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Rise of the machines: Nascent robotic exoskeleton market to hit $1.8Bn by 2025
Allied Business Intelligence Research Inc., better known as ABI Research, has stolen a march on rival analyst firms with one of the first deep dives into the nascent robotic exoskeleton market, and it brings exciting news for those who intend to make a living from it.
According to ABI Research, the robotic exoskeleton market should achieve a 39.6 percent compound annual growth rate over the next ten year. By 2025, the industry should top $1.8 billion a year.
For now though, business is still relatively small. The entire market for robotic exoskeleton gear only just topped $68 million in 2014, though the analysts say that’s a promising start.
ABI Research noted that lower body exoskeletons, such as those used in the medical industry (think quality of life enablers or rehabilitation tools), are leading the market at this early stage.
But robotic exoskeletons are about to get much more exciting, with a future focused on “commercial systems that augment or amplify capabilities”. Vendors are looking to come up with robot exoskeletons that can perform industrial tasks such as “heavy lifting, extended standing, squatting, bending or walking in manufacturing facilities, particularly within construction and agriculture industries”, and that will lead to an awful lot more cash being generated, the analysts said.
“Following years of ongoing research and development, a commercial exoskeleton market finally fully emerged, though it is still in its nascency,” said Dan Kara, Research Director at ABI Research. “Social imperatives, military requirements and business needs, supported by technological advances, now make it possible to develop commercially viable exoskeleton systems for a wide variety of applications and markets.”
Whether or not this is good news for those involved in manual labor remains to be seen. While they may appreciate not putting their back out of joint or wading through muddy fields in winter times, if exoskeletons live up to their promise, some laborers might soon find themselves out of a job.
Photo Credit: eelke dekker via Compfight cc
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