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Global Military Exoskeleton Market to Reach $2.1 Billion by 2026

Exoskeleton represents a landmark wearable technology that is slated to benefit from mainstream adoption of wearable devices in the military sector. Exoskeletons are a type of man-machine interface, wherein both the human body and the machine work in tandem to reduce the strain on the user. Militaries around the world are aware of the potential of exoskeletons for soldiers and are actively investing in R&D. Infantry forces may soon go into battle wearing military exoskeletons which will help save energy and give greater strength to the humans wearing them. Made using latest composite materials and powered by emerging technologies such as sophisticated sensors, artificial intelligence and IoT, exoskeletons allow troops stay active in extreme conditions. Human Universal Load Carrier (HULC), designed by Lockheed Martin and Ekso Bionics; and XOS/XOS2, designed by Raytheon and Sarcos were among the first military exoskeletons for augmentation of the whole body, and were presented for review around 2010. Both the exoskeletons featured multiple actuators to augment the bodies of soldiers but faced the hurdle of a viable power source. Despite the initial challenges, exoskeleton development for military applications continues unabated, owing to the huge benefits an exoskeleton can provide to a combat soldier, who carry huge loads, which causes fatigue. In addition, military sourcing organizations such as DARPA continue to actively fund the development of exoskeletons for military applications, as the benefits could be substantial.

Amid the COVID-19 crisis, the global market for Military Exoskeleton estimated at US$1.3 Billion in the year 2022, is projected to reach a revised size of US$2.1 Billion by 2026, growing at a CAGR of 11.7% over the analysis period. Partial-Body, one of the segments analyzed in the report, is projected to grow at a 12.1% CAGR to reach US$1.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Full-Body segment is readjusted to a revised 11.1% CAGR for the next 7-year period. This segment currently accounts for a 35.1% share of the global Military Exoskeleton market.

The U.S. Market is Estimated at $399.3 Million in 2022, While China is Forecast to Reach $265.9 Million by 2026

The Military Exoskeleton market in the U.S. is estimated at US$399.3 Million in the year 2022. The country currently accounts for a 31.19% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$265.9 Million in the year 2026 trailing a CAGR of 14.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.9% and 11.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.1% CAGR while Rest of European market (as defined in the study) will reach US$301.6 Million by the end of the analysis period. Governments across the world will continue to allocate higher budgetary outlays to improve their defense and military capabilities in order to modernize their combat teams and also to ensure that they remain prepared to face any outbreak of unwanted conflicts. The US continues to hold ground as the world`s largest spender on defense sector, with new arms procurement programs adopted as part of the Trump administration accounting for a large proportion of the increase in defense spending levels. China meanwhile witnessed military spending levels grow by around 5% during 2019, compared to 2018, with the country spending around 1.9% of GDP on the sector. In addition to the two leading economies, spending on military sector has been rising constantly in Asian and Oceania countries. The rise in military spending is a major factor driving growth in both developing and developed countries.