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3. BAE Systems Plc. (UK) and Aselsan A.S. (Turkey) are leading players in 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 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.

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.

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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.

Aselsan A.S. is another major player in the military wearables market. The company offers communications and information technologies; defense systems technologies, microelectronics, guidance & electro-optics; radar; electronic warfare systems; and security, energy, and automation systems. It offers military wearables for land applications, communication and computing, and vision & surveillance, among others. In 2017, Aselsan A.S. launched a new product, the ASYA exoskeleton at the International Defense Industry Fair (IDEF) exhibition held in Istanbul (Turkey).

Related Reports:

Military Wearables Market by End User (Land, Airborne, and Naval), Technology (Communication and Computing, Connectivity, Navigation, Vision & Surveillance, Exoskeleton, Power & Energy Management), Wearable Type, Region - Global Forecast to 2025

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