Smart Exoskeleton Market Forecast 2023 - 2030

Report ID : CBI_1195 |  Category : Semiconductor And Electronics   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Component Hardware, Software, and Services
By Type Rigid Smart Exoskeleton, Soft Smart Exoskeleton, and Ultra Soft Smart Exoskeleton
By Extremity Lower Extremity, Upper Extremity, and Full Body Extremity
By End User Industrial, Healthcare, Military, and Others
By Region Asia-Pacific, Europe, North America, Latin America, Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 13.6%
Forecast Year: 2023 - 2030
Revenue 2022: $5,037.91 Mn
Revenue 2030: $13,906.95 Mn

Smart Exoskeleton Market Forecast 2023 - 2030

Market Overview :

Smart Exoskeleton Market is estimated to reach over USD 13,906.95 Million by 2030 from a value of USD 5,037.91 Million in 2022, growing at a CAGR of 13.6% from 2023 to 2030.

Market Definition :

Smart exoskeletons are wearable robotic devices designed to enhance human capabilities, assist with mobility, augment physical strength, and reduce physical strain. Smart exoskeletons incorporate advanced technologies including sensors, actuators, and artificial intelligence to assist the users with mobility, strength, and endurance. These devices are deployed in a wide range of applications in healthcare, industrial, and military sectors. The demand for smart exoskeletons is propelled by several factors including ageing population, increasing focus on worker safety & well-being, and rising demand for enhanced performance in physically demanding environments.

Smart Exoskeleton Market :

Smart Exoskeleton Market

Get More Information

Download Sample Report
 

Market Dynamics :

Smart Exoskeleton Market Dynamics

Drivers :

  • Growing military & defense sector is driving the growth of smart exoskeleton market

    Smart exoskeletons are widely deployed in the military & defense sector to enhance the physical capabilities of soldiers and improve their performance during missions and training. The use of smart exoskeletons enables soldiers to carry heavier loads, move more efficiently, and perform physically demanding tasks with reduced fatigue. Additionally, smart exoskeletons play a vital role in reducing the physical strain of the soldiers by distributing the weight more evenly across the body, providing support, and reducing the physical burden, thus allowing them to move more efficiently. Also, application of smart exoskeletons in military & defense industry also reduces the risk of injuries to soldiers that are caused by improper movement and strain in the body. Thus, owing to aforementioned factors, increasing adoption of exoskeletons in military & defense sector is driving the growth of global exoskeleton market. For instance, in September 2021, Arizona State University developed smart exoskeletons for the U.S. military. The exoskeletons provide hip stability and back stability to the soldiers in turn enhancing the heavy lifting activity.

  • Increasing adoption of smart exoskeletons for occupational safety & worker well-being is driving the market growth

    Smart exoskeletons are deployed in several industries including automotive, mining, construction, logistics, and others to improve the safety, well-being, and productivity of the workers. Reducing physical pain is considered to be one of the key factors driving the adoption of smart exoskeletons in industries. The smart exoskeletons tend to reduce the physical strain on workers' bodies by aiding in lifting and supporting loads, thereby reducing the risk of overexertion and musculoskeletal injuries. For instance, the GERMAN BIONIC SYSTEMS GMBH manufactures Cray X, a smart exoskeleton that enables workers to list and walk conveniently with up to 30kg weight. Thus, the factors mentioned above are driving the adoption of smart exoskeletons across industries to enhance occupational safety & worker well-being.

Restraint :

  • High cost and limited customization are restraining the market growth

    The smart exoskeletons are considered to be expensive to develop, manufacture, and purchase, making them less accessible for many potential users and industries. Additionally, high cost of the exoskeletons restricts the adoption from small businesses and companies. Moreover, the exoskeletons are mass produced and might not cater to the individual users' specific needs or body types. Thus, limited scope of customization is restraining the adoption of smart exoskeletons for users with unique requirements.

Opportunities :

  • Surge in advancements in robotics and AI provides lucrative growth opportunities for smart exoskeleton market

    Rapid progress and innovation in robotics and artificial intelligence (AI) technologies are expected to provide significant growth opportunities for the global smart exoskeleton market. Advancements in sensor technologies enable smart exoskeletons to gather real-time data about the user's movements, posture, and biomechanics. Additionally, AI and machine learning algorithms play a vital role in smart exoskeletons. They are crucial in analyzing the data collected by the sensors and making real-time adjustments to the exoskeleton's support based on the user's movements and intentions. Also, AI and machine learning ensure that the exoskeleton provides optimal assistance and reduces the need for manual adjustments. For instance, the Apogee smart exoskeleton by GERMAN BIONIC SYSTEMS GMBH is integrated with AI and machine learning to analyze the user's movements for improving workplace and individual safety practices and ergonomics.

 

Smart Exoskeleton Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2030
Market Size in 2030 USD 13,906.95 Million
CAGR (2023-2030) 13.6%
By Component Hardware, Software, and Services
By Type Rigid Smart Exoskeleton, Soft Smart Exoskeleton, and Ultra Soft Smart Exoskeleton
By Extremity Lower Extremity, Upper Extremity, and Full Body Extremity
By End User Industrial, Healthcare, Military, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Ekso Bionics, ReWalk Robotics, CYBERDYNE INC., Sarcos Technology and Robotics Corporation, Suitx, Hyundai Motor Company, GERMAN BIONIC SYSTEMS GMBH, COMAU (Stellantis N.V.), BIONIK, Fourier Intelligence, Gogoa.eu

Get More Information

Download Sample Report
 

Market Segmentation :

By Component :

Based on the component, the market is segregated into hardware, software, and services. The hardware segment accounted for the largest revenue share of 48.63% in the year 2022. The hardware components of smart exoskeletons include sensors, actuators, microcontrollers, mechanical structures, and others. These components play a crucial role in enabling the devices to function effectively. The actuators provide the necessary power to assist the wearer's movements or perform specific tasks. Similarly, the sensors provide critical data to the exoskeleton's control system to enable adjustment support and assistance in real-time. Thus, attributing to the aforementioned factors, hardware accounted for largest market share in 2022.

The software segment is anticipated to register the fastest CAGR growth during the forecast period. Smart exoskeletons rely on sophisticated control algorithms to synchronize collected data. The software component plays a vital role in real-time monitoring, personalized adjustments, and data analysis to optimize the exoskeleton's performance for individual users. For instance, in December 2021, GERMAN BIONIC SYSTEMS GMBH launched the 5th generation Cray X AI-powered smart exoskeleton for applications including walking assistance, lifting support, and others. Additionally, the rising demand for upgraded software to aid in tracking progress and identifying potential improvements in exoskeleton's design and functionality is expected to positively impact the segment growth during the forecast period.

Global Smart Exoskeleton Market, By Component, 2022

Get More Information

Download Sample Report

By Type :

Based on the type, the market is classified as rigid smart exoskeleton, soft smart exoskeleton, and ultra soft smart exoskeleton. The rigid exoskeleton segment accounted for the largest revenue share in the year 2022. The rigid exoskeletons are constructed with rigid materials including metal or carbon fiber. Rising demand for rigid exoskeletons for application including heavy lifting, load-bearing tasks, and others from a wide range of industries such as construction, manufacturing, and others is driving the market growth. Moreover, increasing demand for rigid exoskeletons from the military & defense sector is another factor boosting the segment growth.

The soft exoskeleton segment is anticipated to witness the fastest CAGR growth during the forecast period. The soft exoskeletons utilize flexible materials such as textiles and elastic elements. Also, soft exoskeletons are considered to be lightweight and more comfortable to wear than rigid exoskeletons. Surge in adoption of soft exoskeletons to provide assistance to specific body movements including joint motion enhancement or supporting specific muscle groups. Furthermore, factors including comfort & wearability, flexibility & natural movements, rehabilitation & physical therapy, and user-friendly interface among others are anticipated to drive the demand for soft exoskeletons during the forecast period.

By Extremity :

Based on extremity, the market is classified into lower extremity, upper extremity, and full body extremity. The upper extremity segment accounted for the largest revenue share in the year 2022. The upper extremity exoskeletons are designed to support and enhance the functions of arms, shoulders, and hands. Exoskeletons are widely used for applications that involve lifting, reaching, and performing repetitive upper body movements. Additionally, the upper body extremity exoskeletons play a vital role in reducing muscle fatigue and the risk of musculoskeletal injuries in industrial settings. Moreover, growing adoption of upper extremity exoskeletons from logistics sector is considered to be one of the major factors driving the market growth. Thus, the growing logistics sector is driving the demand for upper extremity exoskeletons. For instance, Logistics Plus Inc. the air freight industry transports approximately 51.2 million tons of cargo annually.

The full body extremity segment is anticipated to witness the fastest CAGR growth during the forecast period. The full body exoskeletons A full body extremity smart exoskeleton is a wearable robotic device that is designed to assist and augment human movements across the entire body including arms, legs, and others. A surge in demand for full body extremity suits from military and industrial sectors is expected to drive the segment growth during the forecast period.

By End User :

Based on the end user, the market is categorized as industrial, healthcare, military, and others. The industrial segment accounted for the largest revenue share in the year 2022. Smart exoskeletons play a vital role in reducing physical strain and injuries for workers performing repetitive tasks, heavy lifting, and enable worker safety in industrial environments. Rise in demand of smart exosuits to enhance worker efficiency and productivity is considered to be major factor driving the market growth. Additionally, the ability of the exoskeletons to reduce risk associated with health of the workers is another key factor fueling the market growth.

The military segment is anticipated to witness the fastest CAGR growth during the forecast period. Smart exosuits are used in the military and defense sector for several applications including soldier enhancement, injury prevention, and remote operations among others. Exoskeletons are crucial in enabling soldiers to carry heavy loads over long distances on foot. Moreover, growing investments in the military sector is expected to fuel market growth during the forecast period. For instance, according to the Stockholm International Peace Research Institute, the global expenditure on military sector increased by 3.7% in 2022 accounting for USD 2,240 billion.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 

Europe accounted for the largest revenue share of 36.78% in the year 2022 valued at USD 1,852.94 million. Presence of significant number of players including ReWalk Robotics, GERMAN BIONIC SYSTEMS GMBH, COMAU (Stellantis N.V.), and Gogoa.eu among others is one of the major factors driving the market growth in the region. Additionally, the rapidly ageing population is another key factor driving the adoption of smart exoskeletons to provide assistance to seniors with mobility issues in the region. For instance, according to the Eurostat, the European region accounted for 21.1% of population above the age of 65 years.

North America Smart Exoskeleton Market, 2022 (USD Million)

Regional Growth Insights

Download Sample Report

The Asia-Pacific region is anticipated to witness the fastest CAGR of 14.1% during the forecast period. Further, the region accounted for USD 1,160.23 million in 2022, and reached USD 3,304.29 million by 2030. In addition, China accounted for the maximum revenue share of 33.40% in the same year. Surge in trend towards industrial automation in Asia Pacific region is expected to be one of the major factors to enhance worker efficiency and improve productivity. Additionally, rising improvements in healthcare and increasing awareness of rehabilitation technologies is anticipated to positively impact the growth of smart exoskeleton market in Asia Pacific region during the forecast period.

North America Smart Exoskeleton Market, By Countries (2022)

Details Countries Growth Insights

Download Sample Report
 

Smart Exoskeleton Market Competitive Landscape:

The Smart Exoskeleton Market is highly competitive due to the presence of a large number of key players operating in the market. The Report analyses detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the robotic process automation market. Key players in the robotic process automation market include-

Recent Developments :

  • In December 2021, GERMAN BIONIC SYSTEMS GMBH launched the 5th generation Cray X AI-powered smart exoskeleton for applications including walking assistance, lifting support, and others.
 

Frequently Asked Question

What is Smart Exoskeleton?+

Smart exoskeletons are wearable robotic devices designed to enhance human capabilities, assist with mobility, augment physical strength, and reduce physical strain.

What specific segmentation details are covered in the Smart Exoskeleton Market Report, and how is the dominating segment impacting the market growth?+

The Report consists of segments including Component, Type, Extremity, and End User. Each segment has key dominating sub-segment being driven by the industry trends and market dynamics. For instance, by component segment has witnessed hardware as the dominating segment in the year 2022 to enable the devices to function effectively.

What specific segmentation details are covered in the Smart Exoskeleton Market Report, and how is the fastest segment anticipated to impact the market growth?+

The Report consists of segments including Component, Type, Extremity, and End User. Each segment is projected to have the fastest-growing sub-segment being fuelled by industry trends and drivers. For instance, by extremity segment has witnessed upper extremity as the fastest-growing segment due to surge in demand for full body extremity suits from military and industrial sectors.

Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?+

The Asia-Pacific region is anticipated to witness fastest CAGR growth during the forecast period due to rising improvements in healthcare and increasing awareness of rehabilitation technologies.