USD 1.6 billion
Report ID:
SQMIG20A2231 |
Region:
Global |
Published Date: February, 2024
Pages:
202
|
Tables:
66 |
Figures:
77
Global Military Battery Market size was valued at USD 1.6 billion in 2021 and is poised to grow from USD 1.68 billion in 2022 to USD 2.48 billion by 2030, growing at a CAGR of 6.24% in the forecast period (2023-2030).
A military battery assists as an energy storage device crucial for powering a wide array of military electronic equipment, as well as naval vessels such as ships and marines. In the military and defense sector, batteries find versatile applications, surrounding auxiliary power units, air defense missile systems, ignition systems, propulsion systems, communication systems, underwater robots, unmanned investigation aircraft, ground vehicles, land war fighter systems and more.
Particularly, military batteries display superior performance characteristics, including extended range, improved durability, and discriminating conductivity, when compared to civilian batteries. Moreover, these batteries play a crucial role as backup power sources in backup situations where predictable electricity sources may fail.
The progress in battery technology has played a vital role in the appearance of electric aircraft within the military domain. Continuing advancements in high-energy-density batteries, chiefly lithium-ion batteries, have allowed extended flight durations, elevated power output, and improved complete routine for electric aircraft.
These technological strides have positively addressed previous restraints, making electric aircraft more possible for military applications. Consequently, defense objects are increasingly assigning investments toward military batteries containing heightened energy density and power capacities, positioning with the operational needs of electric aircraft.
Predictable to dominate lead acid battery applications in areas similar to electric vehicles, plug-in electric vehicles, storage, and automobiles, lithium-ion batteries are poised to capture a mainstream market share by 2024. The surge in demand for portable electronics, surrounding tablets, smartphones, LCDs and wearable devices, serves as a driving force for the growth of the battery market.
Particularly, the market is foreseeable to experience substantial expansion due to technological progressions, marked by product innovations, heightened efficiency, and enlarged cost-effectiveness.
Global Market Size
USD 1.6 billion
Largest Segment
Lithium Battery
Fastest Growth
Lithium Battery
Growth Rate
6.24% CAGR
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The global military battery market is segmented on the basis of product, material, distribution channel and region. By product type, the market is segmented into lead-acid battery, lithium battery, thermal battery, nickel battery, and others. By composition, the market is segmented into land, space, Maritime, and Airborne. By voltage is segmented into below 12 V, 12v-14v, and above 14V. By end use is segmented into aerospace, automobile, electronics, military & defense and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product
The lithium-ion segment appropriated the lead in the market, contributing to 40.77% of the global revenue share in 2022, primarily attributed to its significant presence in the e-mobility sector. The dominance of lithium-ion battery solutions is expected to be further propelled by the continuous growth of the electric vehicle (EV) industry in the forthcoming years.
In 2022, lead-acid batteries held the second-largest share in the global battery market concerning revenue. The rising demand for rechargeable batteries, particularly starting, lighting, and ignition (SLI) batteries, within the automotive sector is poised to bolster market growth during the forecast period.
Analysis By End Use
In 2022, the automotive sector took the lead in the global market, commanding a market share of 32.37%. The increasing awareness of the advantages offered by battery-operated vehicles, particularly in regions like Asia Pacific, Europe, and North America, is anticipated to be a significant driver for the growth of lithium-ion batteries within the automotive end-use segment throughout the forecast period.
The electronics segment secured the second-largest position, driven by its widespread applications in portable consumer electronic devices. This includes mobile phones, laptops, computers, tablets, torches or flashlights, LED lights, vacuum cleaners, digital cameras, wristwatches, calculators, and hearing aids.
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During the forecast period, North America emerged as the dominant regional market for batteries. The North American construction industry is poised for substantial growth, driven by the increasing demand for non-residential infrastructure in the years to come. The battery market in the region is expected to experience expansion, propelled by a rise in investments in eco-innovations, encompassing electric bikes, cranes, and forklifts.
In 2022, Asia Pacific secured its position as the growing force in the global market, accounting for a substantial revenue share exceeding 55.67%. The commercial, residential, and grid storage segments are projected to witness notable growth, driven by factors such as industrialization, urbanization, increased disposable income in developing countries, and favorable regulations aimed at attracting investments to the region.
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Drivers
Growing Demand for Portable Power
Growing Adoption of Unmanned Systems
Restraints
Environmental concerns and regulations
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The market exhibitions a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Additionally, their focus extends to performing strategic initiatives, including partnerships, product launches, and collaborations, enhancing their overall market presence.
Top Player’s Company Profiles
Recent Developments
Rise of Wearable Technologies
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the military battery market is experiencing significant growth driven by the increasing demand for advanced energy storage solutions in defense applications. With a focus on enhancing the operational capabilities of military equipment, there is a rising need for reliable and high-performance batteries across various platforms such as ground vehicles, aircraft, naval vessels, and communication systems. Technological advancements in battery technologies, including lithium-ion and other advanced chemistries, are playing a crucial role in meeting the energy requirements of modern military operations. Additionally, the growing emphasis on electrification and the integration of renewable energy sources in defense systems further propel the market. The military battery market is characterized by ongoing research and development activities, strategic collaborations, and a shift towards more environmentally sustainable and efficient power sources, reflecting the evolving landscape of defense technologies. As military organizations worldwide continue to modernize their capabilities, the demand for innovative and ruggedized batteries is anticipated to remain robust in the foreseeable future.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 1.6 billion |
Market size value in 2030 | USD 2.48 billion |
Growth Rate | 6.24% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Military Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Military Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Military Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Military Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG20A2231