Global Military Power Solutions Market Size 2024, Forecast To 2033
6 Mar, 2024
The military power solutions market size has experienced rapid growth, escalating from $8.59 billion in 2023 to $9.45 billion in 2024, with a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period is driven by operational readiness requirements, deployability and portability needs, energy efficiency initiatives, remote and harsh environment operations, and mitigation of logistical challenges. Forecasts suggest strong growth ahead, reaching $13.43 billion in 2028, with a compound annual growth rate (CAGR) of 9.2%. This growth is attributed to modernization and technological integration, renewable energy integration, electrification of military platforms, hybrid and smart power systems, and resilience and redundancy requirements. Major trends in the forecast period encompass integration of energy storage systems, remote monitoring and control, cybersecurity measures, and a focus on energy efficiency.
Global Military Power Solutions Market Key Driver
The surge in the defense budget is anticipated to drive the growth of the military power solutions market in the foreseeable future. The defense budget, also known as the expenditure on military activities, represents the amount of money allocated to maintaining an armed force or other defense mechanisms. It encompasses various factors such as the size of the entity's economy, additional financial pressures, and the willingness of the government or people to fund military activities, thereby enhancing the entity's capacity for military training and promoting military power solutions. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), Russia increased its military spending by 2.9% in 2021, reaching $65.9 billion in 2022 and reinforcing its troops near the Ukrainian border. This marked the third consecutive year of increase, with military expenditure accounting for 4.1% of GDP in 2021. Consequently, an upsurge in the defense budget stimulates growth in the military power solutions market. In 2023, the military power solutions market size was X, while in 2024, it reached Y, with a projected market size for 2028 standing at Z.
Get A Free Sample Of The Global Military Power Solutions Market ReportGlobal Military Power Solutions Market Segments
The military power solutions market covered in this report is segmented –
1) By Type: Portable, Non-Portable
2) By Source: Batteries, Generators, Fuel Cells, Energy Harvesters, Other Sources
3) By Wattage: Low Power, Medium Power, High Power
4) By Platform: Air, Land, Sea
By Geography:The regions covered in the military power solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the global military power solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the military power solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Military Power Solutions Industry Players
Arotech Corporation, Concorde Battery Corporation, Cummins Inc., Denchi Group, EaglePicher Technologies, EnerSys, Eniquest Pty Ltd., Himoinsa S.L., Raytheon Technologies Corporation, Saft Groupe S.A., SFC Energy AG., Energy Technologies Inc., Schaefer Inc., Gresham Power Electronics Limited, Advanced Conversion Technology, Inventus Power Inc., Bren-Tronics Inc., Ultralife Corporation, L3Harris Technologies Inc., General Dynamics Corporation, Lockheed Martin Corporation, British Aerospace plc, Northrop Grumman Corporation, Safran SA, Thales Nederland B.V., Elbit Systems Ltd., Leonardo S.p.A., Rheinmetall AG, Saab AB, Hanwha Defense, Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Hyundai Rotem Company, Oshkosh Defense LLC, EaglePicher Technologies LLC
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Military Power Solutions Market Overview
Military power solutions refer to the tools for powering military devices and machinery. These power solutions are widely used in the military to power several smaller electronic gadgets to larger military vehicles.
Military Power Solutions Global Market Report 2023 provides data on the global military power solutions market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The military power solutions market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.