The global military wearables market is projected to grow from USD 4.2 billion in 2019 to USD 6.4 billion by 2025, at a CAGR of 7.2% from 2019 to 2025.The increase in defense spending and ongoing soldier modernization programs are some of the factors expected to drive the growth of the military wearables market.
Military wearables are smart electronic devices and equipment that are either incorporated into the clothing of soldiers or are worn as implants or accessories by them. These devices not only improve mobility and comfort of soldiers but also offer them the reliability and ease of use. Military wearables are used for collecting and monitoring physical data, improving the effectiveness of training, and ensuring sustained performance enhancement, among others.
The rising instances of asymmetric warfare and increasing demand for improved and efficient military wearables to reduce troop casualties across the globe are expected to fuel the growth of the military wearables market. Increased focus by the defense industry to develop advanced military wearables is also fueling the growth of military wearables market.
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Based on end user, the airborne forces segment of the military wearables market is projected to grow at the highest CAGR during the forecast period. Military forces of different countries across the globe have increased the use of military wearables to enhance the warfighting capabilities of their soldiers. Airborne forces in the North American region shows a significant demand for augmented reality & virtual reality-based military wearables for training and combat applications.
Based on wearable type, the eyewear segment of the market is projected to grow at the highest CAGR during the forecast period. Augmented Reality (AR) and Virtual Reality (VR) based eyewear products are expected to witness increased demand from defense forces worldwide for warfare and training activities. Companies are constantly working for the development of a number of cutting-edge technologies in the field of military wearables to enable troops to make impromptu decisions in battlefields.
The North America military wearables market is projected to grow at the highest CAGR from 2019 to 2025. The growth of the market in this region can be attributed to the rising demand for military wearables from defense forces of different countries of the region. The US and Canada are investing heavily in the development of modern integrated wearable technologies. Moreover, increasing product developments and investments in the military wearables ecosystem by defense research agencies, Original Equipment Manufacturers (OEMs), and start-ups are fueling the growth of the military wearables market in North America.
Key players in the military wearables market include Lockheed Martin Corporation (US), BAE Systems Plc. (UK), Elbit Systems Ltd. (Israel), Aselsan A.S. (Turkey), and Saab AB (Sweden), among others. New product launches and contracts are among the key strategies adopted by the leading market players to strengthen and sustain their position in the military wearables market. Additionally, these players have been focusing on securing contracts from governments of different countries for their organic growth. For instance, in 2018, Lockheed Martin received a contract worth USD 7 million from the US Army Natick Soldier Research, Development, and Engineering Center (NSRDEC) for the enhancement of the ONYX exoskeleton. In October 2017, Aselsan A.S. received a contract worth USD 44 million from Ukraine for the supply of software-defined military radios.
BAE Systems is a major player in the military wearables market. The company develops, delivers, and supports aerospace & defense systems. The company operates through 5 business segments, namely, electronic systems, cyber & intelligence, platforms & services (US), platforms & services (UK), and platforms & services (international). It offers electro-optical sensors, electronic warfare systems, next-generation military communication systems, hybrid electric drive systems, military & commercial digital engines, and flight controls through its electronic systems segment. Military wearables are offered through its electro-optical sensors division. The company is focusing on developing highly advanced wearables for military forces and has secured various contracts. For instance, in March 2018, it secured a contract worth USD 97 million from the US Army for the supply of new night vision goggles and thermal weapon sights.
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