Global Military Exoskeleton Market: Snapshot
The rising concern for safety has led to the defense sector across the world focusing on wearable robotics with their soldiers. Exoskeleton systems are one of the major areas of interest in the wearable robotics for defense applications. These suits give soldiers an additional strength to lift up heavy loads and also move swiftly in the battlefield. Moreover, the changing concept of warfare has led to the development of biological weapons, which can be deadly to the human body. To prevent direct contact to the biological elements, armies across the globe are investing in military exoskeletons. Against this background, the global market is expected to register a CAGR of CAGR of 14.4% to rise from US$924.5 mn in 2016 to reach US$3,042.4 mn by the end of 2025. However, the market faces a tough challenge of procuring these suits due to high cost.
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Partial Military Exoskeleton Segment Paces Ahead due to Rising Applications
The global military exoskeleton market has been segmented by types into full body exoskeletons and partial body exoskeleton. The partial body exoskeletons are expected to witness strong demand during the forecast period due to the rising application of these exoskeletons to provide support to injured soldiers. However, the ongoing research and development is expected to result into the development of flexible full body exoskeletons at lower prices which is expected to drive the demand in future. Analysts expect that the partial military exoskeleton segment is likely to be worth US$1,977.0 mn by the end of 2025.
On the basis of power, the market is fragmented into active exoskeletons and partial exoskeletons. The active exoskeletons are integrated with hydraulics and actuators which provided added strength and endurance to the soldiers during combat. Hence, the active exoskeletons have been analyzed to dominate the global military exoskeleton market during the forecast period.
Europe and North America Poised to Dominate Global Market as Situation in Middle East Worsens
Regionally, the global military exoskeleton market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America and Europe have been anticipated to be the most dominating region with over 50% of the global market in terms of revenue. North America includes the U.S. and Canada which are investing heavily towards the development of lightweight exoskeletons for the soldiers. The volatile political situation and deployment of the U.S. soldiers in the certain areas of the Middle East is primarily driving the need for upgraded military wearable and exoskeletons in the region. These factors are in return creating the need for military exoskeleton systems in Europe as well.
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On the other hand, the emerging economies such as India and China are focusing on upgrading their defense capabilities which is in return expected to drive the demand for military exoskeletons in this region significantly. The rising defense budgets in these countries, growing concerns about border security, and increasing incidents of internal security violated have also had a positive impact on the Asia Pacific military exoskeleton market.
Some of the important players operating in the global military exoskeleton market are Lockheed Martin Corporation, BAE Systems, Raytheon Company, General Dynamics Corporation, Boeing, Honeywell Aerospace, Ekso Bionics Holdings, Bionic Power, Safran S.A., and SpringActive, Inc.