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Military Exoskeleton Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

·4-min read
ReportLinker
ReportLinker

The Military Exoskeleton Market was valued at USD 92. 28 million in 2020 and is expected to register a CAGR of 16. 8% during the forecast period (2021-2026). Despite the impact of the COVID-19 pandemic on global economies, the market of the military exoskeleton is negligibly impacted as the investments in emerging technologies have remained unaffected.

New York, June 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Exoskeleton Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06195697/?utm_source=GNW


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 dismounted 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 Active Exoskeleton Segment is Expected to Witness Highest Growth During the Forecast Period

An active or powered exoskeleton is an electromechanical robotic device composed of electric motors, batteries, body structure, actuators, hydraulics, and joints, among others. Active robotic exoskeletons are utilized for improving efficiency by providing rehabilitation of stroke or spinal cord injury, improved strength, and endurance, thereby increasing the productivity of military people in high-risk areas. Currently, active robotic exoskeletons have limitations such as the inefficient source of power supply, high cost of designing the skeleton (body structure), the inefficiency of actuators, and lesser flexibility. Active robotic exoskeletons do not support much special movement, thus making it difficult to exactly match the body part motions. Also, most actuators utilized in powered robotic exoskeletons are standard hydraulic cylinders, which are precise and powerful but very heavy and expensive. Thus, there is a need for a lightweight and flexible actuator design. Many prominent players in the market have been involved in the launch and development of new active or powered exoskeletons since 2018. For instance, Bionik Laboratories Corporation, Hocoma AG, Myomo Inc, and ATOUN Inc. launched and enhanced their products in the active wearable exoskeleton market. Such robust investments into development of active exoskeletons is anticipated to accelerate the growth of this segment during the forecast period.

North America region Anticipated to Register the Highest CAGR During the Forecast Period

North America region is anticipated to witness the highest growth in the military exoskeleton market owing 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. In May 2019, the US Army Natick Soldier Research, Development, and Engineering Center (NSRDEC/Soldier Center) initiated a 48-month long Other Transaction Agreement (OTA) worth USD 6.9 million in total, in order to develop enough exoskeleton systems to conduct a comprehensive operational evaluation. The Soldier Center has earmarked around USD 680,000. It has been put aside for Lockheed Martin’s OTA for the Onyx, which has performed well in initial testing but has yet to be put through a more rigorous operational exercise. Similarly, Canada has been heavily investing in its soldier modernization program, the Integrated Soldier System Project (ISSP). The focus of the project has been to provide the best equipment and wearables to its soldiers for all kinds of warfare. Canadian Soldiers used Trojan Ballistics Suit of Armour, believed to be the first ballistics exoskeleton body suit of armor. Such investments into the modernization of military equipment for dismounted soldiers is expected to drive the growth of the market in the coming years.

Competitive Landscape

The military exoskeleton market is fragmented, with many global and regional players (OEMs, Tier 1 suppliers, R&D Centers) providing full body and partial body exoskeletons to the armed forces and government agencies. Some of the prominent players in the market of the military exoskeleton are Lockheed Martin Corporation, SRI International, Sarcos Technology and Robotics Corporation, Aselsan AS, and Dephy Inc. To enhance their sales and geographical presence, the companies are partnering with regional defense manufacturers and governments. In this regard, in February 2021, Sarcos Robotics and the Paramount Group signed a Memorandum of Understanding (MoU) to expand sales of defense exoskeleton technology of Sarcos to government and industrial customers in the Middle East & Africa. The companies are also investing robustly into new generation light-weight exoskeletons integrated with advanced sensors to enhance the overall situational awareness of the dismounted soldiers. Such investments are expected to help the companies enhance their footprint in the market in the coming years.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06195697/?utm_source=GNW

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