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The market was valued at USD 2.44 billion in 2020 and expected to reach USD 3.91 billion by 2026, to grow at a CAGR of 7.93%, over the forecast period (2021-2026)

ReportLinker
·5-min read

The inclusion of different sensors has also improved the capabilities of robots in analyzing their environment and providing more reliable data. This has significantly benefitted their incorporation in military devices.

New York, March 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Security Robot Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028456/?utm_source=GNW


- Security robots are machines with locomotive capabilities, which can collect data for security purposes, and in some cases, act upon this data if required. This information is collected through an array of different sensors, such as ultrasonic or infrared devices, cameras, radars, thermal sensors, and ’others.’
- Developments, like K5 by KnightscopeInc., are indicating a potential future scope for security robots. Earlier, these robots had insufficient capabilities; however, with advances in sensor technology and automation capabilities, these robots have been developed to be useful in working applications.
- The development and improvements of neural network technology have also given these robots the capability to learn over time and improve their functionality.
- According to the latest census, the United States has 325 million people. Only 700,000 local, state and federal police officers are charged with protecting and serving. There is not enough force to perform the task efficiently. The adoption of Security Robots can compensate for this shortage.
- The development of new technologies has also significantly improved the capabilities of these robots. Presently, they can be deployed on challenging terrains and environments to perform surveillance and other actions based on analytics.
- The inclusion of different sensors has also improved robots’ capabilities in analyzing their environment and offering more reliable data. This has significantly benefitted their incorporation in military devices.

Key Market Trends
Commercial End-user Industry is Expected to Hold a Significant Share

- Commercial enterprises and related businesses account for a massive portion of the economy, with the prosperous industry boasting huge budgets to spend on enhancing security. Thus, security robots in this sector offer an appealing and quantifiable value proposition.
- While billions of dollars are being spent on R&D in autonomous vehicles, indoor robots for commercial spaces reap the technology and cost benefits on sensors, computing, machine learning, and open-source software. With the increase in the budget for commercial security spending and availability of a largely untapped market, the security robots sector is anticipated to grow at a significant pace.
- The trend of indoor robots is gaining wide popularity in the market, with their diverse range of applications across different sectors, such as offices and hospitals, among others.
- Robots have the potential to deliver a range of safety and commercial benefits, and the companies in the market are developing novel robotic systems for specific applications

United States is Expected to Account for the Largest Share

- Owing to their advantages (like quality and reliability), the United States’ security and surveillance forces are increasingly using unmanned solutions.
- In February 2020, The Security robot, Cobalt Robot, travels at about two miles per hour. If someone were to step in front of it, its sensors allow it to stop. It can patrol businesses, and a local company hopes businesses in Kansas and Missouri will start using it. Kenton Brothers Inc. is already using a Cobalt Robotics security robot to patrol its Kansas City company.
- Over the past decade, the number of active disputes has increased throughout the country, along with an increase in terrorist attacks in public places and schools. These geopolitical instabilities and territorial disputes have resulted in the growing need for security robots in the country over the forecast period. Due to the rise in terrorist activities, the rise in security concerns across the country is also expected to drive security service robots in the country.
- One of the major restraints for the security robot market in the United States is the stringent rules and regulations for the usage of security robots and dependence on government order books to supply security robots.
- The growing negative concerns regarding the use of security robots are hindering the growth of the market. A San Fransiscosecurity robot was fired for trespassing on public sidewalks without the city’s approval and making human enemies. The robot, which was being used by the San Francisco SPCA to patrol its parking lot and grounds, garnered a massive wave of public backlash for irritating pedestrians and blocking homeless people from sitting outside the property. According to Mashable, it also earned a rebuke from the city, which warned the SPCA that the robot was encroaching on public sidewalks without a proper permit.

Competitive Landscape
The market is highly fragmented, with the presence of new entrants and start-ups in the developed regions. Relatively high barriers to entry and exit lead to higher market penetration. However, the tendency to vertically integrate across different segments of the value chain tends to offer a competitive edge to leading vendors in the market. Some of the key players in the security robot market are Lockheed Martin Corporation and Northrop Grumman.

- Sept 2020- Lockheed Martin announced to provide a study for an integrated and capable payload ship, that will be able to patrol for extended durations, as part of the U.S. Navy’s Large Unmanned Surface Vessel (LUSV) competition. Lockheed Martin is partnering with Portland-based Vigor Works, LLC as the team’s shipbuilder. As prime contractor, Lockheed Martin will manage the program, deliver platform integration, systems engineering, combat management, automation and cyber solutions.
- Oct 2020- SZ DJI Technology Co. Ltd, unveiled at INTERGEO, two new payload solutions DJI Zenmuse P1 and DJI Zenmuse L1 for its flagship commercial drone platform Matrice 300 RTK, destined to serve the most demanding aerial surveying missions. The twp payloads are expected to be game-changers for the industry, bringing more efficiency and new perspectives at an affordable cost without compromising the quality and accuracy of the data collected for precise aerial inspections and data collection missions.

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Read the full report: https://www.reportlinker.com/p06028456/?utm_source=GNW

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