NEW YORK, Aug. 25, 2023 /PRNewswire/ — The military battery market is estimated to grow by USD 423.21 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.32% during the forecast period. However, the growth momentum will progress. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) – Request a free sample report
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Military Battery Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on end-user (OEM and aftermarket), and technology (non-rechargeable batteries and rechargeable batteries)
- The market share growth in the OEM segment will be significant during the forecast period. The growing global production of military equipment such as drones, vehicles, and weapons is driving original equipment manufacturers (OEMs) to increase adoption. Furthermore, economic expansion in Brazil, Russia, India, and China is driving the drone industry. Intense competition and market saturation caused military manufacturers to turn to these countries. In addition, this situation opens the door for battery suppliers to offer incentives and solutions in emerging markets. Hence, these factors are expected to drive segment growth during the forecast period.
Geography Overview
By geography, the military battery market is segmented into Europe, North America, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global military battery market.
- Europe is estimated to contribute 35% to the growth of the military battery market during the forecast period. The UK contributes to significant regional markets by increasing military investment and leveraging advanced technologies to enhance its military superiority. Plans include empowering soldiers with advanced digital combat capabilities. At the same time, state-sponsored terrorism and militarized takeovers are reinforcing the need for counterinsurgency and accelerating the modernization of the armed forces. In addition, growing security risks are leading to increased military spending across Europe. Hence, these factors are expected to drive market growth in the region during the forecast period.
Insights on the market contribution of various segments, including country and region wise historical data (2017 to 2021), and forecast market size (2023 to 2027) – Download a free Sample Report
Military Battery Market – Market Dynamics
Key Driver
The increasing military spending is a key factor driving market growth. Military spending around the world is increasing due to factors such as tensions and conflicts between the US and China. The top spenders in 2021 include the US, China, India, Russia, and Saudi Arabia, which account for about 60-65% of global military spending. Along with this, the battery serves as a backup power source like a generator. Lithium-ion battery manufacturers are improving their technology to further reduce costs through increased production and government incentives. Hence, these factors are expected to drive market growth during the forecast period.
Major Trend
The growing adoption of military drones is a major trend in the market.
The performance risk in energy storage is a significant challenge restricting market growth.
Insights on Market Drivers, trends, & Challenges, historical period(2017 to 2021), and forecast period(2023 to 2027)- Request a free sample report!
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Military Battery Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.32% |
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Market growth 2023-2027 |
USD 423.21 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
3.5 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 35% |
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Key countries |
US, China, India, Russia, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arotech, BAE Systems Plc, Bren-Tronics Inc., BST Systems Inc., Cell-Con Inc., Concorde Battery Corp., Denchi Group Ltd., EaglePicher Technologies LLC, East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., General Dynamics Corp., GS Yuasa Corp., Kokam Co. Ltd., Lincad Ltd., Mathews Associates Inc., Teledyne Technologies Inc., TotalEnergies SE, Ultralife Corp., and BYD Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End User
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com
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SOURCE Technavio
