The Global Military Exoskeleton Market is estimated to account for US$ 125.9 Mn in terms of value by the end of 2021. Several nations are investing in the development of military exoskeletons. Their goal is to improve mission performance by providing extra strength and mobility to the soldier. They may also provide additional protection to the user. The use of military exoskeletons could increase survival rates in disaster situations. They could also help the military in space exploration missions.
Global Military Exoskeleton Market: Drivers
Increasing technological developments are expected to drive growth of the global military exoskeleton market over the forecast period. Militaries around the world are focusing on development of armed suites and exoskeletons due to the evolution of dynamic warfare. There are lot of efforts towards the increasing efficiency of the military exoskeletons by incorporation of novel technologies. This is further projected to fuel growth of the market in the near future.
Global Military Exoskeleton Market: Opportunities
High demand for exoskeleton suits is create various opportunities for market players in the global military exoskeleton market. Due to applications of military exoskeletons such as avoiding direct contact with harmful biological elements such as gases, their demand is high on the international levels. Moreover, Due to the swift coordination throughout warfare is also leading to increased demand for advanced communication systems that cannot be tracked by the energy. Thus, these factors are creating strong growth opportunities in the market.
Global Military Exoskeleton Market: Restraints
Non-coverage of wearable robotic devices by insurance companies is likely to obstruct growth of the global military exoskeleton market over the forecast period. Several insurance companies are limiting themselves as they refuse funding robotics-based therapy in their coverage. This is due to high expense required for exoskeletons. Thus, this factor is likely to impede growth of the market during the forecast period.
Global Military Exoskeleton Market - Impact of Coronavirus (Covid-19) Pandemic:
The epidemic of Covid-19 negatively impacted the global military exoskeleton market. During the pandemic due to the lockdown regulations several market activities were disrupted. There was lack of manpower and raw material supply, which disrupted manufacturing operations. Moreover, due to disrupted transport, supply chains and distribution operations were also hindered during the pandemic. Thus, this impacted production of exoskeletons. However, with pandemic situation returning to normal in several regions, the market is likely to regain growth.
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Key Takeaways:
The global military exoskeleton market was valued at US$ 125.9 Mn in 2021 and is forecast to reach a value of US$ 509.3 Mn by 2030 at a CAGR of 16.8% between 2022 and 2030.
Partial Body Exoskeleton segment held dominant position in the global military exoskeleton market in 2021, accounting for 85.1% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Military Exoskeleton Market Trends:
Increasing development of textile muscles for taking advantages of major benefits of fabric is trending in the global military exoskeleton market. These fabrics offer advantages such as lighter weight and flexibility. Researchers are seeking to developed artificial muscles that are soft, silent, and compliant, and have similar performance characteristics as skeletal muscles. Researchers involved in development of such technology envision that addition of sensing yarns into the fabric would allow better control. This trend is expected to continue in the global military exoskeleton market during the forecast period.
Moreover, partial military exoskeleton segment is gaining traction in the market, owing to rise in applications of these skeletons. The partial body exoskeletons are likely to witness higher demand, due to increasing applications such as providing support to injured soldiers. However, with increase in R&D, the development of full body exoskeleton having flexibility and low price is likely to grow, which will support the market growth in the near future.
Global Military Exoskeleton Market: Competitive Landscape
SRI International, Lockheed Martin Corporation, Mawashi Science & Technology, Sarcos Technology and Robotics Corporation, Bionic Power Inc., Rostec, ASELSAN AŞ, Safran SA, Dephy Inc., and BAE Systems PLC.
Global Military Exoskeleton Market: Recent Developments
In February 2021, Sarcos Robotics and Paramount Group entered into a Memorandum of Understanding for expanding the exoskeleton technology sales for defense applications to industrial and government customers in the Middle East and Africa region.
