Overview and Scope
Military power solutions refer to the tools for powering military devices and machinery. These power solutions are widely used in the military to power several smaller electronic gadgets to larger military vehicles.
Sizing and Forecast
The military power solutions market size has grown rapidly in recent years. It will grow from $8.59 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to operational readiness requirements, deployability and portability needs, energy efficiency initiatives, remote and harsh environment operations, logistical challenges mitigation.
The military power solutions market size is expected to see strong growth in the next few years. It will grow to $13.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to modernization and technological integration, renewable energy integration, electrification of military platforms, hybrid and smart power systems, resilience and redundancy requirements. Major trends in the forecast period include integration of energy storage systems, remote monitoring and control, cybersecurity measures, focus on energy efficiency.
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Segmentation & Regional Insights
The military power solutions market covered in this report is segmented –
1) By Type: Portable, Non-Portable
2) By Source: Batteries, Generators, Fuel Cells, Energy Harvesters, Other Sources
3) By Wattage: Low Power, Medium Power, High Power
4) By Platform: Air, Land, Sea
North America was the largest region in the global military power solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the military power solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in the defense budget is expected to propel the growth of the military power solutions market going forward. The defense budget is also called the expenditure on military activities and the amount of money allocated to the maintenance of an armed force or other defense methods. A defense budget includes the size of that entity’s economy, additional financial pressures on that entity, and the government’s or people’s willingness to pay for such military activities. As a result, it helps the entity’s capacity to support military training, which promotes military power solutions. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Solna-based public research institute, Russia boosted its military spending by 2.9% in 2021 to $65.9 billion in 2022, bolstering its soldiers near the Ukrainian border. This was Russia’s third year of increase, with military expenditure reaching 4.1% of GDP in 2021. Therefore, an increase in the defense budget drives the military power solutions market.
Key Industry Players
Major companies operating in the military power solutions market report are Arotech Corporation, Concorde Battery Corporation, Cummins Inc., Denchi Group, EaglePicher Technologies, EnerSys, Eniquest Pty Ltd., Himoinsa S.L., Raytheon Technologies Corporation, Saft Groupe S.A., SFC Energy AG., Energy Technologies Inc., Schaefer Inc., Gresham Power Electronics Limited, Advanced Conversion Technology, Inventus Power Inc., Bren-Tronics Inc., Ultralife Corporation, L3Harris Technologies Inc., General Dynamics Corporation, Lockheed Martin Corporation, British Aerospace plc, Northrop Grumman Corporation, Safran SA, Thales Nederland B.V., Elbit Systems Ltd., Leonardo S.p.A., Rheinmetall AG, Saab AB, Hanwha Defense, Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Hyundai Rotem Company, Oshkosh Defense LLC, EaglePicher Technologies LLC
The military power solutions market report table of contents includes:
- Executive Summary
- Military Power Solutions Market Characteristics
- Military Power Solutions Market Trends And Strategies
- Military Power Solutions Market – Macro Economic Scenario
- Global Military Power Solutions Market Size and Growth
- Military Power Solutions Market Segmentation
- Military Power Solutions Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Military Power Solutions Market
- Military Power Solutions Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Military Power Solutions Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Military Power Solutions Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Military Power Solutions Market, Segmentation By Wattage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Arotech Corporation Financial Performance
Table 76: Concorde Battery Corporation Financial Performance
Table 77: Cummins Inc. Financial Performance
Table 78: Denchi Group Financial Performance
Table 79: EaglePicher Technologies Financial Performance
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