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The global military battery market is expected to post a CAGR of over 4% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the decline in Li-ion battery prices. Lithium is a light metal with high energy density and large electrochemical potential when compared with other metals. The chemical reaction in Li-ion batteries produces electrical energy that is used as backup power for battery-powered applications.
This market research report on the global military battery market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
Global Military Battery Market: Wearable Devices for Military Operations
One of the most important aspects of military operations is communication. Generally, military personnel carry battery-powered equipment to update the activities and progress during their missions. Batteries are specifically designed to power the communication equipment used, and the personnel need to carry these batteries in bulk at the start of their missions, which adds up to the overall weight.
“Technological improvements include the incorporation of communication devices into the body armor worn by the personnel. Companies are currently providing military-grade batteries to power these wearables. Hence, OEMs are designing equipment providing hands-free communication systems instead of hand-held devices. Such advances in military equipment will drive the growth of the military battery market during the forecast period,” says a senior analyst at Technavio for research on energy storage.
Global Military Battery Market: Segmentation Analysis
This market research report segments the global military battery market by technology (rechargeable and non-rechargeable) and geographical regions (APAC, EMEA, and the Americas).
The rechargeable segment held the largest market share in 2017, accounting for nearly 77% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of over 39%. This region is expected to dominate the market through 2022.
