It is estimated to witness nearly a seven-fold growth, reaching US$426.6 million by 2025 from $62.7 million in 2020, up at a compound annual growth rate (CAGR) of 46.7 percent.
Among the end-use industries, manufacturing (driven by the automotive sector) held the highest revenue share in 2020 and is projected to top $271.4 million in 2025. Other manual, labour-intensive industries such as construction and logistics will also make extensive deployments of industrial exoskeletons over the next four to five years as companies across these sectors focus on reducing the cost of on-the-job injuries.
“Manufacturers are investing in research and development (R&D) to develop technologically advanced exoskeletons, which improve performance and productivity,” said Anjan Roy, chemicals, materials and nutrition research analyst at Frost & Sullivan.
“To deploy the latest innovations, manufacturers will focus on the robot-as-a-service (RaaS) model to improve affordability for end users and test products for large-scale deployment.”
According to Frost & Sullivan, powered industrial exoskeletons – which are technologically advanced PPE powered by batteries or electricity – are expected to have the highest revenue share at 69.9 percent over the forecast period. Passive industrial exoskeletons, which use springs to assist in lifting, will constitute a 30.1 percent market share.
Additionally, from a regional point of view, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America accounted for almost 49.1 percent in terms of global revenue share in 2020. Its earnings are estimated to increase from $30.8 million in 2020 to $228.2 million in 2025. Japan will continue to lead the way with its aging population as the main growth driver.