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Report
Military Power Solutions Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 129 Pages I Mordor Intelligence
The military power solutions market is expected to register a CAGR of over 3% during the forecast period (2022-2027).
The military power solutions market was relatively unaffected by the COVID-19 pandemic as the investments and procurement of new power solutions remained unaffected. Nevertheless, due to the issues in the supply chain caused by the pandemic, there were slight delays in delivering a few military platforms and equipment in 2020. However, the market gradually recovered in 2021, with aircraft deliveries and other equipment returning to pre-pandemic levels.
The growing military budgets are fuelling the growth of the market. Even during the COVID-19 pandemic, the defense budgets of the major military powers witnessed an increase, which has driven the procurement of military equipment. This, in turn, has generated demand for related power solutions. Also, several countries have increased their budget spending toward military electronics, which is expected to drive the related power solutions market growth during the forecast period.
The evolution of modern warfare has led to increased adoption of advanced technologies by the armed forces. This has also led to an increase in the demand for military power solutions. In addition, as communication, situational awareness, and weapon systems grow in sophistication, highly power-dense systems are required to power this newer generation, power-hungry systems.
The companies are collaborating with the armed forces to integrate new electric and alternative fuel technologies into military source equipment with minimum emissions. Such investments are expected to accelerate the market's growth in the coming years.
Military Power Solutions Market Trends
Portable Segment is Projected to Grow with the Highest CAGR During the Forecast Period
The advent of portable electronic devices has revolutionized warfare and has fostered the requirement of portable power for deployment. While portable power sources are crucial to operating specific tactical equipment on the battlefield, they require proper logistical support. Hence, there is a widening gap between the power requirement and availability in the austere environment. Besides, the portable power sources must be rechargeable without causing compatibility issues and vexing the associated risks of damage to both the power source and the equipment. Several ongoing R&D projects aim to enhance the performance parameters of portable power solutions on the battlefield while minimizing the associated operational challenges such as compatibility and SWaP. For instance, in June 2022, the US Department of Defence (DoD) Strategic Capabilities Office (SCO) selected BWX Technologies to construct the first advanced nuclear microreactor under Project Pele. The cost-type contract is worth USD 300 million, and the reactor will be capable of producing 1-5 MW and will be transportable in commercially existing shipping containers. Also, they will have up to 3 years of power once fuelled. Furthermore, the growing adoption of bright clothing has also increased the demand for portable power systems. Such factors are expected to drive the portable segment of the market during the forecast period.
North America Held the Largest Market Share in 2021
Currently, the North American region accounts for the largest share of the market and is expected to continue its dominance during the forecast period. The main reason for the higher revenue share of the region is the increased demand for military power solutions from the United States. Deployment of US troops in the various areas of the world, due to the US engaging in various global conflicts, is one of the major factors driving the growth of revenues from the region. These military camps and command units use various portable military equipment, requiring compact and transportable power solutions to supply continuous or emergency power. The country is focusing on enhancing the existing battery technology/power solutions onboard several of its defense platforms. In March 2022, NanoGraf was provided a USD 1 million development contract from the United States DoD to create next-generation battery technology, i.e., to manufacture a more powerful 4.3Ah lithium-ion battery with high battery life for the US Army. The cell will support the US military personnel with enhanced run-time for the equipment. In 2021, the company was awarded another contract to deliver 3.8Ah 18650 cylindrical lithium-ion cells, expected to enter volume production in 2022. Furthermore, the growing demand for newer power systems for powering the equipment in various land, air, and sea platforms inducted into the military is expected to propel the market's growth in the coming years.
Military Power Solutions Market Competitor Analysis
Enersys, Cummins Inc., Saft Groupe SAS, Arotech Corporation, and Raytheon Technologies Corporation are prominent players in the military power systems market. The manufacturers of military power solutions are continually looking for ways to develop power solutions keeping in mind the rules and regulations set by the various defense authorities worldwide. Players are focusing on developing innovative and sophisticated portable energy solutions with high power density for addressing the ever-growing complex and demanding power requirements of various military applications, which will help them gain new contracts from the militaries and expand their market share during the forecast period. For instance, in July 2021, Advent Technologies Holdings, Inc. signed a contract with the US Army DEVCOM Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) Center for completing the MIL-STD certification of 50 W Reformed Methanol Wearable Fuel Cell Power System of UltraCell (subsidiarity of Advent Technologies). The growing popularity of electric and other alternative fuel technology power sources is propelling the companies' investments towards these technologies, which is expected to support their growth in the long term.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Portable
5.1.2 Non-portable
5.2 Source
5.2.1 Batteries
5.2.2 Generators
5.2.3 Other Sources
5.3 Platform
5.3.1 Air
5.3.2 Land
5.3.3 Sea
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Latin America
5.4.4.1 Brazil
5.4.4.2 Rest of Latin America
5.4.5 Middle-East
5.4.5.1 United Arab Emirates
5.4.5.2 Saudi Arabia
5.4.5.3 Israel
5.4.5.4 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Enersys
6.2.2 Arotech Corporation
6.2.3 SFC Energy AG
6.2.4 Raytheon Technologies Corporation
6.2.5 SAFT Groupe SA
6.2.6 EaglePicher Technologies
6.2.7 Denchi Power Ltd
6.2.8 Concorde Battery Corporation
6.2.9 Cummins Inc.
6.2.10 Eniquest
6.2.11 Himoinsa
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