CITIC Securities: From Concept to Industrialization, the Market Space for Exoskeleton Robots is Vast

According to the Zhitong Finance APP, Guotai Junan has released a research report stating that exoskeleton robots started from military needs and have undergone a century of technological iteration, now achieving large-scale applications in medical, industrial, and other fields. The firm believes that in the future, with breakthroughs in AI and materials science, as well as the growing demand from an aging society, the market potential will be further released. Currently, exoskeleton robots have shown development characteristics from special to civilian use and are expected to gradually penetrate consumer markets such as home care and outdoor sports. It is recommended to pay attention to companies that are leading in exoskeleton robot layouts and have mature technologies and products, with related targets including Toread, JZNEE, and VISHEE. Guotai Junan's main points are as follows: Exoskeleton robots are gradually maturing Exoskeleton robots are mechatronic devices developed to mimic the human skeleton, which use intelligent algorithms to sense user movement intentions in real-time, providing protection, support, and movement functions for wearers. They are devices for human assistance and enhancement. Technological advancements have driven the rapid development of exoskeleton robots, significantly broadening their application fields. Exoskeleton robots mainly consist of five major systems, among which the sensing system, control system, and drive system are the core for achieving human-machine interaction. Exoskeleton robots have vast market potential In the military field, exoskeleton robots can enhance individual combat capabilities. In the industrial sector, exoskeleton robots can improve efficiency and reduce the risk of work-related injuries, applied in high-intensity work scenarios such as logistics, automotive manufacturing, and mining. In outdoor settings, exoskeleton robots enhance the experience of hiking and climbing, and have been tested or operated in multiple scenic areas, with prices sinking to consumer levels. In the medical field, exoskeleton robots show great potential in rehabilitation and elderly care. With technological maturity, cost reduction, and policy support, the exoskeleton robot industry is expected to develop rapidly. ABI predicts that the global market size for exoskeleton robots will reach USD 6.8 billion by 2030. Exoskeleton robots have attracted numerous companies to enter the market through self-research, collaborative development, establishing subsidiaries, or investing in startups Toread has jointly developed a lower limb exoskeleton product with Maibao Intelligent, set to be released in December 2024. The subsidiary of JZNEE, Haipuman Robotics, holds multiple patents for exoskeleton robots and is expected to achieve mass production by 2025. VISHEE is deeply engaged in the medical rehabilitation field and has formed a product matrix covering upper and lower limbs, full-cycle rehabilitation assessment, and training for motion rehabilitation robots. Additionally, exoskeleton robots also bring new development opportunities for upstream suppliers of components such as motors and carbon fiber. Risk Warning: Technological progress may fall short of expectations, and industry competition may intensify