The soldier systems market is estimated at USD 5.57 Billion in 2016, and is projected to reach USD 7.31 Billion by 2021, at a CAGR of 5.60% from 2016 to 2021. The modernization of soldier systems would lead to the integration of power supply, the individual network of the soldier, and the radio network within the battalion and the platoon.
The exoskeleton segment of the soldier systems market is projected to witness highest growth, during the forecast period. The demand of exoskeleton suit provides advantages such as decreased fatigue and increased productivity while loading and unloading supplies. In certain situations, a soldier may need to carry heavy loads while running or climbing stairs and on different terrains where climbing becomes difficult; this exoskeleton helps soldiers to move easily.
Europe is estimated to account for the largest market share of soldier systems market in 2016, followed by Asia-Pacific and North America. Emerging economies such as India, China, and South Korea, among others are building military capabilities, with a vision to enhance military soldier systems for efficient outcomes in battlefield operations. The procurement of advanced subsystems such as advanced combat helmets with display and modern communication systems such as software-defined radio, joint tactical radios, networking and C4I is expected to drive the growth of the soldier systems market.
Factors, such as declining defense budgets in developed economies, such as the U.S., Canada, the U.K., Germany, and stringent arms transfer rules and regulation in the defense industry may restrain the growth of the soldier systems market in near future. In several countries, munition manufacturers are prohibited from exporting their products, thereby decreasing their chances of catering to the requirements of international customers.