Highlights
Military Power Solutions Market Size is expected to reach USD 6,258.52 million by 2030, registering a CAGR of 6.7% during 2022-2030
The military power solutions market is poised for various advantages such as increasing demand for durable and maintenance-free power solutions, growing need for portable power solutions, and a rising defense electronic budget. The rising demand for durable power solutions in the defense sector across the globe is due to the fact that sometimes the troops are deployed in isolated regions where electricity is generated using the power solutions. The evolution of modern warfare has led to increased adoption of advanced technologies by the armed forces. This has also led to an increase in the demand for military power solutions. The launch of modern warfare techniques leads to generating more demand for military power solutions due to increasing geopolitical instability and the varying nature of warfare.
COVID-19 Impact Analysis
The Covid-19 outbreak has caused governments in numerous nations to reevaluate their financial priorities, which may reduce the likelihood that defense equipment would be purchased in countries with weak economies, harming global market prospects for pertinent power solutions.
On the other hand, as modern warfare developed, the military's reliance on technological innovations increased. There has been an increase in demand for military power solutions as a result.
Segment Analysis
The global Military Power Solutions Industry has been segmented on the basis of type, source, platform, wattage, and region/country.
Based on type, the military power solutions market has been divided into portable and non-portable.
By source, the military power solutions market has been segmented into batteries, generators, fuel cells, solar power, and energy harvesters.
Based on the platform, the military power solutions market has been divided into air, marine, and ground.
By wattage, the military power solutions market has been segmented into low power, medium power, and high power.
The regions included in the study are North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Key Findings of the Study:
- The global Military Power Solutions market is projected to reach a value of USD 6,258.5 million by 2030, with a CAGR of around 6.7% during the forecast period from 2022 to 2030.
- North America accounted for the largest Military Power Solutions Market share in 2021. One of the key elements influencing the increase of regional income is the deployment of US troops in various parts of the world as a result of the US's involvement in numerous international conflicts.
- Europe is expected to be the second-largest market in 2021. Due to the increasing development of advanced military ships and vessels by countries like the United Kingdom, Germany, Russia, and others that demand advanced power solutions.
- US is among the top contributors in the military power solutions market. The growing popularity of electric and other alternative fuel technology power sources is propelling the companies' investments towards these technologies, which is expected to support their growth in the long term.
- Increasing popularity and need for renewable sources of energy, and increasing demand for UAVs which require long-lasting power supply is the key opportunities in this market.
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