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Military Power Solutions Market Projected to Reach $9.01 Billion by 2022
April 6, 2017 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Military Power Solutions Market - Global Forecast to 2022" report to their offering.
The military power solutions market is projected to reach USD 9.01 billion by 2022, at a CAGR of 9.07% during the forecast period. Factors, such as requirement for durable and maintenance free power sources power solution for military is expected to drive the growth of the military power solutions market.
The portable segment is expected to witness highest growth, owing to the increasing demand for portable power sources in applications, such as soldiers, UAVs, and vehicles, among others. Military forces across the globe demand compact sources of power that can provide high energy density for a longer time-period. The power sources should also be safe and rugged to withstand the harsh environment.
Fuel cells are being used extensively in the battlefield. These cells are replacing the batteries and generators due to their benefits, such as safety, reliability, noise-reduction, and high energy density. Fuel cells are used in various applications, such as soldiers, UAVs, and ground vehicles, among others.
North America is expected to be the largest market for military power solutions, owing to the high defense spending by the U.S. Increasing demand for lightweight and energy efficient power sources is expected to fuel the market for military power solutions in the region. Major players are making significant investments in research and development to develop advanced military power solutions.
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