Exoskeleton Market By Extremities Position (Upper Exoskeleton, Lower Exoskeleton, Full Body Exoskeleton), By Type (Powered, Passive), By Mobility (Fixed Exoskeleton, Mobile Exoskeleton), By End-user (Healthcare, Defense, Industrial) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

At first, exoskeletons seemed like an unrealistic and distant idea for the future. However, the actual exoskeleton appeared much earlier than anticipated, and developers are introducing several exoskeletons for different end-use applications. These exoskeletons are gaining significant appreciation from end-use verticals, including military & defense, industrial, and medical applications. This further encouraged the demand for and development of exoskeletons, driving the new market across the globe.

Market Synopsis

Lower Extremity Exoskeletons Compete for Market Value with Upper Extremity Exoskeletons

On the basis of exoskeleton position, exoskeletons are divided into three basic categories, upper, lower, and full-body exoskeletons. At present, the majority of the market share is dominated by the upper exoskeleton, which is extensively used for industrial applications. The upper exoskeleton is generally worn by workers, allowing them to lift heavy loads easily, which is not possible without any external aid. Such exoskeletons are also used by soldiers in the armed forces to carry loads as heavy as 45–50 kg on their backs. Lower extremity exoskeletons are typically used for rehabilitation and as walking aids for people with walking deformities. Due to technological limitations, full-body exoskeletons are struggling to make a mark in the overall exoskeleton market. The full-body exoskeleton, on the other hand, is expected to grow rapidly in the coming years.

Mobile exoskeletons are all set to bring a revolution to the overall exoskeleton market.

The exoskeleton is divided into two types based on mobility: fixed and mobile. Both the exoskeleton and the endoskeleton, as the name implies, have individual mobility traits and are used for specific applications. For instance, fixed exoskeletons are extensively used for commercial and industrial applications, allowing workers to orient heavy material from one position to another. However, fixed exoskeletons have limited applications and hence claim less market share compared to mobile exoskeletons. On the other hand, mobile exoskeletons are proliferating at a brisk rate and are expected to maintain their dominance throughout and beyond the forecast period.

North American Region, One of the First to Explore the Potential of an Exoskeleton

At present, North America leads the overall exoskeleton market in terms of market value. The U.S. and Canada are incorporating exoskeletons on a considerable scale for various end-user applications and especially for military and defense applications. With consistent development of the exoskeleton, the market is projected to grow at a significant rate in the coming years. With respect to growth rate, Asia Pacific is estimated to register the fastest growth throughout the forecast period. Low cost compared to industrial robots and easy handling are two of the several major factors expected to drive the exoskeleton market in Asia Pacific in the coming years.

Market Segmentation

Product Innovation Ignited Fierce Competition Among Major Exoskeleton Developers

With almost endless end-use applications, exoskeletons offer a world of opportunities for companies to claim their market share. Companies are trying to develop state-of-the-art application-specific exoskeletons and, hence, are facing each other in a cutthroat competition. Some of the key exoskeleton vendors profiled in this research study include Lockheed Martin Corporation, Parker Hannifin, Honda Motor Co. Ltd., Hyundai Motor, ReWalk Robotics, Mitsubishi Heavy Industries, Rex Bionics Plc., Suit X, ActiveLink, Bionik Laboratories Corp., DIH Technologies Corporation, Cyberdyne Inc., and Ottobock, among others.

Key questions are answered in this report.

  • What are the recent trends in the global exoskeleton market and possible perspectives for automotive security systems providers?
  • How has the growth of advanced robotics and their demand for manufacturing and processing created a positive environment for the growth of the global as well as regional exoskeleton market?
  • Which is the largest and fastest-growing segment in terms of extremity position, type, and mobility?
  • Which is the most attractive geographical region or country for the overall market for exoskeletons?
  • How will developing technology and exoskeleton systems play a crucial role in the overall prosthetics market in the coming years?
  • What are the market values, estimations, and tendencies in developing regions such as the Asia Pacific, the Middle East, Africa, and Latin America?

Frequently Asked Questions:

The market for Exoskeleton Market is expected to reach US$ XX Mn by 2026.

The Exoskeleton Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Parker Hannifin, Honda Motor Co. Ltd., Hyundai Motor, ReWalk Robotics, Mitsubishi Heavy Industries, Rex Bionics Plc., Suit X, ActiveLink, Bionik Laboratories Corp., DIH Technologies Corporation are some of the major players in the global market.

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Published Date:  Jan 2019
Category:  Technology & Media
Report ID:   59511
Report Format:   PDF
Pages:   120
Rating:    4.4 (49)
Delivery Time: 24 Hours to 48 Hours   
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