The global military power solutions market is anticipated to grow at a considerable CAGR of 7.7% during the forecast period. The market is growing owing to the rise in strategic activities including collaborations among the power solutions companies and militaries of nations across the globe. Such event has been growing with the rising military budgets of emerging countries such as China, India, and others. For instance, in February 2022, the Indian Finance Minister unveiled that the defense budget of the country increased by 9.8% as compared with the defense budget of the country in 2021, and reached $70.6 billion.
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Such a rise in the budget has also contributed to the collaborations of governments with the power solution companies for advanced, and portable power sources for armed forces. For instance, in July 2021, Advent Technologies Holdings, Inc. signed an agreement with the US Army DEVCOM Command, Communications, Computers, Control, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) Center for finalizing the MIL-STD certification of 50 W Reformed Methanol Wearable Fuel Cell Power System of UltraCell, Advent Technologies’ subsidiarity. Moreover, in May 2022, a cooperative contract of $9 million from the U.S. Department of Defense occurred for funding efforts by the University of Maryland’s Center for Research in Extreme Batteries (CREB) for improving military battery technology for supporting the U.S. Army’s complex development for transforming itself into the fighting force of the upcoming years.
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Market Coverage
- Segment Covered-
o By Type
o By Source
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- including Arotech Corp., Cummins Inc., EnerSys, Raytheon Technologies Corp., Saft Groupe SAS, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Military Power Solutions Market Report Segment
By Type
- Portable
- Non-portable
By Source
- Batteries
- Generators
- Others (Fuel Cells, and Solar Power)
By Application
- Air
- Land
- Sea
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