by Market Overview:
Security robots are used for surveillance and monitoring in commercial, residential and industrial applications. They assist in maintaining law and order by patrolling office premises, malls, warehouses and providing 360 degree video streaming in real time. Some key products in this market include wheeled robots, humanoid robots and drones that are equipped with sensors, cameras and analytics software for enhanced situational awareness.
The security robot market is estimated to be valued at US$ 13.32 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising concerns over security and public safety across the globe are a key driver for this market. With growing terrorism and geopolitical tensions, there is a need for continuous monitoring without human intervention in high risk areas. Furthermore, the adoption of automation technologies has reduced manpower needs for routine surveillance tasks thereby boosting the demand for security robots. Their deployment also helps organizations in compliance withsafety regulations and protocols. However, high initial acquisition costs and technological challenges around enabling autonomous operation in complex environments hamper the widespread adoption of these robots currently.
Segment Analysis
The global security robot market can be segmented by component, environment type, application and geography. By component, the market is divided into hardware, software and services. The hardware segment dominates currently due to rising adoption of security robots for surveillance purposes across industries. By environment type, the market is bifurcated into indoor and outdoor. Indoor segment holds a larger share as security robots are majorly used for monitoring and patrolling purposes within buildings and premises. By application, the market is classified into firefighting & law enforcement, border patrolling & bomb detection, commercial, residential and others. The commercial segment dominates on account of high utilization of security robots for patrolling malls, warehouses and manufacturing facilities.
PEST Analysis
Regulations regarding public safety and national security are driving the adoption of security robots across countries. Also, supportive government initiatives for smart city developments are fueling the market growth.
Economic: Higher investments by companies on security infrastructure amid rising terror threats is propelling the demand. Additionally, the growing need to optimize security budgets is significantly boosting the sales of cost-effective security robots.
Social: Increasing consumer awareness about security is positively influencing the market. Also, rising concerns regarding human safety during hazardous operations is augmenting the adoption of robots for law enforcement activities.
Technological: Significant improvements in robotics, Artificial Intelligence, edge computing and 5G communications are easing the control and management of security robots. Advancements in sensor technology, robot navigation and autonomous decision making are further strengthening the market potential.
Key Takeaways
The Global Security Robot Market Size is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing need for surveillance across public places and industrial premises. The Asia Pacific region is projected to dominate the market during the analysis period due to rising security expenditures in developing countries and growing urbanization. Countries such as China, India, Japan and South Korea are rapidly adopting security robotics solutions for diverse applications. Key players operating in the security robot market are Recon Robotics Inc., Lockheed Martin Corporation, RoboTex Inc., Northrop Grumman Corporation, QinetiQ, Thales SA, Kongsberg Gruppen, BAE Systems PLC, FLIR Systems Inc., Elbit Systems Limited, Boston Dynamics Inc., Leonardo SpA, SMP Robotics, AeroVironment Inc., DJI, and Knight Scope. These players are focusing on developing advanced surveillance robots integrated with 5G, AI and edge computing to strengthen their market position.
Regional analysis
The Asia Pacific region dominates the global security robot market and is estimated to continue its dominance during the forecast period. This is attributed to ongoing infrastructure developments and rising security concerns associated with crimes, terrorism and cross-border conflicts in major countries, including China, India and Japan.
Key players
Key players operating in the security robot market are Recon Robotics Inc., Lockheed Martin Corporation, RoboTex Inc., Northrop Grumman Corporation, QinetiQ, Thales SA, Kongsberg Gruppen, BAE Systems PLC, FLIR Systems Inc., Elbit Systems Limited, Boston Dynamics Inc., Leonardo SpA, SMP Robotics, AeroVironment Inc., DJI, and Knight Scope. These players are focusing on developing advanced surveillance robots integrated with 5G, AI and edge computing to strengthen their market position. For instance, in January 2023, Knight Scope introduced K5, its next-generation autonomous security robot to deliver optimized safety and security solutions to commercial clients through advanced robotics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
