The military exoskeleton market is expected to register a CAGR of over 15% during the forecast period.
- Technological advancements in modern warfare are the major driving factors for the military exoskeleton market. Efforts are being made to further increase the efficiency of the military exoskeletons through the incorporation of new technologies, which are expected to further propel the growth of the market studied in the years to come.
- The focus on increasing the safety and efficiency of the dismount soldiers has led to the militaries investing in these technologies, as the exoskeletons reduce the fatigue on the soldiers, while also giving them an extra layer of protection from the outside.
- Despite all the advantages that the exoskeletons are offering, the main hindrance to their adoption is the high purchase costs involved. Efforts are now being made to further reduce the manufacturing costs of these exoskeletons.
Key Market Trends
The Passive Exoskeleton Segment has the Highest Share in the Market in 2019
As of 2019, the passive exoskeleton segment has the highest share in the market studied. Development of passive exoskeletons is being done on a large scale currently. In August 2018, Russia’s Rostec showcased its third-generation Ratnik infantry combat suite, a passive exoskeleton, which increases the physical abilities of a soldier and protects joints and the spine. Additionally, the price of the passive exoskeletons was comparatively less than the active exoskeletons, which made the militaries to incline toward these in their purchase plans, although the amenities they offer are less compared to those of the active exoskeletons. However, during the forecast period, the active exoskeleton segment is projected to grow with the highest CAGR. Increasing R&D investments in active exoskeleton technologies and the efforts to reduce their costs are the main factors supporting the expected high growth of the segment.
Europe Expected to Register the Highest CAGR During the Forecast Period
Currently, North America has the highest market share in the military exoskeleton market, mainly due to the high purchasing capacity of the United States and the presence of many manufacturers in the country. The country is investing huge amounts in the research, development, and testing of the exoskeletons. The technology, which is in its nascent stage, is slowly hitting the mainstream. Europe region is projected to grow with the highest pace in the market during the forecast period. Russia is a major market for the exoskeletons in the region, whereas other countries like Spain, the United Kingdom, and France, are also developing new exoskeleton models for their militaries. The ongoing developments in the market are projected to increase on a large scale, helping the market growth in the region.
Rostec, Lockheed Martin Corporation, Sarcos Corp., SRI International, and Safran SA are some of the major players in the market studied. The military exoskeleton market is still in its nascent stage, with many players developing new types of exoskeleton prototypes. In markets like these, technology transfer can be best achieved through strategic partnerships, and the players have realized this, and are coming together to develop new types of exoskeletons to suit the purposes of the military customers.
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