New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- As per the research Report “Global Smart Exoskeleton Market” published by Consegic Business Intelligence, the market was worth USD 5,037.91 Million in 2022 and is anticipated to reach over USD 13,906.95 Million by the year 2030, growing at a CAGR of 13.6%.
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.
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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 30 kg weight. Thus, the factors mentioned above are driving the adoption of smart exoskeletons across industries to enhance occupational safety & worker well-being.
Further, 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. Thus, rapid progress and innovation in robotics and artificial intelligence (AI) technologies are expected to provide significant growth opportunities for the global smart exoskeleton market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 13,906.95 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 9.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| 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 |
| 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 |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Smart exoskeleton Market Growth Drivers:
- Growing military & defense sector is driving the growth of smart exoskeleton market.
- Increasing adoption of smart exoskeletons for occupational safety & worker well-being is driving the market growth.
Restraints
- High cost and limited customization are restraining market growth.
Opportunities
- Surge in advancements in robotics and AI provides lucrative growth opportunities for smart exoskeleton market.
Global Smart exoskeleton Market Segmentation Details:
Based on Component, the software segment is expected to grow with the fastest CAGR during the forecast period. 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.
Based on Type, the rigid smart exoskeleton segment contributed the largest shares to the market growth in 2022. 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.
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Based on Extremity, the full body extremity segment is expected to grow with the fastest CAGR during the forecast period. 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.
Based on End User, the industrial segment contributed the largest shares to the market growth in 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.
Based on region, The Europe region has been a major contributor to the growth of Smart exoskeleton market. 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 Eurostat, the European region accounted for 21.1% of population above the age of 65 years.
Recent Developments
- In September 2019, Hyundai Motor Company developed Wearable Vest EXoskeleton (VEX), a wearable robot created to assist industrial workers who spend long hours working in overhead environments.
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Key Market Highlights
- Globally, smart exoskeletons are divided based on the Component into Hardware, Software, and Services.
- In the context of Type, the market is separated into Rigid Smart Exoskeleton, Soft Smart Exoskeleton, and Ultra Soft Smart Exoskeleton.
- Globally, Smart exoskeletons are classified based on the Extremity into Lower Extremity, Upper Extremity, and Full Body Extremity.
- In the context of End User, the market is segmented into Industrial, Healthcare, Military, and Others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific and Europe are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in the smart exoskeleton market.
List of Major Global Smart Exoskeleton Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The Report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- 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
Global Smart exoskeleton Market Segmentation:
- By Component
- Hardware
- Software
- Services
- By Type
- Rigid Smart Exoskeleton
- Soft Smart Exoskeleton
- Ultra Soft Smart Exoskeleton
- By Port
- Lower Extremity
- Upper Extremity
- Full Body Extremity
- By End User
- Industrial
- Healthcare
- Military
- Others
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Key Questions Covered in the Smart exoskeleton Market Report
- What is a Smart exoskeleton?
- Smart exoskeletons are wearable robotic devices designed to enhance human capabilities, assist with mobility, augment physical strength, and reduce physical strain.
- What will be the potential market valuation for the Smart exoskeleton market industry by 2030?
- The market for global Smart exoskeleton market is expected to reach USD 13,906.95 Million in 2030 growing at a CAGR of 13.6% due to the growing demand from military and industrial sectors.
- 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 Component, Type, Extremity, and End User. Each segment is projected to have the fastest-growing sub-segment, being fueled by industry trends and drivers. For instance, by component segment has witnessed software as the fastest-growing segment due to demand for advanced software.
- Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- The Asia-Pacific region is expected to witness fastest-CAGR growth during the forecast period due to rising improvements in healthcare and increasing awareness of rehabilitation technologies.
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