May 22, 2024
Ict

Exoskeleton Market is estimated to grow owing to increasing demand for industrial applications

The exoskeleton market involves robotic wearable body garments that augment human strength and endurance in industrial workplaces. Exoskeletons use motorized drives and microcontroller based sensors to precisely assist wearer’s limbs during material handling, assembly work, logistics and waste management. They reduce reported musculoskeletal fatigue and injuries, enabling workers to lift heavier loads or repeat tasks for longer durations.

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, ReWalk Robotics Ltd, Hocoma, Rex Bionics PLC., Active Link (Panasonic Corporation, Cyberdyne, Inc. Key players are investing in product innovations to develop exoskeletons compatible for more industrial applications.

The growing demand for labor optimization in production facilities and warehouses is expected to open key opportunities for deployment of Industrial exoskeletons. Manufacturing hubs in Asia Pacific and European countries are projected to increasingly adopt powered exoskeletons to enhance productivity.

Exoskeleton manufacturers are focusing on global expansion plans to penetrate developing economies in Asia, Middle East and South America. Strategic partnerships with industrial equipment providers and material handling solution companies will aid expansion into new geographies and drive greater uptake of exoskeletons across industries.

Market drivers

Rising instances of workplace ergonomic injuries have compelled industries to adopt physical assistance exoskeletons increasingly. Exoskeleton wearables help alleviate musculoskeletal stresses and strains, thereby preventing long-term physical injuries. The demand from industries such as automotive, electronics, logistics, construction is expected to remain high throughout the forecast period, as minimizing workplace hazards relating to manual material movement gains more attention. Stringent worker safety regulations in developed nations are also anticipated to propel the exoskeleton market growth during 2024-2030.

PEST Analysis

Political: Government funding in developing region for exoskeleton technology in the healthcare sector will boost this market. Strict regulations regarding robotics may affect faster adaption.

Economic: Increasing healthcare expenditure and focus on patient care will drive the demand. Recovery of global economy will accelerate the commercialization of industrial exoskeleton.

Social: Rising number of physically challenged people need assistive devices. Growing awareness about benefits of robotics in rehabilitation.

Technological: Advancements in sensor technology, miniaturization and power sources improve performance and efficiency. Integration of IoT and artificial intelligence enhances mobility and assistance.

The North American region holds the largest share of the exoskeleton market in terms of value due to factors such as increasing investments in robotics technology and rising healthcare expenditure. The Asia Pacific region is anticipated to exhibit the fastest growth over the forecast period due to large unmet needs, rising disposable incomes and improving healthcare infrastructure in developing countries.

China is currently the fastest growing regional market for exoskeletons owing to government support for industries using robotic technologies, large population base and increasing focus on manufacturing sector. Other South East Asian countries are also witnessing rapid adoption of exoskeleton solutions, especially for industrial applications to enhance productivity and alleviate manual labor problems.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it