Military Exoskeleton Market Accelerates at 14.5% CAGR to Hit US$ 4.27 Billion by 2033: Fact.MR Report
FACT.MR
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FACT.MR
Rapid Technological Advancements in Warfare Leading to Adoption of Military Exoskeletons to Increase Safety & Efficiency of Soldiers
Rockville, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global Military Exoskeleton Market stands at US$ 1.1 billion in 2023, according to a newly published research report by Fact.MR, a market research and competitive intelligence provider. Sales of military exoskeletons are predicted to rise at a robust CAGR of 14.5% from 2023 to 2033. Increasing adoption of exoskeletons in the healthcare sector along with rising investments in more advanced military exoskeleton technology is driving opportunities for market players.
Introduction of different types of soft actuators in military exoskeletons is changing the face of the market in a positive direction. In addition, growing adoption of multiple types of human augmentation equipment in military and industrial sectors is also paving the way for suppliers of military exoskeletons to enhance their profits.
Key Segments of Military Exoskeleton Industry Research Report
By Body Part
By Type
By Power
By End Use
Upper Body
Lower Body
Full Body
Full-body Exoskeleton
Partial-body Exoskeleton
Active
Passive
Military
Healthcare
Exoskeletons are popular external frames that are worn to offer support to the human body. They are used to enhance an individual’s biological capabilities or to assist a person overcome injuries. Military exoskeletons are powered by electric motors, and their frame offers endurance, strength, and mobility to limbs. They are used in the military for multiple combat as well as non-combat roles.
Key Takeaways from Market Study
The global military exoskeleton market is estimated at US$ 1.1 billion in 2023.
Worldwide demand for military exoskeletons is forecasted to rise at a CAGR of 14.5% through 2033.
The global industry is set to reach a valuation of US$ 4.27 billion by the end of 2033.
Military exoskeletons for lower body parts held 42.8% share of global market revenue in 2022.
Sales of passive military exoskeletons are projected to increase rapidly at 16.4% CAGR from 2023 to 2033.
Worldwide demand for partial-body military exoskeletons is forecasted to accelerate at a CAGR of 17% through 2033.
India and China are two prominent markets in the Asia Pacific region.
“Increasing focus on efficiency and safety of dismounted soldiers is leading to increased investments by military organizations in advanced supportive technologies, including exoskeletons,” says a Fact.MR analyst.
Key Trends in Military Exoskeleton Landscape
Increasing focus of researchers on addressing SWaP (size, weight, & power) demands is driving global trends, with manufacturers striving to meet exoskeleton weight, power, and size criteria for competitiveness. Modifications in UI design, battery technology, and weight distribution are anticipated to enhance military exoskeleton features.
Surging development of robotics, virtual reality, and AI technology is attracting a diverse consumer base, offering efficient machine control and further influencing trends in the field.
Operational Challenges and High Costs Associated with Military Exoskeletons
Operational challenges associated with the functioning of military exoskeletons are predicted to restrain their demand. In addition, the cost involved in military exoskeleton adoption is comparatively high. Development of these technologies needs high investments in R&D activities as they are not easily available in the market. Therefore, the production of military-grade products, higher cost for R&D activities, and certification costs are projected to adversely impact market opportunities over the forecast period.
Key Market Players
Leading manufacturers of military exoskeletons are BAE Systems, Lockheed Martin Corporation, General Atomics, Raytheon Company, Bionic Power Inc., Safran, Ekso Bionics, SpringActive, Revision Military, and SRI International.
Wearable Robotics Market Thrives in the United States
The United States is poised to occupy a substantial market share within North America's wearable robotics sector, primarily driven by the increasing population of individuals with disabilities. Additionally, elevated investments in research and development efforts aimed at enhancing product capabilities are creating favorable prospects for industry players in the region.
Furthermore, the burgeoning support from both public and private organizations, coupled with the availability of cutting-edge technological products and strategic partnerships and collaborations among market participants, is expected to further amplify growth opportunities in the United States.
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the military exoskeleton market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (full-body, partial-body), body part (upper body, lower body, full body), power (active, passive), and end use (military, healthcare), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
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