Military Battery Market Expected to Reach $3.17 Billion by 2023

(Photo: A hybrid power system for military applications from Arotech Corporation subsidiary UEC Electronics. Credit: UEC Electronics)

The military battery market is estimated to be $2.42 billion in 2018 and is projected to reach $3.17 billion by 2023, at a CAGR of 5.57% from 2018 to 2023, according to ResearchAndMarkets.com.

Military batteries are used by military forces across different platforms such as aircraft, vehicles, soldiers, operating bases, ships, submarines and unmanned vehicles. These batteries are also used as an emergency backup in conditions wherein electricity sources may fail. According to the research firm, this growth of the military battery market can be attributed to the various army modernization programs and rising demand for unmanned vehicles in militaries across the world.

The North American region is estimated to lead the military battery market in 2018. The US and Canada are the key countries considered for market analysis in this region. Increasing procurement of guided munitions and military aircraft are expected to fuel the growth of the military battery market in North America.

Key players operating in the Military Battery Market include EnerSys (US), Arotech Corporation (US), EaglePicher Technologies (US), Bren-Tronics, Inc. (US), and Saft Groupe (France).

Key Findings from a Recent ResearchAndMarkets.com Report:

• Based on end user, the OEM segment is estimated to lead the military battery market in 2018. Various army modernization programs to replace technologically obsolete systems are driving the OEM segment.
• Based on platform, the land segment is estimated to lead the military battery market in 2018. This growth can be attributed to the adoption of unmanned vehicles and procurement of ground vehicles.
• Based on type, the rechargeable segment is estimated to lead the military battery market in 2018. Benefits such as reduced logistics cost and reduced burden of carrying extra batteries have led to the growth of this segment.
• Based on power density, the less than 100 Wh/Kg segment is estimated to lead the military battery market in 2018. This growth can be attributed to the increasing demand for military vehicles among armies across the world.
• Based on energy consumption, the 12-24 V segment is estimated to lead the military battery market in 2018. Benefits such as reduced logistics cost and reduced burden of carrying extra batteries have led to the growth of this segment.
• Based on composition, the lithium battery segment is estimated to lead the military battery market in 2018. Factors such as high density, power, and recharge cycle as compared to traditional batteries such as lead acid are driving this segment.