The global security robots market features a fragmented competitive landscape, as reported by Transparency Market Research (TMR). The existence, in advanced areas, of fresh entries and startups leads to comparatively elevated entry and exit obstacles. The trend to integrate vertically across separate value chain sections tends to give major suppliers in the industry a competitive edge. Lockheed Martin Corporation and Northrop Grumman are some of the main players in the security robots industry.
The security robots market is at an incipient stage, and in the original phase few businesses could establish themselves as leaders. However, during the forecast period a big number of other players across distinct geographies are expected to join the market. These players, however, have a restricted global presence in regional markets.
Currently, leading players focus on offering security robots. In addition, the company undertakes numerous mergers and acquisitions as part of the strategy, focusing on research and development and strengthening customer experience by investing in security robots. Moreover, their investment in studies and development and in security robots will have an important effect on the global security robots industry to enrich customer experience.
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TMR’s study suggests that the global security robots market was worth US$1,862.1 mn in 2016. With a CAGR of 8.9% over the forecast period 2017 to 2025, the global security robots market is estimated to reach US$3,881.4 mn.
Among industrial applications, defense and aerospace are anticipated to emerge as the dominant segments. Regionally, Europe is expected to lead the global security robots market over the forecast tenure.