June 22, 2024
Security Robot Market

Security Robots Protect Assets and Enhance Safety Driving the Security Robot Market Growth

Security robots are autonomous robots utilized for surveillance and patrolling applications in various industry verticals including commercial, residential, and industrial sectors. These robots are integrated with several advanced technologies such as thermal cameras, HD video cameras, and sensory along with communication capabilities that allow for real-time monitoring and response in emergency situations. Security robots enable constant surveillance of designated areas with minimal human intervention thus enhancing safety and protecting assets against theft, vandalism and unauthorized access. The use of robots for security services also provides cost benefits compared to hiring human security personnel for round the clock surveillance.

The Global Security Robot Market Size is estimated to be valued at US$ 15.35 Bn in 2024 and is expected to exhibit a CAGR of 28% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The global security robot market is primarily driven by growing need for enhanced safety and security across various sectors along with reduced manpower costs. Increasing instances of terror attacks, crimes and thefts have compelled industries and institutions to strengthen security practices using advanced monitoring solutions like robots. Furthermore, deployment of robots promises round the clock monitoring without human fatigue or errors. This makes security robots an efficient solution compared to hiring security guards for long shifts.

Market key trends:

One of the major trends gaining traction in the security robot market is adoption of multi-functional robots integrated with capabilities beyond basic surveillance. Leading manufacturers are focusing on development of robots equipped with advanced technologies such as facial recognition, thermal cameras, night vision and 360-degree cameras for comprehensive security monitoring. These multi-functional robots offer enhanced protection against intrusions by not only detecting threats but also identifying individuals and responding to emergencies. The growing demand for intelligent security solutions is expected to boost demand for multi-functional robots over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the security robot market due to the presence of well established players and requirement of high R&D investments.

Bargaining power of buyers: The bargaining power of buyers is moderate as security robots are specialized equipment and switching costs for buyers are high.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple component manufacturers in the market.

Threat of new substitutes: The threat of substitutes is low as security robots have unique functionalities that cannot be easily substituted.

Competitive rivalry: The competitive rivalry is high among the major players operating in the security robot market.

Key Takeaways

The global security robot market is expected to witness high growth over the forecast period.

Regional analysis comprises – The Asia Pacific security robot market is expected to grow at a significant rate due to increasing investments by key players and rising security concerns in the region. Countries such as China, India, and Japan are expected to offer high growth opportunities for security robot vendors during the forecast period.

Key players operating in the security robot market are Accurec Recycling GmbH, American Manganese Inc. Battery Solutions, Li-Cycle Corp., G & P Batteries, Recupyl, Retriev Technologies, Sitrasa, Floridienne (SNAM S.A.S.), and Umicore. They are focusing on new product launches and partnerships with system integrators to strengthen their presence in the global market.

1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it