The global market is expected to witness a significant growth between 2017 and 2023.
Military Exoskeleton Market is Expected to Grow at A CAGR Of 25.87% By 2023
he growing number of volatile political unrests, security threats, and ongoing disputes in certain regions of the globe have increased the demand for military exoskeleton systems in the recent years. These systems offer additional combat capabilities along with extra strength and protection to the soldiers in a battlefield. They also enable the carriage of heavy loads during tough military missions/operations (such as during search and rescue or counter-insurgency operations). The rising concerns about soldier safety and injuries has increased the demand for these advanced military body suits. As a result, the global military Exoskeleton market is expected to grow at a CAGR of more than 25.87%.
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The basic functionality of military Exoskeleton includes the provision of added strength, efficiency, and combat capabilities to armed troops. Moreover, the dynamic nature of warfare is a major driver that increases the demand of these body suits, majorly due to the evolving/modern warfare mechanisms that compel the nations to develop high end military suits for their armed forces. As a result, there have been a large number of developments in the field of integrated soldier suits, which boost the market for military Exoskeletons.
The modern-day soldiers are equipped with radios, night vision devices, global positioning system (GPS) equipment, and computers in their uniforms that provide them with real-time data, which assist the troops with satellite imagery of the battlefield and significantly enhance their situational awareness. As a result, there is a growing demand for integrated smart weapons and lightweight body armors. The military Exoskeletons are lighter than the conventional load carriage or armor systems, and it enables added protection and counter attack against hostile enemy advances. Therefore, there have been significant developments of light weight body suits, which would boost the efficiency of the armed troops in the battlefield. With a higher number of lethal and protective Exoskeletons being developed, the market is expected to witness tremendous growth during the forecast period.
The key players of global military Exoskeleton market are BAE Systems, General Atomics, Lockheed Martin, Raytheon, Safran, Bionic Power, Ekso Bionics, 20 Knots Plus, Revision Military, SpringActive, and SRI International.
Market Research Analysis:
By 2023, North America is expected to be the dominant region in the military Exoskeleton market, primarily due to the presence of major manufacturers in this region. In addition, increasing military expenses by the US Department of Defense (DOD) on these body suits, has resulted in the development of advanced military exoskeleton systems. Similarly. Europe is expected to acquire the second largest market due to the high expenses on soldier modernization programs by countries such as France, Germany, Italy, Spain, Switzerland, and the UK, which would come in aid of their soldiers, by enhancing their operational and attack capabilities.
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