A new report by Technavio predicts significant growth in the wearable robots and exoskeletons market in the coming years. The market size is expected to increase by USD 4.72 billion between 2022 and 2027, with a compound annual growth rate of 33.11% during the forecast period. One of the main drivers for this growth is the advanced technology used in wearable robots and exoskeletons.
The development of new and improved exoskeletons has been made possible by advances in materials technologies, control systems and sensors, software applications, and electrotechnical and electronics engineering. These advancements have allowed exoskeletons to match human power output and provide mechanical assistance. Additionally, the processing capacity of the components in these devices allows for easy communication between humans and machines through a portable control system.
The report identifies several key players in the market, including 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.
One emerging trend in the wearable robots and exoskeletons market is the increased use of these devices for military and industrial applications. The demand for commercial exoskeletons in industries such as shipbuilding has been on the rise. However, the high cost of these products is a challenge that hinders market growth. Extensive research and the use of advanced technology in manufacturing exoskeletons increase production costs. Additionally, the limited number of vendors in the market leads to moderate competition and bargaining power for buyers.
The powered segment is expected to be the largest revenue contributor in the global wearable robots and exoskeletons market in 2022. Powered exoskeletons use a combination of electrical motors, pneumatic pumps, hydraulics, and cybernetic technologies to provide structural support and enhance limb movement, strength, and endurance.
Overall, the wearable robots and exoskeletons market is poised for significant growth in the coming years, driven by advancements in technology and increasing demand in military and industrial applications.
Sources:
– Technavio Research: Global Wearable Robots and Exoskeletons Market 2023-2027