The military battery market is projected to grow from USD 1.3 billion in 2022 to USD 1.6 billion by 2027, at a CAGR of 4.1% from 2022 to 2027. The market is driven by rising need for ground vehicles and UAVs in military applications. However, the market’s growth is limited by the regulations on lithium batteries to foresee the market growth.
The COVID-19 outbreak has had an impact on the military battery supply chain. The spread of COVID-19 in the United States and Europe is expected to be slowed by lockdowns at military battery vehicle research and development centres.As a result of the Asia Pacific lockdown, many businesses in the military battery industry have lost revenue. Many startups have failed to continue operating in the area due to delays in development and a lack of funds. The commercialization of military battery appears to have been delayed by a year when compared with pre conditions.
The lead-acid segment is expected to hold major share of the market during the forecast periodon the basis ofcomposition
Military batteries are segmented into lithium-based, lead-acid, nickel-based, thermal, and otherson the basis of composition. Lead-acid batteries use sponge lead and lead peroxide to convert chemical energy into electrical power. The application of these batteries in militaries is declining due to the introduction of lithium-based and nickel-based batteries. Lead-acid batteries are dangerous for use under harsh military warfare conditions due to the problem of spillage of the acid. However, these batteries are still being used because of their low cost and low maintenance requirement. Increasing demand for armored vehicles and military aircraft is expected to drive the market for lead-acid batteries.
The ground segment is anticipated to lead the military battery market in near future
Military battery market has been segmented into ground, marine and airborne. Ground platforms are any equipment used by militaries or armed forces for navigation, communication, transportation, or any other purposes.
Rechargeable battery segment led the military battery market
Military battery market is segmented into rechargeable and non-rechargeable batteries. Rechargeable batteries held major share in the global market owing to higher adoption in military platforms.
Europe held largest market share in terms of value
Europe is estimated to account for 31% of the military battery market in 2022. The market in Europe is projected to grow from USD 395.8 million in 2022 to USD 478.3 million by 2027, at a CAGR of 3.86% from 2022 to 2027.
Break-up of profiles of primary participants in this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45% and Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America - 45%, Europe – 25%, AsiaPacific – 15%, Middle East– 10%,Rest of the World – 5%
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the ground support equipment market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches associated with the ground support equipment market. Competitive analysis of upcoming startups in the ground support equipment market ecosystem is covered in this report.
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analyses?industry analysis (industry trends), market ranking analysis of top players, value chain analysis, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the military battery market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on military batterysoffered by top market players
- Market Sizing: The estimated size of the market in 2022 and its projection to 2027
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the military battery market
- Market Overview: Market dynamics and subsequent analysis of associated trends as well as drivers, opportunities, and challenges prevailing in the military battery market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for military batteryacross regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the military battery market
- Regional Analysis: Factors influencing the growth of the military battery marketin North America, Europe, Asia Pacific,Middle East and Rest of the World.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the military battery market.