The exoskeleton market comprises wearable robotics applied externally to enhance physical abilities of humans. Exoskeletons find applications in military, industrial, healthcare, and industrial domains owing to their ability to augment strength and endurance while reducing fatigue. Powered exoskeletons are equipped with electric motors and actuators to power joints allowing increased mobility for users.
The Global Exoskeleton Market is estimated to be valued at US$ 0.81 Bn in 2024 and is expected to exhibit a CAGR of 38% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in The Exoskeleton Market are Lockheed Martin Corporation,,RRB3D,,Ekso Bionics,,suitX,,Re Walk Robotics Ltd,,Hocoma,,Rex Bionics PLC.,,Active Link (Panasonic Corporation,,Cyber dyne, Inc. Growing demand from industrial and military sectors is expected to drive the exoskeleton market over the forecast period. Moreover increasing investments towards innovation and advancements is fueling the adoption. Rising geriatric population has further increased the demand for medical exoskeletons worldwide.
The global expansion of key players into emerging markets of Asia Pacific and Latin America is expected to provide new growth avenues for exoskeleton manufacturers. Additionally, increasing collaborations between researchers and manufacturers will help in developing customized solutions catering to industry-specific needs.
Market key trends
One of the key trends in the exoskeleton market is the development of lightweight and wearable exoskeleton solutions. Traditional exoskeleton systems were bulky and required extensive supporting infrastructure. However, recent technological advancements have led to the development of exoskeletons that weigh less, have higher power-to-weight ratios and can be easily worn. These next-gen lightweight exoskeletons are more comfortable, affordable and allow greater flexibility of movement. Their lightweight design makes them an ergonomic and practical solution for various industrial, military and healthcare applications. This trend towards lightweight exoskeletons is expected to significantly drive the demand over the forecast period.
Porter’s Analysis
Threat of new entrants: New companies entering the exoskeleton market face high costs for R&D along with acquiring manufacturing infrastructure.
Bargaining power of buyers: Buyers have moderate bargaining power due to product differentiation between companies and various application areas.
Bargaining power of suppliers: Companies supplying components have moderate bargaining power as they have to deal with only a few large multinational companies who dominate the market.
Threat of new substitutes: There exists a threat of new substitutes coming up in the robotics industry which can perform functions similar to exoskeletons.
Competitive rivalry: Intense competition exists between the major players to capture more market share.
In terms of value, North America currently holds the largest share in the global exoskeleton market owing to high awareness regarding industrial health & safety coupled with availability of funding for research. The Asian market is expected to grow at the fastest pace during the forecast period owing to increasing industrialization and investment in robotic technologies by countries like China and Japan. Japan is expected to offer lucrative opportunities as it is home to major technology companies working towards advancing exoskeleton design and use. With increasing aging population, Japan is a major target geography for healthcare exoskeleton companies.
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