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Military Power Solutions Market worth $9.01 Billion by 2022
March 27, 2017 | MarketsandMarketsEstimated reading time: 2 minutes
The report "Military Power Solutions Market by Type (Portable, Non-Portable), Source (Batteries, Generators, Fuel Cells, Solar Power, Energy Harvesters), Application (Air, Land, Naval), Wattage (Low, Medium, and High Power) and Region - Global Forecast to 2022". The military power solutions market is projected to grow from USD 5.35 Billion in 2016 to USD 9.01 Billion by 2022, at a CAGR of 9.07% during the forecast period.
Factors, such as the increasing defense electronics budget in several emerging countries and increasing demand for portable power solutions is expected to drive the growth of the military power solutions market.
The portable segment is estimated to witness the highest growth during the forecast period
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.
The fuel cells segment is estimated to witness the highest growth during the forecast period
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.
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.
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