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Military Exoskeleton Market 2018 World Analysis and Forecast to 2023
Market Research Future added New Report Named "Global Military Exoskeleton Market Research Report- Forecast 2023" to its Database
Modern-day soldiers are equipped with radios, night vision devices, global positioning system (GPS) equipment, and computers in their uniforms that provide them with real-time data, which assist the troops with satellite imagery of the battlefield and significantly enhance their situational awareness. As a result, there is a growing demand for integrated smart weapons and lightweight body armors. 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. As a result, the global military Exoskeleton market is expected to grow at a CAGR of 25.87%.
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With the increasing popularity of military exoskeletons due to their technological advantages, the defence operations and exercises, around the globe, have advanced to a level where the deployment of such systems becomes equivalent to a new revolution in high-technology warfare. Although these systems showcase enhanced soldier capabilities, they lack the defensive tactics against heavy firepower such as cruise missiles, ballistic missiles, and nuclear missiles. These advanced systems remain highly susceptible to the attacks from nuclear weapons, which could adversely impact the lives or health of the soldiers.
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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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.
Scope of Report
The report for Global Military Exoskeleton Market of Market Research Future 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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