The military power solutions market is expected to register a CAGR of 3. 42% during the forecast period. - The evolution of modern warfare has led to increased adoption of advanced technologies by the armed forces.
New York, Sept. 07, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Power Solutions Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05962020/?utm_source=GNW
This has also led to an increase in the demand for military power solutions. In addition, as communication, situational awareness, and weapon systems grow in terms of sophistication, highly power-dense systems are required to power this newer generation, power-hungry systems.
- Growing military budgets are fueling the growth of the market. Several countries have increased their budget spending toward military electronics, which is expected to drive the growth of the military power solutions market during the forecast period.
- However, due to the Covid-19 pandemic, financial priorities of the governments of several countries are changing dynamically, which can limit the procurement prospects of the defense equipment by countries with struggling economies, thereby affecting the market prospects of the respective power solutions, globally.
Key Market Trends
Portable Segment is Projected to Grow with the Highest CAGR During the Forecast Period
The advent of portable electronic devices have revolutionized warfare and has fostered the requirement of portable power for deployment. While portable power sources are key to operating certain tactical equipment on the battlefield, they require proper logistical support, and hence there is a widening gap between the power requirement and power availability in the austere environment. Besides the portable power sources are required to be rechargeable without causing compatibility issues and vexing the associated risks of damage to both the power source and the equipment. Several ongoing R&D projects aim to enhance the performance parameters of portable power solutions on the battlefield while minimizing the associated operational challenges such as compatibility, and SWaP. As of March 2020, the US Army was planning to deploy a miniature nuclear generator weighing a maximum of 40 tons to ensure logistics by using a freight truck, ship, or aircraft. The system, dubbed Pele, envisions to develop a safe, mobile, and advanced nuclear microreactor that can support a variety of US DoD missions, including but not limited to power generation for remote operating bases in case of a cyberattack. The US DoD has already awarded three contracts for obtaining an engineering design of the reactors with an initial capacity in the range of 1-5 MW. The Pele Project is scheduled for testing in 2023. Besides, the growing adoption of smart clothing has also resulted in an increased demand for portable power systems. Such factors are expected to drive the portable segment of the market, during the forecast period.
North America Held the Largest Market Share in 2019
By geography, North America held the largest market share in 2019. The main reason for the higher revenue share of the region is the high demand for military power solutions from the United States. Deployment of US troops in various regions of the world, due to the US engaging in various global conflicts, is one of the major factors driving the growth of revenues from the region. These military camps and command units use various portable military equipment, which requires compact and transportable power solutions to supply continuous or emergency power as required. The country is focusing on enhancing the existing battery technology/power solutions onboard several of its defense platforms. In June 2018, Exide Technologies signed a USD 75 million contract to supply lead battery systems for the US Navy fleet of submarines. Due to the growing demand for portable equipment carried by the military personnel, the US DoD is focusing on the research on newer generation power solutions. For instance, the US Army, along with the University of Maryland and Johns Hopkins Applied Physics Laboratory, developed a new aqueous lithium-ion battery in November 2019. This new battery technology can mitigate the problem of inflammation, unlike traditional lithium-ion batteries. Furthermore, the growing demand for newer power systems for powering the equipmnt in various land, air, and sea platforms induscted into the miitary is expected to propel the growth of the market in the coming years.
Enersys, Cummins Inc., SAFT Groupe SA, Arotech Corporation, and Raytheon Technologies Corporation are some of the prominent players in the market. The manufacturers of the military power solutions are continually looking for ways to develop power solutions keeping in mind the rules and regulations set by the various defense authorities across the world. Players are focusing on developing innovative and sophisticated portable energy solutions with high power density, for addressing the ever-growing complex and demanding power requirements of various military applications, which will help them gain new contracts from the militaries and expand their market share during the forecast period.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05962020/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001