March 1, 2024

Exoskeleton Market Propelled By Increased Demand For Industrial Robotic Exoskeletons

Exoskeletons are wearable robotic systems that provide increased strength, endurance, and mobility for the wearer. Industrial exoskeletons are commonly used in labour-intensive industries and manufacturing facilities to augment worker productivity while reducing fatigue and improving ergonomics. 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 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased demand for industrial robotic exoskeletons has been a major trend propelling the growth of the exoskeleton market. Industrial exoskeletons help reduce stress on workers’ bodies by supporting heavy loads during strenuous tasks like lifting and loading. Their use prevents wear and tear injuries and allows workers to stay productive for longer hours. Manufacturing companies have especially benefited by deploying exoskeletons to assist workers in factories, warehouses and construction sites. It is estimated that industrial exoskeletons can reduce fatigue by around 30% and improve productivity by about 20%. This has significantly driven their adoption across various industries in recent years.

SWOT Analysis
Strength: Exoskeletons offer increased strength, endurance and mobility for industrial workers and rehabilitation patients. They reduce risks of injury by supporting heavy lifting and dangerous movements.
Weakness: Exoskeleton technologies are still in development and not widely affordable. Cost of development and production is high. Wearability, comfort and energy efficiency need improvement.
Opportunity: Growing demand from industrial, military and healthcare sectors. Aging population increases need for physician support and rehabilitation devices. Manufacturing industries seek to boost productivity and reduce injury costs.
Threats: Technology competition from rival exoskeleton developers. Regulations for product safety and privacy/data concerns. User acceptance depends on addressing comfort/practicality issues.

Key Takeaways
The global exoskeleton market demand is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America is currently the largest and fastest growing market for exoskeletons due to major Defense contracts and industrial applications in material handling and logistics. Asia Pacific is expected to surge due to increasing manufacturing output and a fast-aging demographic needing care support.

Key players: Key players operating in the exoskeleton market are Lockheed Martin Corporation, RRB3D, Ekso Bionics, suitX, Re Walk Robotics Ltd, Hocoma, and Rex Bionics PLC, Active Link (Panasonic Corporation, Cyberdyne, Inc. They are focused on product innovations to improve mobility, viability and industrial usage of exoskeleton technologies.

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