Global industrial exoskeletons market to boom, finds Frost & Sullivan
Maryam FaragEconomy Industry Manufacturing analysis Economy exoskeletons manufacturing
Frost & Sullivan’s recent analysis found that the global industrial exoskeletons market is expanding rapidly, driven by high injury costs and aging and shrinking skilled workforces across sectors.
It is estimated to witness nearly a seven-fold growth, reaching $426.6 million by 2025 from $62.7 million in 2020, up at a compound annual growth rate of 46.7 per cent.
According to Frost & Sullivan’s analysis, 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, labor-intensive industries such as construction and transport 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 to develop technologically advanced exoskeletons, which improve performance and productivity,” said Anjan Roy, Chemicals, Materials & Nutrition Research Analyst, Frost & Sullivan. “To deploy the latest innovations, manufacturers will focus on the robot-as-a-service model to improve affordability for end users and test products for large-scale deployment.”