EXOSKELETON MARKET ANALYSIS

Limited battery life has emerged as a major challenge restricting the global adoption of exoskeletons. Exoskeletons are powered devices that augment human strength and endurance, allowing people to perform physically demanding tasks for longer durations. However, existing battery technologies are unable to provide sufficient power for the prolonged usage of exoskeletons over extended periods of time.

The battery backup of most commercially available exoskeletons lasts for only about 3-4 hours on a single charge. This falls well short of the operating shifts of 8 hours or more in labor-intensive industries where exoskeleton usage can prove transformative. Workers in manufacturing units, construction sites and logistics hubs need to wear exoskeletons for their entire duty times to derive optimized benefits. With batteries draining out quickly, exoskeletons have to be taken off midway for recharging, disrupting workflow, and lowering productivity gains. Addressing heavy duty cycle requirements continues to perplex developers.

Market Opportunities: Untapped application areas

There are several emerging application areas for exoskeletons that could drive significant growth in the global market. One major untapped area is using exoskeleton technologies to aid healthcare workers who are on their feet all day assisting patients. Exoskeletons can help reduce stress and fatigue for nurses, physicians, and other staff by supporting their joints and reducing ergonomic strain over long shifts. As populations age globally and healthcare demands rise, helping the workers on the frontlines will become increasingly important. This application could see widespread adoption in hospitals and elderly care facilities around the world in the coming years.

Another promising untapped area is using light exoskeletons designed for personal consumer and commercial use. Devices are being developed to assist with labor intensive jobs in construction, warehousing, and manual material handling. This could help workers lift heavier items, support fatigue over full work days, and reduce injury risks. The COVID-19 pandemic highlighted demands for contactless delivery and shipping worldwide. Exoskeletons may soon play a role in supporting workers fulfilling skyrocketing e-commerce orders and last-mile deliveries. The International Labour Organization (ILO) estimated that there will be a 13% global increase in physically demanding jobs in non-routine manual sectors by 2030. Emerging exoskeleton technologies are well positioned to address these projections and future proof many industries.

As exoskeleton designs mature and costs come down, broader consumer and commercial adoption will further propel the global market upwards in the coming years. The potential for new application areas to emerge is high as technology and user demands continue to evolve in tandem. These trends point to significant growth opportunities for exoskeleton providers willing to innovate in untapped markets.