|The Global Industrial Exoskeletons Market is Driven by the Aging and Shrinking Skilled Labor Force|
|High Workplace Injury Costs will Boost Growth Opportunities in the Market|
In 2020, the global industrial exoskeletons market generated a revenue of $62.7 million. Growth is driven by high injury cost and the aging and shrinking skilled workforce in industries.
Rest of World (RoW), led by Japan, is the largest market for industrial exoskeletons—it accounted for almost 49.1% in terms of revenue share in 2020. Europe and North America contributed 33.6% and 17.3%, respectively. Japan’s aging population is the main growth driver. The country has the highest global median age population and the largest share (28.2%) of population aged 65+. Driven by higher acceptance, the RoW market is estimated to grow from $30.8 million in 2020 to $228.2 million in 2025 at a compound annual growth rate (CAGR) of 49.3%.
Among the end-use industries, the manufacturing industry (driven by the automotive sector) held the highest revenue share of 59.3% in 2020; it is projected to grow from $37.2 million in 2020 to $271.4 million in 2025 at a CAGR of 48.8%. The transport industry is the second-largest user of exoskeletons, contributing a 32.6% revenue share in 2020. The construction industry accounted for 7.7% in 2020 and is forecast to register a CAGR of 44.7% from 2020 to 2025. Construction industry growth will be driven by the increasing adoption of powered exoskeletons in shipbuilding and marine construction.