Market Size of Military Power Solutions Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 7.77 Billion |
Market Size (2029) | USD 11.28 Billion |
CAGR (2024 - 2029) | 7.75 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Military Power Solutions Market Analysis
The Military Power Solutions Market size is estimated at USD 7.77 billion in 2024, and is expected to reach USD 11.28 billion by 2029, growing at a CAGR of 7.75% during the forecast period (2024-2029).
The gradual but steady increase in the defense expenditure of the global armed forces has driven the procurement of several military platforms, such as armored vehicles, aircraft, and naval vessels, to strengthen their military capabilities. These platforms are designed to integrate several subsystems and equipment, all powered by one or more power solutions, thereby creating a parallel demand for military power solutions that drive the market's growth. Moreover, the increasing deployment of military units in far-away war zones also increases the need for various types of mobile military power solutions like transportable generators, thereby driving the market's growth.
On the other hand, militaries must operate their equipment in harsh environmental conditions, which may cause power solutions to malfunction. Certain battery technologies also require squibs (pyrotechnic charges) or gas generators for start-up, thermal insulation to protect against internal heat, and heating elements to ensure reliable operation at low temperatures. Hence, the military-grade requirements are generally strict, which will further challenge the entry and growth of the players.
Military Power Solutions Industry Segmentation
A power supply source, often referred to simply as a "power supply," is an electronic device or system that converts electrical energy from a source, typically the electrical grid, fuel cell, or battery, into a form compatible with the requirements of the connected equipment. The global armed forces use military power solutions to power their equipment and satiate their power needs, whether for soldiers, armored vehicles, or military bases.
The military power solutions market is segmented based on type, source, platform, and geography. By type, the market is segmented into portable and non-portable. By source, the market is classified into batteries, generators, and other sources. The other sources include solar power, fuel cells, and hybrid power solutions. The market is segmented by platform into land, air, and sea. The report also covers the market sizes and forecasts for the military power solutions market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
By Type | |
Portable | |
Non-portable |
By Source | |
Batteries | |
Generators | |
Other Sources |
By Platform | |
Air | |
Land | |
Sea |
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Military Power Solutions Market Size Summary
The military power solutions market is experiencing a robust expansion, driven by the increasing defense expenditures and the need for advanced military platforms such as armored vehicles, aircraft, and naval vessels. These platforms require integrated power solutions to enhance military capabilities, which in turn fuels the demand for military power solutions. The market is also benefiting from the growing deployment of military units in remote war zones, necessitating mobile power solutions like transportable generators. However, the stringent military-grade requirements and the challenges posed by harsh environmental conditions present obstacles for market entrants and growth. Despite these challenges, the market is poised for significant growth as militaries continue to invest in reliable and efficient power solutions to support their operations.
In the Asia-Pacific region, countries like China, India, South Korea, and Japan are driving market growth through increased defense spending and the procurement of advanced military systems. China's naval fleet expansion and India's procurement of next-generation vessels and tanks underscore the region's commitment to enhancing military power. The market is semi-consolidated, with key players such as EnerSys, RTX Corporation, Cummins Inc., SAFT Groupe SAS, and SFC Energy AG leading the charge. These companies are focused on developing innovative and sophisticated power solutions to meet the complex demands of modern military applications. Strategic moves, such as EnerSys's acquisition of Industrial Battery and Charger Services Limited, highlight the ongoing efforts to expand market presence and enhance service offerings.
Military Power Solutions Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Portable
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2.1.2 Non-portable
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2.2 By Source
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2.2.1 Batteries
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2.2.2 Generators
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2.2.3 Other Sources
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2.3 By Platform
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2.3.1 Air
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2.3.2 Land
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2.3.3 Sea
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 United Kingdom
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2.4.2.2 Germany
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Latin America
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2.4.4.1 Brazil
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2.4.4.2 Rest of Latin America
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2.4.5 Middle East and Africa
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2.4.5.1 United Arab Emirates
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2.4.5.2 Saudi Arabia
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2.4.5.3 Israel
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2.4.5.4 Rest of Middle East and Africa
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Military Power Solutions Market Size FAQs
How big is the Military Power Solutions Market?
The Military Power Solutions Market size is expected to reach USD 7.77 billion in 2024 and grow at a CAGR of 7.75% to reach USD 11.28 billion by 2029.
What is the current Military Power Solutions Market size?
In 2024, the Military Power Solutions Market size is expected to reach USD 7.77 billion.