"Growing Investments in the Military and Defense Market Leads to The Growth of Military Wearable"

Globally, the military wearable market is expected to grow with a CAGR of more than 7.7% during the forecast period from 2019 to 2027, starting from US$ 3.90 Bn in 2018. The military variables are the devices or the equipment, which are used by the soldiers during the missions or during the critical tasks, assigned to them. The technological advancement in increasing research and development in the field of military and defense is driving the military variable market. The technology reduces troop casualties across the globe. The governments of different countries are likely to invest for highly efficient military wearable, which will eventually fuel the growth of the market. There are various types of military wearable, which are used such as headwear, eyewear, bodywear and others. One of the major benefit of these types of devices is that these devices can withstand in various harsh environmental conditions such as high temperature, can operate in water, can be used during high vibration and others, these abilities of these wearable also drives the market growth. Additionally, the key players are also investing and upgrading their current technology to enhance their wearable technologies. In 2018, Lockheed Martin signed a contract worth with the US Army Natick Soldier Research, Development, and Engineering Center (NSRDEC) of US$ 7 Mn from for the enhancing of the ONYX exoskeleton.

"Connectivity segment based military wearable are expected to grow at a higher CAGR during the forecast period"

In 2018, the vision & surveillance segment is considered to be the dominating market with the largest market share of the military wearable market. Surveillance offers a crucial entry point into the study of military surveillance as this vision and surveillance allows the defense team to keep a track on a person or a place, which is attacked prone. Additionally, the development of new cameras, body wearable and tracking devices are some of the devices, which are being used in military and defense. As the usage of these devices are increasing due to miniaturization of these device is driving the market for military wearable market.

"Asia Pacific to Register the Fastest Growth"

North America dominates the military wearable market by holding the largest market share on global level. Large number of new product developments and increasing investments in technological advancements are the primary factors contributing to this huge market share. Additionally, the presence of countries such as US and Canada is leading to the growth of this market in North American region. Moreover the presence of various companies present in the region such as Lockheed Martin Corporation, General Dynamics Corporation, Harris Corporation and others are present in the region which are also contributing in the growth of the market.

Some of the prominent players operating in the military wearable market include BAE Systems PLC, Aselsan A.S., Bionic Power Inc., Flir Systems, Elbit Systems Ltd., General Dynamics Corporation, L3 Technologies, Inc., Harris Corporation, Leonardo S.p.A., Northrop Grumman Corporation, Lockheed Martin Corporation, Rheinmetall AG,  Safran S.A., Saab AB, Thales Group, Interactive Wear AG, Ultra Electronics Holdings, among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Military Wearables market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Military Wearables market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Military Wearables market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Military Wearables market?
• Which is the largest regional market for Military Wearables market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Military Wearables market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Military Wearables market worldwide?