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(Transportation-News.com, February 15, 2018 ) Military Exoskeleton Market Scenario:
With the changing nature of warfare, most of the countries, across the globe, have developed or are developing military suits or body armor for their armed forces. Notwithstanding the innovations and developments attached with these military wearable’s, their basic functionality includes the provision of added strength, efficiency, and combat capabilities to the armed troops. Military Exoskeletons are lighter than the conventional load carriage or armor systems, and they enable 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 global military exoskeleton market is expected to grow at a CAGR of 25.87%, during the forecast period. In 2016, the market was led by the Americas, with a 49.85% share, followed by EMEA and APAC, with shares of 29.89% and 20.26%, respectively.
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The global military exoskeleton market has been segmented based on power, types and regions. On the basis of types, the partial body exoskeleton accounted for the largest market share of 53.79% in 2016, with a market value of USD 27.9 million; projected to grow at a CAGR of 24.35%, during the forecast period. On the basis of power, the active exoskeleton accounted for the largest market share of 51.32% in 2016, with a market value of USD 26.6 million; projected to grow at a CAGR of 26.12%, during the forecast period.
Market Segmentation
• By Power
• Active Exoskeleton
• Passive Exoskeleton
• By Type
• Full-Body Military Exoskeleton
• Partial-Body
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Military Exoskeleton Regional 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 have resulted in the development of advanced military exoskeleton systems. Americas accounted for the largest market share of 49.85% in 2015, with a market value of USD 25.8 million and is projected to grow at the highest CAGR of 28.30% during the forecast period. The US, in particular, is home to a number of military exoskeleton programs such as HULC, XOS 2, Superflex Exo suit, Soft Exo suit, Warrior Web system, and TALOS.
These phenomenal technological armor suits provide the soldiers with increased power, safety, and capabilities, which have helped them to carry out the military operations conveniently, in vulnerable regions such as Cyprus, Iraq, Libya, Nigeria, Somalia, Syria, and Afghanistan. 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. During the military exercises in Afghanistan (2001-2014), many European countries had deployed their combatants, to fight the Islamic State (IS) insurgents. Some countries such as France, Germany, Italy, Spain, Switzerland, and the UK had initiated advanced soldier modernization programs, which would come in aid of their soldiers, by enhancing their operational capabilities.
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Key Players
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.
The report for Military Exoskeleton Market of Research Cosmos comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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