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Military Exoskeleton Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Military Exoskeleton Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 13, 2024 /EINPresswire / -- The military exoskeleton market has experienced robust growth in recent years, expanding from $0.97 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to initial military applications, strategic shifts in warfare, military rehabilitation initiatives, advancements in materials and engineering, rise in defense spending.
Strong Future Growth Anticipated
The military exoskeleton market is projected to continue its strong growth, reaching $1.83 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to expanded military applications, advancements in materials and design, customization and adaptability, growing demand for medical rehabilitation, global military modernization programs.
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Growth Driver Of The Military Exoskeleton Market
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.
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Major Players And Market Trends
Key players in the military exoskeleton market include Lockheed Martin Corporation, Sarcos Technology and Robotics Corporation, Aselsan Elektronik Sanayi ve Ticaret AS, Dephy Inc.
Major companies operating in the military exoskeleton industry are adopting a strategic partnership approach to strengthen their market presence and offer innovative solutions to their customers. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.
Segments:
1) By Type: Full-body Exoskeleton, Partial-body Exoskeleton
2) By Power: Active Exoskeleton, Passive Exoskeleton
3) By Operation: Battery-powered, Cable-powered
4) By Application: Physical Augmentation, Human-machine Interface, Human-computer Interface
Geographical Insights: Europe Leading The Market
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
Military Exoskeleton Market Definition
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.
Military Exoskeleton Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Military Exoskeleton Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on military exoskeleton market size , military exoskeleton market drivers and trends, military exoskeleton market major players, military exoskeleton competitors' revenues, military exoskeleton market positioning, and military exoskeleton market growth across geographies. The military exoskeleton market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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