New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Exoskeleton Global Market Report 2023" - https://www.reportlinker.com/p06479948/?utm_source=GNW
, Revision Military Inc., SpringActive Inc., 20 Knots Plus Ltd., Safran SA, SpringActive Inc., and General Dynamics Corporation.
The global military exoskeleton market is expected to grow from $0.84 billion in 2022 to $0.97 billion in 2023 at a compound annual growth rate (CAGR) of 15.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The military exoskeleton market is expected to reach $1.61 billion in 2027 at a CAGR of 13.5%.
The military exoskeleton market consists of sales of powered or unpowered exoskeletons.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Military exoskeleton refers to computer-controlled devices that reduce joint strain and increase soldiers’ ability to carry heavy loads by increasing their mobility, physical endurance, and load-carrying capacity. It is used to enhance a soldier’s mobility on the battlefield by enhancing their strength, stamina, safety, and ergonomics.
Europe was the largest region in the military exoskeleton market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in military exoskeleton report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of military exoskeleton are full-body exoskeleton and partial-body exoskeleton.A full-body exoskeleton refers to a type of human-machine interface designed to enhance the interaction between humans and machines.
These are wearable devices that a soldier can wear over a regular uniform to enhance their strength.They are run by active exoskeleton and passive exoskeleton power that are battery operated and cable operated.
The applications of military exoskeleton include physical augmentation, human-machine interface (HMI), and human-computer interface (HCI).
The rising number of terrorist activities and cross-border disputes is expected to propel the growth of the military exoskeleton market going forward.Terrorism activity is the intentional use of violent means or threats to achieve political, religious, or ideological objectives by inducing fear or coercion among civilians.
Cross-border disputes refer to legal disagreements or conflicts that arise between individuals or organizations from different countries.The use of military exoskeletons enhances the physical abilities of soldiers, including strength, agility, and endurance, thereby improving their readiness to respond to terrorist attacks.
For instance, in 2022, according to the Global Terrorism Index (GTI), which is published by The Institute for Economics and Peace (IEP), an Australia-based global think tank, terrorist attacks increased by 17% in 2021, with a total of 5,226 recorded attacks. Therefore, the rising number of terrorist activities and cross-border disputes is driving the growth of the military exoskeleton market going forward.
Developing lightweight exoskeletons are a key trend gaining popularity in the military exoskeleton market.Companies operating in the military exoskeleton market are launching new versions of lightweight exoskeletons to sustain their position in the market.
For instance, in April 2023, Comau Robotics, an Italy-based company that provides specializes in automation, launched Mate-XT, a wearable exoskeleton for industrial, non-industrial, and open-air environments.The design of the exoskeleton features a thin, light carbon fiber structure with an easy-to-use control system.
It is resistant to water, dust, UV light, and temperature, and can be quickly customized to fit almost anybody’s frame.
On April 2022, Sarcos Technology and Robotics Corporation, a US-based technology company acquired RE2, Inc. for $100 million. Through this acquisition, Sarcos aimed to strengthen its product line by adding RE2 products including Guardian XO full-body, battery-powered industrial exoskeleton, and other products. RE2 is a US-based creator of robotic arms and exoskeleton technology.
The countries covered in the military exoskeleton market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The military exoskeleton software market research report is one of a series of new reports that provides military exoskeleton software market statistics, including military exoskeleton software industry global market size, regional shares, competitors with a military exoskeleton software market share, detailed military exoskeleton software market segments, market trends and opportunities, and any further data you may need to thrive in the military exoskeleton software industry. This military exoskeleton software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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