Global Military Power Solutions Market.
Global Military Power Solutions Market is projected to register a CAGR of 9.01% from 2020 to 2026.
The rapidly growing need for durable and maintenance-free power sources and rising defense electronics budget across the world has significantly contributed to the expansion of the military power solutions market. Furthermore, increasing initiatives undertaken by the government of countries such as the US for the development of advanced military power solutions are also expected to drive the growth of the market. For example, in March 2020, the Pentagon awarded development contracts to X-energy, LLC, for USD 14.3 million to begin a two-year engineering competition for designing a small nuclear microreactor that is intended to be deployed outside the US.
However, issues in generating high output power and the high initial cost of deployment might hamper the growth of the global market for military power solutions.
Increasing technological advancements in military power solutions such as solar power, nuclear power batteries, and fuel cells are expected to drive the growth of the military power solutions market.
Growth Opportunities in the Market
Portable segment to register the higher growth rate: The portable segment is expected to register the higher CAGR during the forecast period, 2020 to 2026. The rising demand for portable batteries and other defense electronics due to the increasing number of military vehicles across the world is expected to drive the growth of the segment in the global market.
Fuel cells segment is expected to be the fastest growing: The fuel cells segment is expected to grow with the highest CAGR during the study period, 2020 to 2026. The benefits offered by fuel cells, such as high durability and high capacity of storage, are expected to drive the growth of the segment.
Ground segment is expected to register the highest CAGR: the ground segment is expected to grow at the highest CAGR during the study period. This growth can be attributed to factors such as the increase in the demand for military power solutions for military base camps and military vehicles. Manufacturers are currently focusing on developing military power solutions that are more reliable and efficient.
Medium power segment to register the highest growth rate: The medium power segment is expected to register the highest CAGR during the forecast period, 2020 to 2026. Rising procurement of defense vehicles, tanks, and other defense systems, increasing number of military operations, and increasing budget allocations of developing economies are expected to drive the growth of the segment in the global market.
Other Prominent Players