Wearable Robots and Exoskeletons Market to increase by USD 4.72 billion during 2022-2027 | Advanced technology in wearable robots and exoskeletons to drive the growth - Technavio

NEW YORK, Sept. 12, 2023 /PRNewswire/ -- The wearable robots and exoskeletons market size is expected to grow by USD 4.72 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 33.11% during the forecast period. The advanced technology in wearable robots and exoskeletons drives the growth of the wearable robots and exoskeletons market. Advances in materials technologies, control systems and sensors, software applications as well as electrotechnical and electronics engineering enabled the development of new and better exoskeletons on the market. In order to match the human power output, exoskeletons are equipped with a lithium-ion battery, which aids mechanical assistance. Furthermore, the processing capacity of these components is so great that they allow the machine and humans to communicate easily by means of a portable control system. Hence, such factors boost the growth of the wearable robots and exoskeletons market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the wearable robots and exoskeletons market: Bionik Laboratories Corp., Cyberdyne Inc., DIH Group, Exoatlet Global SA, Fourier Intelligence, Ottobock SE and Co. KGaA, Parker Hannifin Corp., ReWalk Robotics Ltd., Rex Bionics Ltd., Sarcos Technology and Robotics Corp., Skelex B.V., Technaid SL, Wandercraft, Wearable Robotics Srl, Bioservo Technologies AB, and Ekso Bionics Holdings Inc.
• Wearable Robots and Exoskeletons Market is concentrated in nature.
• Market to observe 29.25% YOY growth in 2023.

Market Dynamics:

Trend

• The rise in the use of wearable robots and exoskeletons for military and industrial applications is an emerging wearable robots and exoskeletons market trend.
• There has been a rise in the demand for commercial exoskeletons, which are used for military and industrial applications.
• For instance, Daewoo Shipbuilding and Marine Engineering have also started to use exoskeletons in the shipbuilding industry over the past six years.
• These developments are expected to increase the demand for wearable robots and exoskeletons in industrial and military applications.
• Hence, such trends fuel the growth of the wearable robots and exoskeletons market during the forecast period.

Challenge

• The high cost of the product is a challenge that hinders the growth of the wearable robots and exoskeletons market.
• There are increasing investments in extensive research and the use of advanced technology to manufacture exoskeletons increases the cost of production of exoskeletons.
• Given the technology is new and there are very few vendors in the market, the competition is moderate, and this makes the bargaining power of the buyers also moderate.
• Hence, such challenges impede the growth of the wearable robots and exoskeletons market during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The market share growth by the powered segment is significant during the forecast period. It is a wheeled device that you use in all or part of your body to provide ergonomic structural support. This uses a system of electrical motors, pneumatic pumps, hydraulics, and some combination of cybernetic technologies allowing for adequate limb movement as well as increased strength and endurance. Furthermore, the powered segment by type is expected to be the largest revenue contributor in the global wearable robots and exoskeletons market in 2022. Hence, such factors fuel the growth of the powered segment of the wearable robots and exoskeletons market during the forecast period. Get a glance at the market contribution of the segments, Request a Sample

Related Reports:

The wearable technology market size is estimated to grow at a CAGR of 14.8% between 2022 and 2027. The market size is forecast to increase by USD 62.81 billion.

The Pet Wearable Market size is estimated to grow at a CAGR of 13.66% between 2022 and 2027. The market size is forecast to increase by USD 2,167.48 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio