Military Exoskeleton Market is Projected to Increase at a CAGR of 14.5% Through 2033

The global Military Exoskeleton Market (Mercado de exoesqueletos militares) reached a valuation of US$ 1.1 billion in 2023. Forecasts suggest a strong compound annual growth rate (CAGR) of 14.5% from 2023 to 2033 in exoskeleton sales. The market is witnessing increased adoption in the healthcare sector, alongside growing investments in advanced military exoskeleton technology, paving the way for significant opportunities for market players. Introduction of different types of soft actuators in military exoskeletons is changing the face of the market in a positive direction. In addition, growing adoption of multiple types of human augmentation equipment in military and industrial sectors is also paving the way for suppliers of military exoskeletons to enhance their profits.

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Exoskeletons are popular external frames that are worn to offer support to the human body. They are used to enhance an individual's biological capabilities or to assist a person overcome injuries. Military exoskeletons are powered by electric motors, and their frame offers endurance, strength, and mobility to limbs. They are used in the military for multiple combat as well as non-combat roles.

The global military exoskeleton market (שוק שלד חיצוני צבאי), valued at US$ 1.1 billion in 2023, is experiencing significant growth, with demand projected to surge at a remarkable compound annual growth rate (CAGR) of 14.5% through 2033. By the end of 2033, the industry is expected to achieve a substantial valuation of US$ 4.27 billion. In 2022, military exoskeletons designed for lower body parts dominated the market, accounting for 42.8% of global market revenue. Sales of passive military exoskeletons are anticipated to witness rapid growth, projected to increase at a CAGR of 16.4% from 2023 to 2033. Additionally, the demand for partial-body military exoskeletons is forecasted to accelerate at a CAGR of 17% over the same period.

The Asia Pacific region, particularly India and China, emerges as prominent markets for military exoskeletons. With their growing defense budgets and increasing focus on modernizing military capabilities, these countries are driving demand within the region. As military exoskeleton technology continues to evolve and offer enhanced functionalities, the market is poised for further expansion, presenting lucrative opportunities for manufacturers and suppliers operating in this sector.

List of Key Companies Profiled in The Report

BAE Systems
Lockheed Martin Corporation
General Atomics
Raytheon Company
Bionic Power Inc.
Safran
Ekso Bionics
SpringActive
Revision Military
Others

Key Trends in Military Exoskeleton Landscape

Increasing focus of researchers on addressing SWaP (size, weight, & power) demands is driving global trends, with manufacturers striving to meet exoskeleton weight, power, and size criteria for competitiveness. Modifications in UI design, battery technology, and weight distribution are anticipated to enhance military exoskeleton features.

Surging development of robotics, virtual reality, and AI technology is attracting a diverse consumer base, offering efficient machine control and further influencing trends in the field.

Operational Challenges and High Costs Associated with Military Exoskeletons

Operational challenges associated with the functioning of military exoskeletons are predicted to restrain their demand. In addition, the cost involved in military exoskeleton adoption is comparatively high. Development of these technologies needs high investments in R&D activities as they are not easily available in the market. Therefore, the production of military-grade products, higher cost for R&D activities, and certification costs are projected to adversely impact market opportunities over the forecast period.

Wearable Robotics Market Thrives in the United States

The United States is poised to occupy a substantial market share within North America's wearable robotics sector, primarily driven by the increasing population of individuals with disabilities. Additionally, elevated investments in research and development efforts aimed at enhancing product capabilities are creating favorable prospects for industry players in the region.

Furthermore, the burgeoning support from both public and private organizations, coupled with the availability of cutting-edge technological products and strategic partnerships and collaborations among market participants, is expected to further amplify growth opportunities in the United States.

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Competitive Landscape

On the global stage, businesses are strategically investing to achieve diverse objectives, including maintaining product standards, ensuring quality control, and strengthening supply chain management systems.

Manufacturers in the military exoskeleton sector are heavily investing in Research and Development (R&D) for innovative product advancements, aiming to expand their global presence. Strategic initiatives such as contractual agreements and product launches are key aspects of their approach.

An example of this is India's Defence Research and Development Organization (DRDO), which, in June 2021, successfully tested an active exoskeleton capable of assisting soldiers in carrying loads up to 100 kg for an operational time of 8 hours.

In the United States, the Air Force Life Cycle Management Center (AFLCMC), Arizona State University (ASU), and Air Mobility Command (AMC) joined forces to develop an Aerial Port Exoskeleton. This equipment is specifically designed to alleviate strain on aerial porters when lifting multiple items, enhancing safety and efficiency in their operations.

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This release was published on openPR.