Military Exoskeleton Market

Growing Efficiency and Safety of Dismounted Soldiers are driving the market growth

The soldiers will need to adjust to these modifications as the demands of the battlefield change. As a result, governments and the armed forces are giving soldiers cutting-edge technology. The militaries have invested in these technologies because they want to improve the safety and effectiveness of the dismounted soldiers. Exoskeletons provide the warriors with additional protection from the outside while reducing their tiredness. The dismounted close combatant must do various physically demanding duties, such as carrying loads, handling materials by hand, maintaining fire positions for extended periods, and clearing obstacles like walls and windows.

Furthermore, the four major capability categories of mobility, lethality, survivability, and sustainability can be used to classify these activities broadly. The exoskeletons can add physical enhancements to certain capability areas. Exoskeleton use allows soldiers to lift large objects to 200 pounds for extended periods and sprint more quickly across the battlefield. Additionally, the suits are made so that the soldiers may deep squat and crawl while keeping their upper bodies open to lift tools or weapons.This factor raises the market CAGR in the forecast period.

The high expenses associated with exoskeleton development and implementation are significant barriers. High R&D expenditures are necessary to develop complex exoskeleton technology because many components are not readily available. This necessitates considerable R&D and certification costs to produce items of military grade. Exoskeletons are exceedingly expensive, making it impractical for militaries to equip their forces with many. The production costs of these exoskeletons are now being reduced, although it is challenging to maintain and raise the level of sophistication of the subsystems. A full-body exoskeleton can cost anywhere between USD 40,000 and USD 120,000, not including the cost of maintenance.

This results from the high tooling cost of the mechanical framework of the exoskeleton. Thus, driving the Military Exoskeleton market revenue.

The Global Military Exoskeleton Market Industry is experiencing rapid technological advancements that enhance the capabilities of exoskeleton systems. Innovations in materials science, robotics, and artificial intelligence are leading to the development of lighter, more efficient, and more intuitive exoskeletons. For instance, the integration of smart sensors allows for real-time adjustments to the user's movements, improving operational effectiveness. As these technologies evolve, they are expected to drive market growth, with the industry projected to reach 1.24 USD Billion in 2024. This trend suggests a strong demand for advanced military solutions that can enhance soldier performance and reduce fatigue.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American military exoskeleton market area will dominate this market, owing to the growing prevalence of disabled individuals, rising expenditure on research activities, growing public & private support, increasing number of partnerships & collaborations amongst key participants, and availability of technologically advanced products will boost the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: MILITARY EXOSKELETON MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe's Military Exoskeleton market accounts for the second-largest market share due to the growing human augmentation in industry, and military verticals are driving the growth. Further, the German Military Exoskeleton market held the largest market share, and the UK Military Exoskeleton market was the fastest-growing market in the European Region.

The Asia-Pacific Military Exoskeleton Market is expected to grow at the fastest CAGR from 2023 to 2032. Owing to the growing patient pool requiring rehabilitation support. Developing & advancing healthcare infrastructure and the availability of government support & funding are driving the development & growth of the exoskeleton market. Moreover, China’s Military Exoskeleton market held the largest market share, and the Indian Military Exoskeleton market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Military Exoskeleton market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The military exoskeleton industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Military Exoskeleton industry to benefit clients and increase the market sector. The Military Exoskeleton industry has offered some of the most significant medical advantages in recent years. Major players in the Military Exoskeleton market, including BAE Systems (UK), General Atomics (US), Lockheed Martin Corporation (US), Raytheon Company (US), Safran (France), Bionic Power Inc. (Canada), Ekso Bionics (US), Revision Military (US), SpringActive (US), SRI International (US) and others, are attempting to increase market demand by investing in research and development operations.

ReWalk Robotics is an innovative medical device company that designs, develops, and commercializes powered solutions that provide gait training and mobility for individuals with lower limb disabilities.ReWalk Robotics received U.S. FDA approval for a home exoskeleton device aiding in ankle function restoration in stroke patients. Expanding the company's lineup for improving exoskeleton technology to empower people to stand, walk, and carry heavy objects is one of the critical factors expected to drive the market during the forecast period.

Ekso Bionics Holdings Inc. is a company that develops and manufactures powered exoskeleton bionic devices that can be strapped on as wearable robots to enhance the strength, mobility, and endurance of industrial workers and people experiencing paralysis and mobility issues after a brain injury, stroke, or spinal cord injury. These robots have a variety of applications in the medical, military, industrial, and consumer markets. It enables individuals with any amount of lower extremity weakness, including those who are paralyzed, to stand up and walk.Ekso Bionics received U.S.

FDA approval for the clinical use of EksoNR robotic exoskeleton which is used in patients suffering from acquired brain injury (ABI).