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.”
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.
Get a Sample PDF Brochure of this Research Report:
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.
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.
Browse In-depth Summary of This Research Insight:
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),
Inquire Before Buying Report:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
9th Floor, Icon Tower,
Baner – Mahalunge Road,
Baner, Pune-411045, Maharashtra, India.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]