Military Exoskeleton Market Growth, Share, Demand and Analysis of Key Players to 2025
The
global military exoskeleton market is fragmented in nature. A
noticeable trend in the market is the focus on research and
development by many players to come up with improved industrial and
military exoskeletons. In the foreseeable future, the players are
expected to resort to mergers to tap into new markets and enhance
their product portfolio. This in turn will help them tap into newer
markets and acquire a much larger customer base. All such activities
by keen companies operating in the global military exoskeleton market
will likely intensify competition in the near future.
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Some
of the prominent participants in the global market are Raytheon
Company, Lockheed Martin Corporation, and General Dynamics
Corporation
A
report by Transparency Market Research predicts the global military
exoskeleton market to register a robust 14.4% CAGR during the period
between 2017 and 2025. Rising at this rate, the market will likely
attain a value of US$3,042.4 mn by 2025-end from US$924.5 mn in 2016.
Depending
upon the type, the global military exoskeleton market can be
segmented into full body exoskeleton and partial body exoskeleton. Of
the two, the partial body skeleton segment is slated to lead the
market with maximum share in the next couple of years. The rising
number of applications of these exoskeletons is expected to help the
segment rake in a revenue of about US$1,977.0 mn by 2025-end.
Geographically,
the key segments of the global military exoskeleton market are North
America, Latin America, Europe, Asia Pacific, and the Middle East and
Africa. North America, among them, is a leading market whose value
stood at US$290.8 mn in 2016. The market in the region is being
mainly driven by the U.S. and Canada – two nations that have been
pouring in money for developing lightweight exoskeletons for the
soldiers. The political uncertainty and the deep involvement of the
U.S. soldiers in the Middle East is mainly stoking demand for
upgraded military wearable and exoskeletons in North America.
Increasing
Geopolitical Conflicts Benefitting Market
Majorly
fuelling the global military exoskeleton market is the rising threats
to security, fragile political situations, and spike in in
geo-political conflicts in different parts of the world. The
exoskeleton are designed primarily for combat and they are supposed
to provide the soldiers extra strength and protection in a
battlefield. They also help to carry heavy loads during difficult
missions such as counter-insurgency operations or rescue operations.
All such unique perceived benefits are boosting their demand.
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