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Global Military Battery Market Forecast to 2023
November 20, 2018 | Business WireEstimated reading time: 2 minutes
The military battery market is projected to grow from $2.42 billion in 2018 to $3.17 billion by 2023, at a CAGR of 5.57% during the forecast period.
The growth in the military battery market can be attributed to various army modernization programs and rising demand for unmanned vehicles by militaries across the world.
The military battery market has been segmented on the basis of offering, end user, platform, type, power density, energy consumption, application, composition, and region. Based on offering, the military battery market has been segmented into product and service. The product segment is projected to lead the military battery market during the forecast period, owing to increasing defense procurements mainly in countries such as the US, China, and India.
Based on platform, the military battery market has been segmented into aviation, ground, marine, space, munition. The land segment is projected to grow at the highest CAGR from 2018 to 2023. Increasing adoption of unmanned vehicles and procurement of ground vehicles is expected to drive the land segment.
Based on power density, the market is segmented into less than 100 Wh/Kg, 100-200 Wh/Kg, and more than 200 Wh/Kg. The less than 100 Wh/Kg segment is estimated to lead the military battery market in 2018. This growth can be attributed to the increasing demand for military vehicles among armies across the world.
Based on composition, the market is segmented into lithium battery, lead acid battery, nickel battery, thermal battery, and others. The lithium battery segment is estimated to lead the military battery market in 2018. Factors such as high density, power, and recharge cycle as compared to traditional batteries such as lead acid are driving this segment.
Based on type, the market is segmented into rechargeable and non-rechargeable. The rechargeable segment is estimated to lead the military battery market in 2018. Benefits such as reduced logistics cost and reduced of carrying extra batteries has led to the growth of this segment.
Based on end user, the market is segmented into OEM and aftermarket. The OEM segment is estimated to lead the military battery market in 2018. Defense forces across the world are increasing procurement of unmanned systems, aircraft, munitions and ground vehicles procurements, which has led to the growth of this segment.
Based on energy consumption, the market is segmented into less than 12 V, 12-24V, and more than 24V. The 12-24 V segment is estimated to lead the military battery market in 2018. Factors such as reduced logistics cost and reduced burden of carrying extra batteries has led to the growth of this segment.
Key companies profiled in the report include EnerSys (US), Arotech Corporation (US), EaglePicher Technologies (US), Bren-Tronics, Inc. (US), and Saft Groupe (France).
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