January 07, 2021
According to recent study titled ‘Global Military Wearables Market Analysis, 2020’, available with Market Study Report LLC, global military wearable industry is expected to accrue substantial returns, registering a CAGR of 7% over 2020-2025.
As per the findings of the report, rising geographical tension, intensifying asymmetric warfare, and increasing modernization of defense systems are the major factors driving global military wearables market growth. Moreover, growing requirement of lightweight military wearables, along with sustained investments in R&D for innovations like electric military wearables which are made using 3D printed structures and 2D materials are expected to enhance the business scenario in the upcoming years.
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In terms of wearable type, bodywear segment is anticipated to secure majority of global military wearables industry share in the forthcoming years, creditable to rising incorporation of smart and electric textiles in military wearables. Features like integrated wireless chargers, smart band, body diagnostic sensors, and activity trackers are driving attention of the military towards these textiles.
Considering the regional outlook, North America is expected to emerge as the leading contributor to global military wearables market remuneration over 2020-2025, largely driven by strong demand from the U.S. Factors like presence of well-established defense ecosystem, continuous R&D in military technology, and deployment of troops for the interests of its peer nations are contributing to industry growth in the nation.
Speaking of the competitive landscape, Lockheed Martin Corp., Thales Group, Safran S.A., Saab AB, L3Harris Technologies, Inc., General Dynamics Corp., Aselsan A.S., Elbit Systems Ltd., and BAE systems plc are the top contenders in global military wearables market.