The Global Industrial Exoskeletons Market is Driven by the Aging and Shrinking Skilled Labor Force

The Global Industrial Exoskeletons Market is Driven by the Aging and Shrinking Skilled Labor Force

  • February 2021 •
  • 84 pages •
  • Report ID: 6033745 •
  • Format: PDF
In 2020, the global industrial exoskeletons market generated a revenue of $62.7 million. Growth is driven by high injury cost and the aging and shrinking skilled workforce in industries.Rest of World (RoW), led by Japan, is the largest market for industrial exoskeletons—it accounted for almost 49.1% in terms of revenue share in 2020. Europe and North America contributed 33.6% and 17.3%, respectively. Japan’s aging population is the main growth driver. The country has the highest global median age population and the largest share (28.2%) of population aged 65+. Driven by higher acceptance, the RoW market is estimated to grow from $30.8 million in 2020 to $228.2 million in 2025 at a compound annual growth rate (CAGR) of 49.3%. Among the end-use industries, the manufacturing industry (driven by the automotive sector) held the highest revenue share of 59.3% in 2020; it is projected to grow from $37.2 million in 2020 to $271.4 million in 2025 at a CAGR of 48.8%. The transport industry is the second-largest user of exoskeletons, contributing a 32.6% revenue share in 2020. The construction industry accounted for 7.7% in 2020 and is forecast to register a CAGR of 44.7% from 2020 to 2025. Construction industry growth will be driven by the increasing adoption of powered exoskeletons in shipbuilding and marine construction.By product segment, powered industrial exoskeletons constituted a 64.8% revenue share in 2020, and this number is expected to increase to 69.9% in 2025. This trend indicates the growing adoption of powered industrial exoskeletons.This This research service analyzes the global industrial exoskeletons market from 2017 to 2025. The market is segmented into passive industrial exoskeletons and powered industrial exoskeletons and both segments are examined in detail (revenue and unit shipment forecast analysis, competitive analysis). Growth opportunities are also analyzed, and the focus is on claims validation (reduced musculoskeletal disorders (MSDs) and improved productivity) and geographic expansion and mergers and acquisitions (M&As). For the total market, growth drivers and restraints are examined, along with new product technology analysis, regional opportunity analysis, standards and regulations, current adoption scenario, and potential risks in terms of exoskeleton usage. Recent use-cases are also studied and revenue and unit shipment forecast and competitive environment are analyzed.