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Albany, New York, June 26, 2019 (GLOBE NEWSWIRE) -- The concern over safety of nations and boundaries due to unstable political conditions has augmented the need for the adoption of advanced defense sector globally. Thus, the world is focusing on the use of wearable robotics for their soldiers, which is augmenting need for advanced military exoskeleton. Thus, a distinctive military exoskeleton market exists from a global perspective.
Exoskeleton systems are key technology-based products manufactured under wearable robotics especially for defense applications. These suits offer additional strength for moving easily with heavy weights. Thanks to these factors, global military exoskeleton market is likely to exhibit a robust CAGR of 14.4% over the forecast period from 2017 to 2025. With the CAGR, the military exoskeleton market is likely to rise from US$924.5 Mn in 2016 and to grab value of US$3,042.4 Mn by the end of 2025.
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Changing Warfare Promotes Adoption of Military Exoskeletons
Changing warfare and robust development of biological weapons that may affect the human body is fuelling growth of the global military exoskeleton market. In order to prevent direct contact to such biological elements, the defense sectors and armies globally are investing to adopt military exoskeletons.
On the basis of type, the partial body exoskeletons segment is likely to witness robust development during the forecast period owing to rising usage of exoskeletons to provide partial support to soldiers. However, continues research and development activities are expected to fuel demand for flexible full body exoskeletons at lower prices. This is expected to drive the demand in future and likely to propel military exoskeleton market growth valued at US$1,977.0 Mn by the end of 2025.
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Volatile Regional Conflicts Increase Demand for Military Exoskeletons
Regionally, North America dominated the global military exoskeleton market followed by Europe. Both the regions are likely to account for 50% share in the revenue collectively. The presence of countries such as the U.S. and Canada, which are investing heavily towards adoption of lightweight exoskeletons for the soldiers are helping the region to dominate.
With an intense and volatile situation in the Middle East region as well as in other Asian countries such as India and Afghanistan, there is a high demand for utilizing military protection equipment such as military exoskeletons in these geographies. Such a high demand has been one of the most crucial and significant factors for maintaining the growth of the global military exoskeleton market.
Coupled with this is the rise in number of ground troops and cavalry units used for combat operations that also has led to a boost in the military exoskeleton market, thus positively contributing towards the revenue. Until recent times, in many warfare affected regions, there has been no sign of conflict abatement, which further signifies that there is immense scope for the global military exoskeleton market to grow in the future.
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Major players in the military exoskeleton market survive the tough competition by being progressively innovative, notes TMR in a recently published report. Technological advancements are a key emphasizing factor for the competitive landscape. From an overall perspective, healthy and neck-to-neck competition amongst the prominent organization is forcing the military exoskeleton market to evolve in a fast manner. Ekso Bionics Holdings, Raytheon Company, Lockheed Martin Corporation, BAE Systems, General Dynamics Corporation, Bionic Power, Safran S.A., Honeywell Aerospace, Boeing, and SpringActive, Inc., are key players operating in the military exoskeleton market. The competition is expected to highly intensify with increase in the number of players.
This review is based on the findings of a TMR report, titled “Military Exoskeleton Market (Type - Full Body Exoskeleton and Partial Body Exoskeleton; Power - Active Exoskeleton and Passive Exoskeleton) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
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The global Military Exoskeleton Market is segmented as below:
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