Global Military Battery Market is projected to reach USD 3.81 Billion and register a CAGR of 5.8% between 2019 and 2026.
The increasing defense expenditure and increased demand for UAVs equipped with extended endurance capability are primarily driving the growth of the market. Additionally, the increased use of lightweight and high-power density military batteries is driving the growth of the market further.
The increasing use of unmanned systems by military agencies needs advanced batteries.
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Growth Opportunities in the Market
Lithium batteries segment is expected to record the highest growth in the market: The lithium batteries segment accounted for the largest market share and is expected to register the highest CAGR during the review period. This is due to the high usage of lithium batteries in unmanned systems.
The lead-acid battery segment is expected to record higher growth during the forecast period. Lead-acid batteries are often used as the primary batteries in an aircraft. Moreover, these batteries have good energy storage and power provision properties.
Land segment accounted for the largest share in 2019: The land segment accounted for the largest share in 2019. This is due to the increasing use of advanced batteries for combat vehicles, UGVs, and soldier systems that are driving the growth of this segment.
The airborne segment is expected to register the highest CAGR during the forecast period.
Propulsion systems segment is expected to witness the highest growth in the market: The propulsion systems segment accounted for the largest market share in 2019 and is expected to register the highest CAGR during the review period. This is due to the increasing demand for advanced batteries for the propulsion of unmanned systems.
Other Prominent Players
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