The global military power solutions market size is projected to grow from USD 5.35 Billion in 2016 to USD 9.01 Billion by 2022, at a CAGR of 9.07% during the forecast period.Factors, such as the increasing defense electronics budget in several emerging countries and increasing demand for portable power solutions is expected to drive the growth of the military power solutions market.
Browse 93 market data tables and 53 figures spread through 161 pages and in-depth TOC on "Military Power Solutions Market - Global Forecast to 2022"
The portable segment is estimated to witness the highest growth during the forecast period
By type, the portable segment of the military power solutions market is projected to witness the highest growth during the forecast period. The growth of this segment can be attributed to the rising need for portable and compact energy sources to reduce the weight of power sources that can be easily carried by soldiers during missions.
Based on source, the fuel cells segment of the military power solutions market is projected to witness the highest growth during the forecast period, as they have high energy density and are highly durable, even under harsh environments.
Based on application, the land segment of the military power solutions market is projected to witness highest growth during the forecast period. The growth of this segment can be attributed to the use of diverse power solutions in electronics devices, such as radios, laser rangefinders, telegraph terminals, global positioning systems, night vision devices, meteorological systems, and early warning sensors. Power solutions are also required to vehicle engines and provide power to electrical equipment on the vehicle, such as radars and radios, among others.
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North America is projected to grow witness highest growth during the forecast period
North America is the fastest-growing market for military power solutions, due to significant investments in research and development on advanced military power solutions by key players in this region.
Key manufacturers and suppliers of military power solutions in this region include Raytheon Company (U.S.), Arotech Corporation (U.S.), Advanced Conversion Technology, Inc. (U.S.), Concorde Battery Corporation (U.S.), and Energy Technologies, Inc. (U.S.), among others.
SAFT Groupe S.A. (France) provides energy storage and renewables to the railways, defense, industrial standby, space, aviation, motive power & vehicles, oil & gas, marine, electronics, and utility industries. The company mainly focuses on contracts to strengthen its position in the military power solutions market. In January 2016, SAFT was awarded a multi-year contract by the U.S. Defense Logistics Agency (DLA) to supply BA 5372 primary lithium-manganese dioxide (Li-MnO2) batteries to the U.S. Army, Navy, Air Force, and Marine Corps.
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