytical-based surveillance and other actions. The inclusion of various sensors has also enhanced the capabilities of robots to analyse their environment and provide more reliable data. Their incorporation into military devices has benefited significantly from this. While billions of dollars are spent on autonomous vehicle R&D, indoor commercial space robots reap the technology and cost advantages of sensors, computing, machine learning, and open source software. The security robotics industry is expected to grow at a significant pace with the increase in the budget for commercial security spending and the availability of a largely untapped market.
Lack of Regulatory Framework to Impede Market Growth
Despite the growth of the market, the lack of a comprehensive regulatory framework can, to some extent, hinder market growth.
In 2018, the UAV segment dominated the market and is expected to grow during the forecast period at the highest CAGR of 8.08 percent. Growth in the segment is driven by the increasing adoption of UAVs for surveillance and reconnaissance missions and to protect the borders of different nations.
In 2018, the propulsion system dominated the market. However, during the forecast period, the camera system is expected to grow at the highest CAGR. By capturing data in the form of images and videos of a specific region, target, or infrastructure, cameras help monitor, investigate, and prevent crime. The segment is therefore expected to grow during the forecast period at the highest CAGR.
The patrolling & surveillance segment dominated the market in 2018. However, the rescue operations segment is expected to register the highest CAGR during the forecast period. Security robots have the capability of understanding the changing environment of disaster scenarios that can be deployed to search for survivors in natural disasters. Thus, the rescue operations segment is projected to witness a CAGR of 8.62% during the forecast period.
North America Dominates the Regional Market Growth
Due to the increased use of advanced weapons and technology for overseas contingency operations in Afghanistan, Syria and Iraq, North America led the market for security robots in 2017. In terms of spending and technological advancements, the region enjoys the top position and also has a large number of security robot deployments. The US is generating a huge demand for surveillance security robots. Although Canada has made some significant investments in the development of security robots, the US mainly controls the market, with the country being the world's largest producer of military robots.
APAC to witness the Fastest growth
On the other hand, over the forecast period, Asia Pacific is also projected to remain a major growth pocket globally. The number of active disputes, along with an increase in terrorist attacks in public places and schools, has increased throughout the nation. The growing need for security robots in the country over the forecast period has resulted from these geopolitical instabilities and territorial disputes. The rise in security concerns across the nation is also expected to drive security service robots in the region because of the increase in terrorist activities.
MEA to Witness Gradual Growth
Due to several technological advances being underway, the Middle East and Africa markets are steadily gaining prominence as well as increasing demand from the defence sector for security robots due to ongoing wars such as the unrest in Syria.
Mergers and Acquisitions remain the primary focus of Market Players
MRFR has observed that the global market is highly competitive with the expansion of business operations at both international and regional levels by different key players. Merger and acquisition operations are popular strategic plans adopted by regional market players who are trying to establish their market position or expand their customer base.
Artificial Intelligence Technology Solutions Inc., confirmed that Robotic Assistance Devices Inc. (RAD), its wholly-owned subsidiary has selected Apex3 Systems, LLC as the authorized dealer, while receiving an supply order for ROSA security robot.
Elbit Systems Ltd. (Israel),L3 Harris Technologies, Inc. (US,DJI (China),Northrop Grumman Corporation (US),QinetiQ Group plc (UK),Knightscope, Inc. (US),AeroVironment, Inc. (US),Leonardo SpA (Italy),ReconRobotics, Inc. (US),Lockheed Martin Corporation (US) top vendors in security robots Industry
Security Robots Market Size is Anticipated to reach USD 3.35 Billion by 2027, and grow at a CAGR of 7.93% by 2020-2027
North America Dominates the Regional Market Growth
The face of warfare has been revolutionised by security robots and helped in decision making on combat operations.