Growing Investments in the Military and Defense Market Leads to the Growth of Military Wearables
Globally, the military wearable market is expected to grow with a CAGR of more than 7.7% during the forecast period from 2019 to 2027, starting from US$ 3.90 billion in 2018. The military variables are the devices or equipment that are used by the soldiers during the missions or critical tasks assigned to them. The technological advancement in increasing research and development in the field of military and defense is driving the military variable market. The technology reduces troop casualties across the globe. The governments of different countries are likely to invest in highly efficient military wearables, which will eventually fuel the growth of the market.
There are various types of military wearables that are used, such as headwear, eyewear, bodywear, and others. One of the major benefits of these types of devices is that they can withstand various harsh environmental conditions such as high temperatures, can operate in water, can be used during high vibration, and others. The abilities of these wearables also drive the market's growth. Additionally, the key players are also investing in and upgrading their current technology to enhance their wearable technologies. In 2018, Lockheed Martin signed a contract worth US$ 7 million with the US Army Natick Soldier Research, Development, and Engineering Center (NSRDEC) for the enhancement of the ONYX exoskeleton.
Connectivity segment-based military wearables are expected to grow at a higher CAGR during the forecast period.
In 2018, the vision and surveillance segment was considered to be the dominant market with the largest market share of the military wearable market. Surveillance offers a crucial entry point into the study of military surveillance, as this vision and surveillance allow the defense team to keep track of a person or a place that is attack-prone. Additionally, the development of new cameras, body wearables, and tracking devices are some of the devices that are being used in the military and defense. As the usage of these devices is increasing due to their miniaturization, this is driving the market for military wearables.
Asia Pacific to Register the Fastest Growth
North America dominates the military wearable market by holding the largest market share on a global level. A large number of new product developments and increasing investments in technological advancements are the primary factors contributing to this huge market share. Additionally, the presence of countries such as the US and Canada is leading to the growth of this market in the North American region. Moreover, the presence of various companies in the region, such as Lockheed Martin Corporation, General Dynamics Corporation, Harris Corporation, and others, is contributing to the growth of the market.
Some of the prominent players operating in the military wearable market include BAE Systems PLC, Aselsan A.S., Bionic Power Inc., Flir Systems, Elbit Systems Ltd., General Dynamics Corporation, L3 Technologies, Inc., Harris Corporation, Leonardo S.p.A., Northrop Grumman Corporation, Lockheed Martin Corporation, Rheinmetall AG, Safran S.A., Saab AB, Thales Group, Interactive Wear AG, and Ultra Electronics Holdings, among others.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The military wearable market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global military wearable market based on segments and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of military wearables in 2018 and the forecast up to 2027?
Which is the largest regional market for the connectivity segment?
What are the major trends followed in the military wearable market across different regions?
Who are the key military wearable companies leading the market?
What are the key strategies adopted by the leading military wearable companies on the market?
Unique data points of this report
Statistics on military wearable penetration and spending worldwide
Recent trends across different regions in terms of the adoption of wearables for various applications in military and defense
Notable developments are going on in the military wearable industry.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Questions:
The market for Military Wearables Market is expected to reach US$ 3.90 Bn By 2027.
The Military Wearables Market is expected to see significant CAGR growth over the coming years, at 7.7%.
The report is forecasted from 2019 To 2027.
The base year of this report is 2018.
BAE Systems PLC, Aselsan A.S., Bionic Power Inc., Flir Systems, Elbit Systems Ltd., General Dynamics Corporation, L3 Technologies, Inc., Harris Corporation, Leonardo S.p.A., Northrop Grumman Corporation, Lockheed Martin Corporation, are some of the major players in the global market.
