Exoskeleton Investment in Military Applications Drives Tenfold Market Growth by 2022
Global military spend on exoskeletons to grow by 119.5% annually
Hampshire, UK - June 7, 2017 (Investorideas.com Newswire) 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 y-o-y 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.
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