Global Military Power Solutions
Market Report
2024
The Global Military Power Solutions market is expected to be USD 18.5 billion in 2023 and grow at a CAGR of 3.5% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Military Power Solutions market is expected to be USD 18.5 billion in 2023 and grow at a CAGR of 3.5% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Military Power Solutions Market Sales Revenue 2023 | $ 18.5 Billion |
Global Military Power Solutions Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 3.5% |
Market Split by Type |
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Market Split by Application |
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Market Split by Source |
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Market Split by Wattage |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Military Power Solutions Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The global need for reliable military power solutions is increasing as a result of the deployment of troops in remote areas. This is one of the main drivers influencing the industry, along with the rising need for maintenance-free power solutions to lower operating costs. Additionally, there is a rise in the demand for portable power options that may be used anywhere. This is accelerating the market's growth, along with an increase in defense spending to support military personnel and equipment. Additionally, the market is being positively impacted by the rising need for military drones to conduct surveillance and terrorist operations. In addition, the growing use of soundless power systems to charge devices and drones without exposing the location of the outposts is providing manufacturers with attractive growth potential. Furthermore, a number of governments are taking steps to modernize their militaries. This is expected to increase overall sales along with significant expenditure in research and development (R&D) operations to create cutting-edge military power products by major players.
The invention of portable electronic weapons has transformed combat and increased the need for deployable power sources. Mobile power sources are essential for using particular tactical equipment on the battlefield, but they need the right logistical assistance. As a result, given the harsh environment, there is a growing disparity between the amount of power required and what is really available. Additionally, the portable power sources must be rechargeable without creating compatibility problems or aggravating the risks of harm to the device and the power source. A number of active R&D initiatives aim to improve the performance characteristics of mobile power systems on the battlefield while reducing operational difficulties like compatibility and SWaP.
For instance, the Strategic Capabilities Office (SCO) of the US Department of Defence (DoD) chose BWX Technologies to build the first cutting-edge nuclear microreactor as part of Project Pele in June 2022. The reactor will be able to produce 1–5 MW and be transportable in commercially available shipping containers. The cost-type contract is valued at USD 300 million. Additionally, once they are fueled, they can run for up to three years.
(Source:world-nuclear-news.org/Articles/BWX-Technologies-selected-to-build-Project-Pele-mi)
The need for portable power devices has also increased since more people are wearing colorful attire. During the anticipated years, these elements are expected to propel the mobile market segment.
Defense forces across the globe, both in developed and developing nations, have recently made large investments in the creation and acquisition of innovative power systems. The use of cutting-edge power solutions greatly enhances the safety and security of military bases. The innovation and service of renewable power sources like solar panels is one of the key factors propelling the market for military power solutions. These solar panels are more durable, need little upkeep, and are economical. These benefits of solar power are piquing the interest of the armed services, which is strengthening the market for military power sources. Additionally, the military forces are increasingly adopting the trend of miniaturized goods. The armed forces are being compelled by this tendency to purchase portable power sources, which is once more fueling the expansion of the military power source market.
One of the key factors limiting the growth of the global market for military power solutions during the forecast period is the development cost. The costs associated with obtaining the necessary raw materials are driving up the price of finished goods, which is discouraging the defense forces from implementing military power solutions. However, the tight defense legislation and regulations established by legislative bodies and governments are a barrier to market growth for military power solutions. The declining defense budgets of rich nations and the high cost of thermoelectric materials have further constrained the market for military power solutions.
The COVID-19 pandemic had no impact on the military power solutions market since it did not affect investments in or purchases of new power solutions. Nevertheless, there were modest delivery delays for a few military platforms and pieces of equipment in 2020 as a result of the supply chain problems brought on by the pandemic. But in 2021, the market began to slowly recover, with deliveries of airplanes and other equipment reaching pre-pandemic levels. The market is expanding due to rising military spending. The major army nations' defense budgets increased even during the COVID-19 epidemic, which fueled the purchase of military hardware. In turn, this has led to an increase in demand for related power solutions. Additionally, a number of nations have boosted their budgetary allocations for military electronics, which is anticipated to fuel the expansion of the connected power solutions market throughout the forecast period.
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The development of new products, partnerships, and contracts and agreements are some of these companies' primary methods for maintaining their market share in the global market for military power solutions. Several foreign companies are active in this market, and they offer a variety of military trucks and have extensive international distribution networks.
November 2019: The US Army, the University of Maryland, and the Johns Hopkins Applied Physics Laboratory created a novel aqueous lithium-ion battery.
June 2022: The first state-of-the-art nuclear microreactor will be built by BWX Technologies as part of Project Pele in June 2022, according to a decision made by the Strategic Capabilities Office (SCO) of the US Department of Defence (DoD). The reactor will be transportable in shipping containers that are accessible on the open market and capable of producing 1 to 5 MW. The cost-type contract has a USD 300 million value.
(Source:world-nuclear-news.org/Articles/BWX-Technologies-selected-to-build-Project-Pele-mi)
Top Companies Market Share in Military Power Solutions Industry: (In no particular order of Rank)
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The region with the largest market share right now is North America, and it is projected that this dominance will continue during the projection period. The main factor driving the region's expanding revenue share is the United States' growing demand for military power solutions. The deployment of US troops around the globe as a result of the US's participation in multiple foreign conflicts is one of the major factors contributing to the increase in regional revenue. Small and portable power solutions are required to supply continuous or emergency power to these military camps and command units' various mobile military equipment. The nation is concentrating on improving the current power/battery solutions onboard a number of its defense platforms.
For instance, the US Department of Defence awarded NanoGraf a USD 1 million development contract in March 2022 to develop next-generation battery technology, i.e., to provide a more potent 4.3Ah lithium-ion battery with a long battery life for the US Army. The cell will give improved equipment run-time for the US military troops.
(Source:1192exopen.islaccovid.org/lithium-ion-battery-costs-and-market.html)
The demand for military power solutions in the Asia-Pacific area is anticipated to rise because of the region's rapid economic development and the rising defense spending of nations like China, Japan, and India. It is projected that the Chinese market's main sector will grow.
The current report Scope analyzes Military Power Solutions Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Military Power Solutions Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Military Power Solutions Industry growth. Military Power Solutions market has been segmented with the help of its Type, Application Source, and others. Military Power Solutions market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Due to the growing demand for small and light power solutions, the portable category is anticipated to rise rapidly, as well as dominate the market in 2023. Combat has changed as a result of the development of mobile electronic weaponry, which has also raised the demand for deployable power sources. For using certain tactical equipment on the battlefield, portable power sources are necessary, but they require the proper logistical support. As a result, there is an increasing gap between the required amount of electricity and what is really accessible because of the hostile environment.
Furthermore, the "non-portable" in this context probably refers to a subset of military power options that are designed to be used with permanent or semi-permanent installations or machinery. These remedies are primarily created for fixed or vehicle-mounted uses and are not intended to be carried or transported readily by lone warriors.
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According to projections, the market's largest section will be the land segment. According to estimates, demand for military power solutions in the land sector would rise due to an increase in the market for power sources used by soldiers, armored vehicles, unmanned ground vehicles, and tanks.
The segment with the fastest predicted growth is the Navy. The market for the Navy is growing at a faster growth rate because of increasing investments in the Navy development program; the rise in the frequency of combat operations is also promoting the growth of the market.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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In 2023, the battery engine segment dominated the market. This expansion can be ascribed to the development of contemporary military tactics. The demand for long-lasting, maintenance-free power sources for the military sector, as well as rising defense electronics budgets in some emerging nations, are additional factors anticipated to propel the market's expansion.
The solar power and energy harvester segment is expected to increase at the fastest rate during the forecast period. In off-grid or underdeveloped locations, remote grids, and islands where grid power delivery is not an affordable or practical alternative, hybrid reliable power solutions are an emerging source of power supply that are perfect. Hybrid power systems combine renewable energy sources (wind and sun) with diesel generators for an effective and stable power supply. Numerous sectors, including residential, commercial, telecommunications, mining, and oil and gas, utilize these hybrid sound power systems.
The market's largest category is anticipated to be the medium power. According to estimates, demand for military power solutions in the medium power segment would rise due to an increase in the market for power sources used by soldiers, armored vehicles, unmanned ground vehicles, and tanks. Ground vehicles that need about 250 Watts of power primarily use medium power sources.
The wattage segment is anticipated to grow at the fastest rate during the forecast period. Defense industries are becoming more interested in implementing low-wattage power solutions to support military personnel and equipment as a result of the expanding defense budget.
Research Associate at Cognitive Market Research
Anjali Lawand is an accomplished market researcher with a distinct focus on the intricate sector of the Aerospace and Defense. Driven by an unshakable analytical prowess and an insatiable appetite for technological progress, she has committed more than ten years to immersing herself in the ever-evolving panorama that molds the trajectory of aviation, space exploration, and the critical sphere of national security.
Anjali is a results-driven research analyst with a passion for transforming complex information into strategic insights. Grounded in a solid expertise in research and analysis in aerospace and defence category. She thrive on the challenges of data exploration and analysis.Her goal is to provide organizations with the actionable intelligence they need to navigate an ever-evolving business landscape and succeed in their business goals.
In her current role, Anjali manages research for aerospace and defence category, leading pivotal research initiatives, delving into market trends, consumer behavior, and competitive landscapes. She possess a proven ability to decipher intricate datasets, employing statistical models and visualization tools to deliver strategic insights. Collaborating seamlessly with cross-functional teams.She played a key role in shaping successful business strategies grounded in robust research.She dedicated to staying at the forefront of research methodologies and industry advancements. Anjali remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Military Power Solutions Market is witnessing significant growth in the near future.
In 2023, the Portable segment accounted for noticeable share of global Military Power Solutions Market and is projected to experience significant growth in the near future.
The Air segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Enersys , SFC Energy AG and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Portable, Non- Portable |
Application | Air, Land, Naval |
Source | Batteries Engine, Generators, Fuel Cells, Solar Power, Energy Harvesters |
Wattage | Low Power, Medium Power, High Power |
List of Competitors | Enersys, Arotech Corporation, SFC Energy AG, Raytheon Technologies Corporation, SAFT Groupe SA, EaglePicher Technologies, Denchi Power Ltd, Concorde Battery Corporation, Cummins Inc., Eniquest, Himoinsa, Advanced Conversion Technology, Inc., Concorde Battery Corporation, Energy Technologies, Inc. |
This chapter will help you gain GLOBAL Market Analysis of Military Power Solutions. Further deep in this chapter, you will be able to review Global Military Power Solutions Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Source Analysis 2019 -2031
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Chapter 13 Market Split by Wattage Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Military Power Solutions market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Portable have a significant impact on Military Power Solutions market? |
What are the key factors affecting the Portable and Non- Portable of Military Power Solutions Market? |
What is the CAGR/Growth Rate of Air during the forecast period? |
By type, which segment accounted for largest share of the global Military Power Solutions Market? |
Which region is expected to dominate the global Military Power Solutions Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Quantitative Data |
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