INDORE, India, November 2, 2016 /PRNewswire/ --
Security robots market is growing with a CAGR of 8.5% owing to increasing adoption of unmanned system and solution by military and defence forces across the globe. The growing territorial conflicts such as the UK, Denmark and Iceland all proclaim ownership of Rockall Island, in the middle of the North Atlantic an 8,000-square foot rock, and many such conflicts across the globe are increasing adoption of unmanned systems and solutions. The military and defence forces are spending largely for the adoption of such security and solution. In 2015, the global military spending was around $1.6 billion which is equivalent to around 2.3% of global GDP in 2015. North America dominates the global security robots market and held around 30% of revenue share in 2015. Whereas, Asia Pacific is growing impressively owing to growing spending on military which accounts to $440 billion in 2015, across the region; growing territorial conflicts in various countries such as India, China and Korea is one of the major factor which is increasing such huge spending in the military and defence.
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Asia Pacific: The profitable market
The growing concern for the territorial conflicts is one of the major reasons which is pushing the security robots market. In 2015, the US government spent around $600 billion on military and defence and the amount is expected to increase in the upcoming years. Due to this, North America held the largest revenue share of 30% in 2015. In Europe, UK spends around 2% of GDP on defence that is the 5th largest in the world. The Asia Pacific market is growing due to growing adoption of unmanned system and solution by the defence and military in the region. Military spending in Asia Pacific increased by about 5.4% in 2015, which is around $440 billion in 2015. The military and defence spending is one of the major factor which is increasing the growth of the security robots market. In Asia Pacific, India and China are the major contributors towards the growth of the market. China spends 1.9% of GDP on defence which was roughly $148 billion in 2015 and that is the largest spending in the Asia Pacific region, In 2015, around 42000 land and sea based unnamed systems is being produced by China. Whereas the India spends 2.3% of GDP on defence sector around $50 billion in 2015.
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The game changer: Application in advanced battlefield
With dramatic upsurge in computer processing; automation, operator interfaces; and decrease in size and complexity of sensors used in security robots, the application of security robots in the battlefield and has become a vital component of the military operational commander's tool kit. In the US, the five-year budget (2014-2018) for drone and other unmanned systems is accounted to be around $23.8 billion. One of the finest examples of security robots is TALON Tracked Military Robot, TALON is being used by the US military. The growing investment by governments across the globe for the development of security robots is expected to boost the growth in the upcoming years. In 2015, according to US department of Defence China produced around 42,000 land and sea based unmanned systems that worth about $11 billion.
About Occams Business Research & Consulting (OBRC)
Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst etc. and have an excellent track record for the best customer satisfaction.
Shyamal Moghe (Shyamal Moghe)
Sathya Durga (Sathya Durga)
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