The Military Wearables Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Military Wearables Global Market Report 2024, The military wearables market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to soldier modernization programs, focus on soldier health and safety, special forces requirements, urban warfare and c4isr needs, integration with tactical gear.
The military wearables market size is expected to see strong growth in the next few years. It will grow to $5.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to advancements in health monitoring, expanded use in training, integration with augmented reality (ar), enhanced communication features, wearable sensor fusion. Major trends in the forecast period include focus on ergonomic design for comfort and mobility, development of personal area network (pan) solutions, use of advanced materials for durability, application of gesture control and human-machine interface, focus on cybersecurity measures.
Growing defense expenditures are expected to propel the growth of the military wearables market going forward. Defense expenditure refers to all ongoing and future investments in the armed forces, including peacekeeping activities carried out by defense ministries and other governmental organizations working on defense initiatives, as well as paramilitary groups that are deemed capable of participating in military operations and are trained, equipped, and ready for them. In the defense organization, numerous wearable gadgets and equipment can be integrated into a soldier’s wearable or uniform, freeing him from having to carry additional payloads. In the years to come, the armed forces may be impacted by wearable technology. For instance, in April 2021, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based non-profit organization that provides data on armament and arms control, global military spending increased by 3.7% in 2022 to a record $2240 billion. Therefore, growing defense expenditures are driving the growth of the military wearables market.
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The military wearables market covered in this report is segmented –
1) Military Wearables Market By Type: Wrist Wear, Modular, Eyewear, Smart Key Chains, Ear Wear, Other Types
2) Military Wearables Market By Technology: Communication And Computing, Connectivity, Navigation, Vision And Surveillance, Exoskeleton, Monitoring, Power And Energy Management, Smart Textiles
3) Military Wearables Market By End-User: Land Forces, Naval Forces, Airborne Forces
Top Major Players
Aselsan A.S.
Bionic Power Inc.
Lockheed Martin Corporation
BAE Systems PLC
Saab AB
Technological advancement is a key trend gaining popularity in the military wearable market. Major companies in the military wearable sector are focused on innovating their products to strengthen their position in the market and sustain their position in the market. For instance, in December 2022, Air Force Research Laboratory (AFRL), a US-based Scientific research organization has partnered with the Nano Bio-Materials Consortium and Case Western Reserve University, introduced a wearable sensor for measuring biomarkers in airmen and guardians. These wearable sensors improve the capacity to capture and monitor molecular signatures in bodily fluids such as saliva, interstitial fluid, and sweat that is crucial for monitoring Airmen and Guardians’ well-being during critical operations, detecting when they get unduly tired, worried, or overstimulated. These wearable sensors can take the form of mouthguards, skin patches, or microneedle patches that only pierce the epidermis into the interstitial fluid.
The military wearables market report table of contents includes:
1. Executive Summary
2. Military Wearables Market Characteristics
3. Military Wearables Market Trends And Strategies
4. Military Wearables Market – Macro Economic Scenario
5. Global Military Wearables Market Size and Growth
…..
31. Global Military Wearables Market Competitive Benchmarking
32. Global Military Wearables Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Military Wearables Market
34. Military Wearables Market Future Outlook and Potential Analysis
35. Appendix
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