"Growing Investments in the Military and Defense Market Leads to The Growth of Military Wearable"
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 Bn in 2018. The military variables are the devices or the equipment, which are used by the soldiers during the missions or during the 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 for highly efficient military wearable, which will eventually fuel the growth of the market. There are various types of military wearable, which are used such as headwear, eyewear, bodywear and others. One of the major benefit of these types of devices is that these devices can withstand in various harsh environmental conditions such as high temperature, can operate in water, can be used during high vibration and others, these abilities of these wearable also drives the market growth. Additionally, the key players are also investing and upgrading their current technology to enhance their wearable technologies. In 2018, Lockheed Martin signed a contract worth with the US Army Natick Soldier Research, Development, and Engineering Center (NSRDEC) of US$ 7 Mn from for the enhancing of the ONYX exoskeleton.
Market Synopsis
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"Connectivity segment based military wearable are expected to grow at a higher CAGR during the forecast period"
In 2018, the vision & surveillance segment is considered to be the dominating 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 allows the defense team to keep a track on a person or a place, which is attacked prone. Additionally, the development of new cameras, body wearable and tracking devices are some of the devices, which are being used in military and defense. As the usage of these devices are increasing due to miniaturization of these device is driving the market for military wearable market.
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"Asia Pacific to Register the Fastest Growth"
North America dominates the military wearable market by holding the largest market share on global level. 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 US and Canada is leading to the growth of this market in North American region. Moreover the presence of various companies present in the region such as Lockheed Martin Corporation, General Dynamics Corporation, Harris Corporation and others are present in the region which are also contributing in the growth of the market.
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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, Ultra Electronics Holdings, among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment 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 global military wearable market based on segments and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
End-User Segment (2017–2027; US$ Bn)
• Land Forces
• Naval Forces
• Airborne Forces
|
|
Technology Segment (2017–2027; US$ Bn)
• Communication & Computing
• Connectivity
• Navigation
• Vision & Surveillance
• Exoskeleton
• Monitoring
• Power & Energy Management
• Others
|
|
Wearable Type Segment (2017–2027; US$ Bn)
• Headwear
• Eyewear
• Wristwear
• Hearable
• Bodywear
|
|
Geography Segment(2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of military wearable in 2018 and forecast up to 2027?
- Which is the largest regional market for connectivity segment?
- What are the major trends followed in military wearable market cross-different regions?
- Who are the key military wearable companies leading the market?
- What are the key strategies adopted by the leading military wearable companies in market?
Unique data points of this report
- Statistics on military wearable penetration and spending worldwide
- Recent trends across different regions in terms of adoption of wearable for various applications in military and defense
- Notable developments going on in military wearable industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
