NEWARK, Del, July 23, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI) latest report, the global Military Batteries Market value is forecast to rise from US$ 1.4 billion in 2023 to US$ 2.2 billion by 2033. Over the forecast period, global sales of Military Batteries are likely to soar at 4.7% CAGR. The target market is expected to create an absolute incremental opportunity of around US$ 0.805 billion through 2033.
Most of the military battery demand is expected to emerge from the land platform. This is due to rising adoption of land-based military equipment, such as land vehicles and missile systems that require batteries.
As per the latest analysis, the land platform segment is projected to thrive at a steady CAGR of 4.5% during the assessment period. Hence, it is likely to create lucrative revenue-generation opportunities for military battery manufacturers.
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The exponential growth of the military & defense sector coupled with the rising adoption of advanced military systems is expected to boost the global Military Batteries Market.
Military Batteries are used to power a wide range of military and defense systems and equipment. These batteries are specifically designed for military applications as they offer improved energy density, reduced weight, and longer lifespan.
Rising spending on military & defense systems by governments across the globe is expected to elevate demand for Military Batteries during the forecast period.
Similarly, the growing popularity of unmanned aerial vehicles (UAVs) and high adoption of lithium-ion batteries is likely to boost the target market.
Other factors that are anticipated fuel market expansion are the development of compact, lightweight, and high-power density batteries and the rising electrification of military & defense equipment.
Growing environmental concerns and fluctuation in fuel prices are prompting military and defense organizations to explore the potential of electric aircraft in military applications. This is expected to create a high demand for Military Batteries.
Key Takeaways from this Market Research Study:
- The global Military Batteries industry is predicted to cross a valuation of US$ 2.2 billion by 2033.
- By platform, land segment is poised to exhibit a CAGR of 4.5% during the assessment period.
- Based on capacity, below 12V segment is projected to thrive at 4.4% CAGR through 2033.
- The United States Military Batteries Market is forecast to attain a valuation of over US$ 0.371 billion by 2033.
- Military battery demand in Japan market is set to increase at 4.7% CAGR between 2023 and 2033.
- China Military Batteries industry is projected to cross a valuation of US$ 0.480 billion by 2033.
- The United Kingdom market is poised to exhibit a CAGR of 4.5% through 2033.
- Military battery sales in Korea are likely to soar at 4.3% CAGR during the forecast period.
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Competitive Landscape:
- Arotech Corporation
- Bren-Tronics, Inc.
- BST Systems, Inc.
- Cell-Con, Inc
- Concorde Battery Corporation
- Denchi Power Ltd.
- EaglePicher Technologies LLC
- EnerSys, Inc.
- Kokam Co., Ltd.
- Lincad Ltd
These key players are introducing new batteries for specific military applications to increase their revenues. They are also employing strategies such as acquisitions, mergers, agreements, partnerships, and facility expansions to stay ahead in the market.
Recent developments:
- In February 2021, Advent Technologies Holdings, Inc. announced the acquisition of UltraCell LLC, a leader in lightweight fuel technology.
- In August 2019, Saft introduced new Xcelion 6T Type 1-A batteries for military ground vehicles and other applications.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the Military Batteries Market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on platform (land, marine, aviation), capacity (below 12V, 12 to 24V, and above 24V), type (rechargeable and non-rechargeable), end use (OEM and aftermarket), and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
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Market Segmentation:
By Platform:
- Land
- Marine
- Aviation
By Capacity:
- Below 12V
- 12 to 24V
- Above 24V
By Type:
- Rechargeable
- Non-Rechargeable
By End Use:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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