The global military wearable market size is estimated to showcase robust growth owing to the increasing focus on the production of rugged and lightweight military clothing. This information is published by Fortune Business Insights™ in an upcoming study, titled, “Military Wearable Market, 2022-2029.”
The COVID-19 pandemic is growing to be the biggest health emergency of all time. The unprecedented spread of the novel coronavirus has led countries to enforce nationwide, prolonged lockdowns, due to which businesses across the world have come to a standstill. The defense sector has also been impacted by the consequences of the pandemic. As published in the Washington Post in May 2020, The U.S. has decided reduce its defense budget for 2021. The leaders at Pentagon are requesting a total of USD 705 billion budget, which is still half of the total federal spending. At Fortune Business Insights™, we closely study the market from various perspectives in order to identify new growth opportunities.
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The report provides a detailed analysis of the key market aspects, including dominant companies, end-users, and leading product types. Apart from this, the report incorporates tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
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We have categorized the market on the basis of technology, wearable type, end user, and geography. In terms of technology, the market is divided into communication and computing, navigation, connectivity, power & energy management, vision & surveillance, and exoskeleton. Based on wearable type, it is fragmented into headwear, eyewear, wristwear, hearable, and bodywear. Based on end user, the market is bifurcated into land forces, naval forces, and airborne forces. Lastly, on the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
Increasing Demand for Durable Wearables Among Soldiers to Drive Growth
The increasing focus on developing lightweight and durable wearables for soldiers is estimated to drive the military wearable market growth. In addition, the rapidly growing defense spending by countries worldwide due to numerous reasons, such as geographic disputes and terrorism, is anticipated to propel the adoption of military wearables during the forecast period. For instance, according to a report published by the Stockholm International Peace Research Institute, the global spending on defense and military worldwide reached a total of USD 1.917 trillion in 2019, which was higher by 3.6 percent from the previous year’s figures.
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Presence of Key Players to Strengthen Demand in North America
North America is anticipated to lead the military wearable market share during the forecast period. The leading position of the region in the market is attributable to the evident presence of the key players in the U.S. including General Dynamics Corporation, Elbit Systems Ltd., FLIR Systems, Inc., Lockheed Martin Corporation, and Northrop Grumman Corporation. In addition, the defense expenditure of the U.S. is the highest among all nations. In 2019, a total of USD 732 billion dollars was spent on defense by the country. This is predicted to further strengthen the demand for military wearables in the region.
Research & Development to Help Prominent Players Provide Services in Defense
Key players operating in the global military wearable market are embarking on research and development in order to find new opportunities in the defense industry. They are constantly focused on product innovations to resolve the challenges faced by the soldiers. For instance, in March 2018, the U.S. Army signed a contract of night-vision goggles and thermal weapon sights with BAE Systems. These equipment will help the soldiers point out the targets in different weather and lighting conditions.
- In November 2018, The US Army Natick Soldier Research, Development and Engineering Center (NSRDEC) signed a two-year contract with Lockheed Martin Corporation for the development of ONYX exoskeleton. The contract is worth USD 6.9 million.
A List of Key Manufacturers Operating In the Military Wearable Market Report:
- Aselsan A.S. (Turkey)
- BAE Systems (The U.K)
- General Dynamics Corporation (The U.S.)
- Elbit Systems Ltd. (The U.S.)
- FLIR Systems, Inc. (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- Safran (France)
- Saab AB (Sweden)
- Thales Group (France)
- L3Harris Technologies, Inc. (The U.S.)
- Ultra (The U.K), Rheinmetall AG (Germany),
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