Portland, OR, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global military battery market garnered $1.58 billion in 2021 and is estimated to generate $2.53 billion by 2031, manifesting a CAGR of 5.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers a valuable guide to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.58 billion |
| Market Size in 2031 | $2.53 billion |
| CAGR | 5.0% |
| No. of Pages in Report | 253 |
| Segments Covered | battery type, platform, voltage, application, and region |
| Drivers | The rise in the adoption of UAVs and ground vehicles The rise in military expenditure Increase in the use of lithium-ion batteries over lead-acid batteries |
| Opportunities | Growing markets in Southeast Asia Technological advancements in battery technology |
| Restraints | Regulations on lithium batteries |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic hurt the growth of the global military battery market, owing to the implementation of global lockdown which resulted in the weak financial performance of the market players in 2020.
- Curfew practices globally affected the domestic as well as international production of military batteries, which, in turn, hampered the growth of the overall market.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced a shortage of raw materials such as cobalt, lithium, and graphite.
- The military battery market has a high scope of growth opportunities in the future due to factors such as a rise in military expenditure, and rising adoption of UAVs and ground vehicles.
The research provides detailed segmentation of the global military battery market based on battery type, platform, voltage, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on battery type, the lithium-based segment held the highest share in 2021, accounting for more than 86% of the global military battery market, and is expected to continue its leadership status during the forecast period. For instance, in March 2022, in the U.S., NanoGraf, received a $1 million development contract from the Department of Defense to produce a powerful, longer-lasting 4.3Ah lithium-ion battery. Moreover, the lithium-based segment is expected to register the highest CAGR of 5.2% from 2022 to 2031.
Based on the platform, the ground segment held the highest share in 2021, accounting for more than two-thirds of the global military battery market, and is expected to continue its leadership status during the forecast period. Moreover, the ground segment is expected to register the highest CAGR of 5.2% from 2022 to 2031.
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Based on voltage, the less than 12 V segment accounted for the highest share in 2021, contributing to more than 40% of the global military battery market, and is expected to maintain its lead in terms of revenue during the forecast period. Moreover, the less than 12 V segment is expected to manifest the highest CAGR of 5.6% from 2022 to 2031.
Based on application, the communication and navigation systems segment accounted for the highest share in 2021, holding more than 51% of the global military battery market, and is expected to continue its leadership status during the forecast period. However, the propulsion systems segment is estimated to grow at the highest CAGR of 6.9% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly half of the global military battery market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 5.9% during the forecast period.
Leading market players of the global military battery market analyzed in the research include Bren-Tronics, Inc., Cell-Con, Inc., Denchi Group Limited, EaglePicher Technologies, LLC, Eco-bat Technologies Limited, Enersys, Exide Technologies, LLC, Lincad Limited, Saft, and Ultralife Corporation.
The report provides a detailed analysis of these key players in the global military battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
