IMARC Group’s latest report, titled “Military Power Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global military power solutions market size reached US$ 8.18 Billion in 2021. Military power solutions are employed to power electronic devices, isolated outposts, drones, large military vehicles, and other machinery across air, land, and sea. These devices consist of batteries, fuel cells, energy harvesters, generators, and solar power cells. They are usually small, lightweight, easy to store, and produce zero noise or fumes. Compared to commercial power supplies used by military hospitals and air traffic control facilities, they support higher voltages and lower input signals while providing a safe and reliable alternative to other power sources. They support specific voltage ranges for power continuity, control, and effective operations. Since they provide easy access to power in isolated or hard-to-access areas, military power solutions have gained immense traction across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Military Power Solutions Market Trends:
The rising deployment of troops in remote areas represents the primary factor driving the market growth. Besides this, the surging need for durable, portable, and maintenance-free power solutions that can be used at any location to lower operating costs is another major growth-inducing factor. Additionally, governments of various countries are expanding their military and defense budgets to upgrade defense equipment due to the increasing geopolitical tensions and changing warfare conditions. In line with this, the widespread adoption of advanced Unmanned Aerial Vehicles (UAVs) and military drones to carry out counterterrorism strikes and surveillance has augmented the demand for military power solutions. Furthermore, the escalating demand for soundless military power solutions to power electronics and drones without revealing the area of the outposts has accelerated the product adoption rate. Apart from this, extensive investments in research and development (R&D) activities to launch innovative military power solutions are offering lucrative opportunities to the market players. Other factors, including the shifting inclination toward miniaturized power sources, rising usage of hybrid power solutions, increasing adoption of modern warfare strategies, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 12.01 Billion by 2027, expanding at a CAGR of 6.30% during 2022-2027.
- Based on the type, the market has been bifurcated into portable and non-portable.
- On the basis of the source, the market has been classified into batteries, generators, and others.
- The market has been divided based on the wattage into low, medium, and high power.
- Based on the application, the market has been categorized into air, land, and naval.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Australia, and others), Europe (Germany, France, the United Kingdom, Spain, Russia, Italy, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Arotech Corporation, Concorde Battery Corporation, Cummins Inc., Denchi Group Ltd., EaglePicher Technologies LLC, EnerSys Inc., Eniquest, Himoinsa S.L. (Yanmar Co. Ltd.), Raytheon Technologies Corporation, Saft (TotalEnergies SE), and SFC Energy AG.
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