Global Military Spend on Exoskeletons to Grow by 119.5% Annually

Reading time ( words)

A new report from Juniper Research forecasts that revenues from exoskeleton rental and sales will increase from just $53m in 2017 to $559m by 2022, a year-on-year growth of over 900%.

The research found that despite compelling new applications in healthcare and workplace settings, military will continue to dominate exoskeleton deployments over the next 5 years.

Military as the Growth Engine 

The new research, Exoskeletons – Medical, Industrial & Military: Market Opportunities & Forecasts 2017-2022, highlights that military exoskeletons will make up over 80% of exoskeleton shipments by 2022. It found that in the short to medium term, unpowered exoskeletons such as the Marine Mojo developed by 20KTS+, will make up the majority of deployments.

Powered exoskeletons, the focus of much attention for this industry, will be initially restricted to naval deployments, where power supplies are more readily available than for other armed forces. The research notes that the arrival of advanced powered exoskeletons in other contexts is still several years away.

“By 2019, we should see more sophisticated military exoskeletons being tested and deployed,” said report author James Moar. “Although these will account for a small percentage of deployments, this – and more widespread implementation of mid-range models such as the Lockheed SKD – will see a dramatic uplift in average pricing, resulting in a sharp rise in the overall value of the market.”

Making the Case for Industrial & Medical Exoskeletons 

In addition, the research argued that other industries need to make a business case for deploying exoskeletons to accelerate adoption. In some industries, like construction, this is relatively simple, as their value can be quantified through the savings made in time, productivity and work safety.

In other contexts, such as healthcare or manufacturing, exoskeletons still need to demonstrate an effective return-on-investment, particularly when alternatives (such as cheaper, longer-term treatments or full automation) are available.

The whitepaper, Top 3 Exoskeleton Market Trends & What They Mean, is available to download from the Juniper Research website together with further details of the new research.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.


Suggested Items

Wearable Tech Back to a Healthy Development Pace

02/11/2015 | Reed Exhibitions
Wearable tech was a major sensation in 2014. The wearable tech industry generated extensive interest among media, investors, start-ups, wearable tech enthusiasts, technology leaders and trade fairs. Many events were held around wearable products and industry last year. The trend for early 2015 has seen the industry fall back into a healthy developmental pace. Investors are keen to see a return on their capital injections and former start-ups are now reaching maturity.

Copyright © 2018 I-Connect007. All rights reserved.