Military Exoskeleton Global Market Report 2024

The military exoskeleton market has grown rapidly in recent years. It will grow from $0.97 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The expansion observed in the historical period can be attributed to initial military applications, strategic shifts in warfare, military rehabilitation initiatives, advancements in materials and engineering, and an increase in defense spending.

The military exoskeleton market is expected to see rapid growth in the next few years. It will grow to $1.83 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth in the forecast period can be attributed to expanded military applications, advancements in materials and design, increased customization and adaptability, a growing demand for medical rehabilitation, and global military modernization programs. Major trends expected in the forecast period include enhanced soldier performance, a focus on medical rehabilitation and support, an increase in research and development (R&D) investments, miniaturization and portability, the integration of artificial intelligence (AI) and sensors, and specialized applications.

The anticipated increase in terrorist activities and cross-border disputes is set to drive the growth of the military exoskeleton market in the future. Terrorism involves the deliberate use of violence or threats to achieve political, religious, or ideological goals, instilling fear or coercion among civilians. Cross-border disputes entail legal conflicts arising between individuals or organizations from different countries. Military exoskeletons enhance soldiers' physical capabilities, including strength, agility, and endurance, thereby improving their preparedness to respond to terrorist threats. In 2022, the Global Terrorism Index (GTI) by The Institute for Economics and Peace (IEP) reported a 17% increase in terrorist attacks in 2021, totaling 5,226 recorded attacks. Consequently, the rising incidents of terrorist activities and cross-border disputes drive the forward momentum of the military exoskeleton market.

The expected growth in military spending is poised to propel the military exoskeleton market in the future. Military spending refers to the financial resources allocated by a government for the development, maintenance, and operations of its armed forces and defense capabilities. Increasing defense budgets facilitate greater investment in military exoskeleton technology, enhancing soldiers' mobility, strength, and protection on the battlefield. According to the Stockholm International Peace Research Institute's April 2023 report, North American military spending reached $904 billion in 2022, marking a 0.7% increase from 2021. Additionally, Canada's military spending rose by 3% to $26.9 billion in 2022 compared to the previous year. Hence, the upward trajectory of military spending propels the growth of the military exoskeleton market.

The development of lightweight exoskeletons stands out as a prominent trend gaining traction in the military exoskeleton market. Companies in this market are introducing new iterations of lightweight exoskeletons to maintain their competitive positions. For example, in April 2023, Comau Robotics, an Italy-based automation specialist, launched the Mate-XT, a wearable exoskeleton designed for industrial, non-industrial, and open-air environments. The exoskeleton features a thin, lightweight carbon fiber structure with an easily manageable control system. Resistant to water, dust, UV light, and temperature, it can be swiftly customized to fit various body frames.

Major companies in the military exoskeleton industry are adopting a strategic partnership approach to fortify their market presence and deliver innovative solutions. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. For instance, in February 2021, Paramount Group, a UAE-based aerospace and defense company, partnered with Sarcos Technology and Robotics Corporation, a US-based defense robotics manufacturer. This collaboration aimed to provide robotic systems tailored for government and industrial clients in the Middle East and Africa, focusing on adapting Sarcos' Guardian XO robotic exoskeletons to meet regional needs. The partnership also included supplying the Guardian XT teleoperated dexterous robot for remote control applications across various industries.

In April 2022, Sarcos Technology and Robotics Corporation acquired RE2, Inc., a US-based technology company, for $100 million. This strategic acquisition aimed to enhance Sarcos' product line by incorporating RE2's robotic arms and exoskeleton technology, including the Guardian XO full-body industrial exoskeleton.

Major companies operating in the military exoskeleton market report are Lockheed Martin Corporation, Sarcos Technology and Robotics Corporation, Aselsan Elektronik Sanayi ve Ticaret AS, Dephy Inc., Rostec State Corporation, BAE Systems plc, General Atomics, Raytheon Technologies Corporation, Ekso Bionics Holdings Inc., Revision Military Inc., SpringActive Inc., 20 Knots Plus Ltd., Safran SA, General Dynamics Corporation, CYBERDYNE INC., Ottobock, DIH Medical, Bionic Power Inc., B-Temia, Boeing, Honeywell Aerospace, Mawashi Science & Technology, Rostec, Biogenix Laboratories, Zytomed System GmbH, Bio-Techne Corporation, QinetiQ Group plc, Hunter Defense Technologies Inc., Fifth Dimension Technologies, Endeavor Robotics, EXHAUSS Exoskeletons.

Europe was the largest region in the military exoskeleton market in 2023. North America is expected to be the fastest-growing region in the global military exoskeleton market report during the forecast period. The regions covered in the military exoskeleton market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the military exoskeleton market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of military exoskeletons are full-body exoskeletons and partial-body exoskeletons. A full-body exoskeleton is a type of human-machine interface designed to enhance the interaction between humans and machines. These wearable devices can be worn over a regular uniform to augment a soldier's strength. They are powered by either active exoskeleton or passive exoskeleton systems, utilizing battery-operated and cable-operated mechanisms. The applications of military exoskeletons include physical augmentation, human-machine interface (HMI), and human-computer interface (HCI).

The military exoskeleton market research report provides military exoskeleton market statistics, including military exoskeleton industry global market size, regional shares, competitors with a military exoskeleton market share, detailed military exoskeleton market segments, market trends and opportunities, and any further data you may need to thrive in the military exoskeleton industry. This military exoskeleton 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.

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.

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.


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