Market Insight
Global Military Exoskeleton Market is garnering massive traction. Market growth attributes to the increasing defense budgets and R&D activities to develop futuristic military devices and equipments. Exoskeleton increases mobility and reduces fatigue for operators, which could prove helpful during combat or rescue missions. These equipments give armed forces a massive advantage over enemy combatants, carrying loads over long distances without stressing soldier’s leg muscles.
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Resultantly, military sectors across the world spend millions of dollars to design and build their military-use powered exoskeleton. According to Market Research Future (MRFR), the global military exoskeleton market is poised to grow at a whopping double-digit CAGR of 25.87% throughout the forecast period (2019-2025). Wearable robots and powered hip-knee device with a remote wireless interface can reportedly nullify the weight of 30kg. To achieve this, these wearable frames extend to the ground. With the advancements of technologies, prices of the military exoskeleton are expected to reduce dropping dramatically, which would increase the size of the market, increasing the adoption of these devices. Rise in cross border operations increases the market demand.
Competitive Landscape
Highly competitive, the Military Exoskeleton Market appears fragmented due to the presence of several well-established players. Industry players incorporate strategic initiatives such as collaboration, acquisition, partnership, technology launch, and expansion to maintain their market positions. Strategic alliances between these players support their growth and expansion plans. They employ an improvement strategy to update and analyze software solutions and develop products based on advanced technology. For which they develop an entrenched infrastructure that can allow the seamless implementation of technologies.
Key players leading the Global Military Exoskeleton Market include General Atomics (US), BAE Systems (UK), Lockheed Martin Corporation (US), Safran (France), Raytheon Company (US), Bionic Power Inc. (Canada), Revision Military (US), Ekso Bionics (US), SRI International (US), and SpringActive (US), among others.
Industry/ Innovation/ Related News
November 26, 2019 – Humotech (the US), an exoskeleton tech center, announced its partnership with The US Army Combat Capabilities Development center. The partnership would lead a new center focused on advancing exoskeleton capabilities. The ASTM International’s Exo Technology Center of Excellence will serve as a hub for research, development, and supporting activities. Humotech is involved in the high-performance robotic prostheses and exoskeletons for research, development, rehabilitation.
Market Segmentations
The report is segmented into four dynamics.
By Type : Full Body Exoskeleton and Partial Body Exoskeleton.
By Power: Active Exoskeleton and Passive Exoskeleton.
By Body Part: Upper Body, Lower Body, and Full Body.
By Regions: Americas, Asia Pacific, Europe, and the Rest-of-the-World (RoW).
Regional Analysis
Asia Pacific dominates the global military exoskeleton market. The largest market share attributes to the growing defense budgets and the adoption of safety devices in the military sectors in the region. Rising cross-border conflicts in this region is a key driving force behind the increased military expenses, which drive the growth of the market. China, India, and Japan are emerging as promising markets for military exoskeletons. Countries like Vietnam, Malaysia, Taiwan, and the Philippines have been increasing their military spending to strengthen their defense sector against China in the South China Sea conflict. At the same time, India and South Korea are continually increasing their defense budgets to improve their defence capabilities to counter the threats from their disruptive neighbors. The APAC military exoskeleton market is estimated to retain its dominance over the global market throughout the forecast period. North America stands second in the global military exoskeleton market. The market is driven by the increased adoption of advanced military systems for combat operations. The region has a vast number of R&D centers, which alongside substantial technological advancements and the early uptake of advanced technologies, drive market growth.
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The US has a robust military force, and the American government incorporates a large budget for modernization and upgrades of military equipment. Besides, with the presence of prominent manufacturers, the US dominates the regional market. Canada’s contribution is also no less, which significantly impacts the regional market. North America military exoskeleton market is anticipated to grow a high rate over the coming years. The military exoskeleton market in the European region is growing rapidly. The region witnesses augmented demand for military exoskeleton due to the increased defense requirements for safety-enhancing equipments. The rise in demand for equipment in the defense sector is a key driver for the growth of the regional market. Defense sectors in this region demonstrate an augmented adoption of technologically advanced devices, which will push the growth of the market. Germany and the UK, backed by substantial R & D investments to develop related technologies, majorly drive the regional market.
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