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Military Battery Market is Expecting Major Revenue Growth Worth $1.6 Billion by 2027

 



(Publishing-NewsWire.com, May 27, 2022 ) This report provides an analysis of the military battery market from 2018 to 2027. It discusses industry and technological trends that are currently prevailing in the market. It analyses factors driving and restraining the growth of this market, as well as the challenges faced it. The market is estimated to be USD 1.3 billion in 2022and is projected to reach USD 1.6billion by 2027, at a CAGR of 4.1% during the forecast period. Key factors fueling the growth of this market include growing demand for lithium-based batteries and adoption of unmanned vehicles for military operations.



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Based on platform, the military battery market has been segmented into ground, airborne, and marine. Ground platforms include armored vehicles, base stations, and unmanned ground vehicles. Airborne platforms include combat aircraft, unmanned air vehicles, military transport aircraft, and military helicopters. Marine platforms include destroyers, frigates, unmanned marine vehicles, submarines, offshore patrol vehicles, and aircraft carriers. Based on platform, the ground segment accounted for the largest share (94%) of the military battery market in 2022. This segment is projected to grow from USD 1,224 million in 2022 to USD 1,493 million by 2027, at a CAGR of 4.1% during the forecast period. This segment’s growth is attributed to the growing electrification of military platforms as well as the modernization of soldier systems.



Based on power density, the military battery market has been segmented into three parts: less than 100 Wh/kg, 100-200 Wh/kg, and more than 200 Wh/kg. Different applications require different power density batteries, which forms the basis of segmentation in this chapter. Handheld devices, vehicles, missiles, torpedoes, etc. have different power requirements. Less than 100 Wh/Kg includes batteries installed on platforms such as vehicles, operating bases, ships, and submarines. The batteries used here are typically nickel-cadmium and lead-acid batteries. The increasing demand for military vehicles and bases is expected to drive this segment. Battery manufacturers are providing lithium-ion batteries which can be used as substitutes for traditional lead-acid batteries.



The military battery market has been segmented into rechargeable and non-rechargeable batteries on the basis of battery type. Non-rechargeable batteries include primary batteries and reserve batteries. These batteries are used for military combat and rescue missions. These primary batteries can be stored for a long period before use, due to their high specific energy. In militaries, these batteries are used in communication equipment, weapon systems, and imaging devices.



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