Security robots market estimated at $2.3bn by 2020
A study by Markets and Markets said unmanned aerial vehicles (UAVs) will hold the largest market share as security agencies deploy them at FIFA World Cup sites
The global security robots market is estimated to be worth $2.36bn by 2022 at a CAGR of 8.56% between 2016 and 2022.
These findings were part of a study titled Security Robots Market by Type, Component, Application, and Geography – Forecast to 2022, published by India-headquartered agency, Markets and Markets.
The report covers unmanned aerial vehicles (UAVs), unmanned ground vehicles, unmanned underwater vehicles, sensors, and controller, camera, and navigation systems.
The market for sensors is expected to grow at the highest CAGR during the forecast period.
Growth in the sector was attributed in the report to "rising geopolitical instabilities and territorial conflicts".
"During the last decade, the total number of active conflicts has increased throughout the world; for instance, the European refugee crisis and disputes in the South and East China Sea," Markets and Markets said in a statement.
"These factors are driving the demand for security robots."
UAVs are expected to hold the largest share of the security robots market during the forecast period.
These units are also being used by security agencies for patrolling and surveillance of major events such as FIFA World Cup and Euro Cup, Markets and Markets added.