Global Military Power Solutions Market Size, Trends & Analysis - Forecasts to 2026 By Type (Portable, and Non-Portable); By Source (Batteries Engine, Generators, Fuel Cells, Solar Power, Energy Harvesters); By Platform (Air, Marine, and Ground); By Wattage (Low Power, Medium Power, and High Power); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Military Power Solutions Market Insights
The defense forces are keen to invest in the development and procurement of the advanced power solution around the globe. The advanced power solutions are designed with such precision to provide safety and security to the military base in the most critical situation. These solutions are used to power up electronic gadgets, types of machinery, isolated outposts, and military drones or UAVs also. Generators, batteries, and solar power cells are among the most used military solutions across the globe. The key players of this market are continuously bringing the most recent and innovative solutions by adhering to the regulations established by the authority of defense. According to the GME report, the market is expected to expand at a rate of 8.5% between 2020-2026.
The adoption of renewable solutions such as solar panels is one of the major accelerators of the military power solution market as the solar panels offer high durability with minimum maintenance at an affordable rate. Also, the key advantages offered by the military power solutions such as increasing demand for durables and free maintenance power solutions, raising defense electronic funds, and increasing need for portable power solutions are creating opportunities for the market to build higher revenue in the coming years. The launch of modern warfare techniques leads to generate more demand for military power solutions owing to increasing geopolitical instability and varying nature of the warfare.
However, high power output issues, high initial cost deployment, and strict military regulatory norms are the major challenges faced by the military power solution market in recent times.
Military Power Solutions Market: By Type
The two types of military power solutions are non-portable and portable. The growing need for compact and lightweight solutions of the portable segment for the military power market is expected to show the highest growth in the upcoming years. Also increasing demand for portable power solutions in different applications such as vehicles, and UACs, among others, is creating the demand for the solutions thus uplifting the portable power solution revenue.
Military Power Solutions Market: By Source
Batteries engine, energy harvesters, generators, and solar power are the types of source segments of the market. The fuel cell has shown the most extensive demand on the battlefield thus witnessed to show the highest market between the conjecture timespan. The reason behind the significant growth of the segment comes as the best replacement for the batteries and generators due to various benefits such as high energy density, safety, noise-reduction, and reliability
Military Power Solutions Market: By Platform
The platforms targeted by military power solutions are marine, air, and ground. The ground segment is estimated to dominate the market in the coming years. The growing demand of the segment by the soldiers, UGVs, tanks, and armored vehicles is building the grip of the segment into the market
Military Power Solutions Market: By Wattage
The wattage of military power solutions can be explained as low power, medium power, and high power. Out of the mentioned segments, the medium power solution has shown the largest market in recent past years and is projected to top the market share table in the coming tenure also. Increasing segment usage by the soldiers, UGVs, tanks, and armored vehicles has made it be the largest revenue-building segment in current times.
Military Power Solutions Market: By Region
Asia-Pacific is estimated to show the highest market of the military power solutions followed by the North America region as the largest market holder of the solutions. Growing defense investment by countries like India, China, and Japan is estimated to build up the entire market of military power solutions. Also increasing demand for efficient, long-lasting, cheap, and reliable military solutions is triggering its market in present times.
Market Share and Competitor Analysis
The key players operating in the market include Schaefer, Inc., Gresham Power Electronics Limited, Raytheon Technologies Corporation, Arotech Corporation, Eaglepicher Technologies, LLC, Denchi Power Ltd., Advanced Conversion Technology, Inc., Cummins Inc., Concorde Battery Corporation, Saft Groupe S.A., Enersys Inc., Energy Technologies, Inc., Eniquest, Himoinsa, SFC Energy AG, and Digital Power Corporation among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In November 2020, Gresham Power Electronics Limited announced its Ferman global defense business expansion with the agreement to acquire the Relic electronic ltd of the UK.
In November 2020, Raytheon Technologies Corporation (US), announced in news regarding its acquisition of a privately held Blue canyon technologies.
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The Global Military Power Solutions Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Military Power Solutions Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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