The market demand for military wearables is expected to promulgate in the forthcoming years factoring to the increasing inter-country geographical disputes, surge in the volume of terrorist attacks over the past couple of years, increasing need for soldier coordination and training, and modernization of military forces across the globe.
According to MarkNtel Advisors’ research report “Global Military Wearables Market Analysis, 2020”, the global Military Wearables market is anticipated to grow at a CAGR of around 7% during 2020-25. The rising number of asymmetric warfare has been generating the increasing demand for efficient military wearables. Further, the growing use of smart textile and electronic textiles in the military wearables has been meeting the need for light-weight advance wearables. Furthermore, the increasing defense spending on the acquisition of advance wearable technologies is expected to fuel the well of wealth in the global military wearables industry.
Airborne Forces, By End User Segmentation to Attain the Highest CAGR During 2020-25
Based on the end-user segmentation, the airborne forces are expected to witness the highest CAGR growth during the projected period. The military forces in different countries are adopting military wearables to strengthen their war fighting capabilities. With the introduction of number of wearable technologies, and increasing use of smart textiles, the military wearables are getting integrated in to the fabric. The electric textiles are adding various special functionalities which has been augmenting the demand from the airborne sector, such as health monitoring, wireless communication, reduction in logistics weight, reduction of heat stress.
Vision & Surveillance Technology Anticipated to the Global Military Wearable Market During the Forecast Period
On the basis of technology, the vision and surveillance sector is expected to hold the majority market share in the upcoming years. The development of surveillance technologies such as augmented reality and virtual reality and its growing implementation in the military eye wears for warfare and training activities, is expected to further enhance the market share of such technologies. During 2020-25, the connectivity segment is expected to experience the highest CAGR. Development of wearable computers, wireless headsets, is fueling the overall market for military wearables.
According to MarkNtel Advisors’, some the of key competitors operating in the Global Military Wearables market includes BAE Systems PLC, Elbit Systems Ltd., Aselsan A.S., General Dynamics Corporation, Harris Corporation, L3 Technologies Corporation, Lockheed Martin Corporation, etc.
The companies in the military wearable market are bringing new technologies and innovative product into the market, to maintain their competitive position and gain customer traction. For instance, in 2017, the Turkish defense electronics giant and one of the leading operator in the global military wearable market, launched the ASYA exoskeleton at the International Defense Industry Fair, held at Istanbul, Turkey.
The companies are even adopting several other inorganic grow strategies for their market expansion viz., mergers and collaborations, improved servicing, contractual selling and others. In 2018, the Microsoft Corporation received USD 480 million contract to supply augmented reality prototype to the US Army for application during combat mission and training. The system will possess the capability to provide remote viewing, integration of thermal and night vision cameras, and health-tracking facility.
“Global Military Wearables Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and opportunities available for Military Wearables providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Industry Segmentation:
1. By Technology (Communication & Computing, Connectivity, Navigation, Vision & Surveillance, Exoskeleton, Monitoring, Power & Energy Management, Smart Textiles)
2. By Wearable Type (Headwear, Eyewear, Wristwear, Hearables, Bodywear)
3. By End User (Land Forces, Naval Forces, Airborne Forces)
4. By Region (North America, South America, Europe, Middle East and Africa, Asia- Pacific)
5. By Country (US, Canada, Brazil, Germany, France, UK, Russia, Saudi-Arabia, Israel, Turkey, China, India, Japan, Australia, South Korea)
6. By Company (BAE Systems PLC, Elbit Systems Ltd., Aselsan A.S., General Dynamics Corporation, Harris Corporation, L3 Technologies Corporation, Lockheed Martin Corporation, and Others)
Key questions answered in the study:
1. What are the current and future trends of the Global Military Wearables industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Military Wearables industry?
5. What are the customer orientation, purchase behavior, and expectations from the Military Wearables suppliers across various regions?