The global defense electronics market is expected to witness growth in the coming years, owing to the increased defense budgets in various countries across the globe. The military power solutions market is expected to witness major trends in the form of lithium-based batteries and fuel cells. Furthermore, more efficient and lightweight solar power and fuel cells are expected to be developed for use in the military sector. The military power solutions market is projected to reach USD 9.01 billion by 2022, at a CAGR of 9.07% from 2016 to 2022.
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.
The land segment is estimated to witness the highest growth during the forecast period
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.
Arotech Corporation (U.S.) supplies batteries & chargers, advanced power supplies, and multimedia interactive simulators for the military, homeland security, and law enforcement markets. UEC Electronics, LLC, a South Carolina-based subsidiary of Arotech Corporation offers sophisticated solutions in engineering design, rapid prototyping, and manufacturing; and product development services for military. In January 2017, UEC Electronics received a contract by the U.S. Army to develop Energy Storage System (ESS) for Tactical Microgrids.
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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