Military Battery Market to Reach $1.6 billion by 2027, at a CAGR of 4.1%

May 04 21:20 2023
Military Battery Market to Reach $1.6 billion by 2027, at a CAGR of 4.1%
Military Battery Market
Military Battery Market Size is expected to reach USD 1.6 billion by 2027 from USD 1.3 billion in 2022, at a CAGR of 4.1% from 2022 to 2027.

According to a research report Military Battery Market by Type (Rechargeable, Non-rechargeable), Installation (OEM, Aftermarket), Application (Propulsion, Non-propulsion), Platform (Ground, Airborne, Marine), Composition, Voltage, Power Density and Region – Global Forecast to 2027″ published by MarketsandMarkets, the military battery market is projected to grow from USD 1.3 billion in 2022 to USD 1.6 billion by 2027, at a CAGR of 4.1% from 2022 to 2027. The advent of rechargeable batteries in terms of compact designs and high power density, is one of the major driving factor for the demand of military battery market.

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Driver: Growing adoption of ground vehicles and UAVs

Various countries are adopting Unmanned Aerial Vehicles (UAVs), military vehicles, and military vessels for intelligence, surveillance, and reconnaissance missions. New generation UAVs such as Predator and Heron, developed by the US and Israel, respectively, are being employed for various combat missions, including attacks on hostile ground targets. The US Army initiated a new program to replace its existing platforms with new advanced combat vehicles.

Military Battery Market Opportunity: Advancements in material sciences and battery technology

There have been significant developments in the field of material science. The specific energies of batteries have increased in recent years. There is a stark difference in the specific energies of lead-acid batteries (30 Wh/Kg) and lithium-ion batteries (205-220 Wh/kg). This has resulted in the development of small, lighter, and more compact batteries with large energy storage capacities. For instance, Sion Power developed a lithium-sulfur battery with specific energies of over 400 Wh/Kg.

Top Military Battery Market Europe has the highest share in the forecasted period.

The Europe military battery market is projected to grow at the second-highest rate of 4.2% during the forecast period. The growth of this market is driven by the demand for advanced, energy-efficient, and lightweight batteries which offer enhanced safety, functionalities, and reliability.

Key players in the military battery market include EnerSys (US), GS Yuasa International Ltd (Japan), Saft (France), Exide Industries (India), and EaglePicher Technologies (US). The players are largely focused on new product development and launches, and having a strong global presence will help them gain a competitive advantage in the military battery industry. These companies are concentrating their efforts on breaking into new markets by launching technologically superior and cost-effective platforms and infrastructure solutions. These companies, in addition to new product releases and advances, have adopted partnership, contracts and agreement strategy.

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