Transparency Market Research (TMR) observes that the global military exoskeleton market is quite fragmented as the players are still in the process of research and development. Some of the leading players in the global market are Lockheed Martin Corporation, General Dynamics Corporation, and Raytheon Company. These players are focused on developing better industrial and military exoskeletons. In the coming years, the global market is likely to witness mergers and acquisitions to add value to the existing knowledge base and reaching out to newer markets.
Partial Exoskeleton Segment to Win Higher Share in Global Military Exoskeleton Market
According to the research report, the global military exoskeleton market is likely to be worth US$3,042.4 mn by the end of 2025 from US$924.5 mn in 2016. During the forecast years of 2017 and 2025, the global market is estimated to register a CAGR of 14.4%. Amongst the types of exoskeleton, the partial body skeleton are expected to dominate the global market in the coming years. The increasing applications of these exoskeletons is likely to help the segment achieve revenue worth US$1,977.0 mn by the end of 2025. From a geographic point of view, the North America military exoskeleton market is expected to rise at a CAGR of 14.8% between 2017 and 2025.
Rising Concerns about Safety and Security Increases Sales of Military Exoskeletons
The growing number of security threats, volatile political situations, and ongoing unrests in certain parts of the world have spiked the demand for military exoskeletons in the past few years. Specifically designed for combat, these exoskeletons are known to offer the soldiers extra strength and protection in a battlefield. They also enable carrying of heavy loads during tough missions such as rescue operations or counter-insurgency operations. The rising concerns about safety and security of border security forces and infantry soldiers has augmented the demand for advanced military exoskeletons.
The changing nature of warfare, which now includes the threat of biological weapons has also propelled the uptake of military exoskeleton as they are being designed for preventing the soldiers from direct contact with harmful gases. The increasing need for advanced communication systems for well-planned attacks is also projected to benefit the global market. Presently, companies are trying to integrate electronics in these suits for creating suits that fit the need for modern-day warfare. Additionally, development of lightweight exoskeletons is expected to enhance mobility of soldiers, thereby improving uptake.
High Cost of Production and Procurement becomes Market’s Key Restraint
Despite the headstrong market drivers, the global military exoskeleton market is likely to face a few challenges. The key factor assessed as a restraint for the global market is the high cost of making these suits and the exceptionally unaffordable price of procuring them. The research report indicates that these exoskeletons can go upto US$150,000, making it extremely difficult of armies to procure it for the masses. Additionally, the requirement of placing an order for these armors in large quantities increases the cost of procurement, which further adds to the restraint.
This review is based on Transparency Market Research’s report, titled “Military Exoskeleton Market (Type - Full body exoskeleton and - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The Global Military Exoskeleton market can be segmented as follows
Global Military Exoskeleton Market, By Types
- Full Body Exoskeleton
- Partial Body Exoskeleton
Global Military Exoskeleton Market, By Power
- Active Exoskeleton
- Passive Exoskeleton
Global Military Exoskeleton Market, By Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Latin America
- Rest of Latin America