Market forecast: global demand for military batteries to grow 30 percent in six years; lithium-ion leads
BANGALORE, India – Global demand for military batteries is expected to grow by 30 percent over the next six years, from $2.1 billion this year to $2.75 billion by 28, predict analysts at market researcher Valuates Reports in Bangalore, India.
This represents a combined annual growth rate of 4.5 percent during the review period. Analysts make their observations in the report Global Military Battery Market Insights, Forecast to 2028.
Driving growth in the military battery market are changes in warfare techniques, demand for contemporary combat systems based on sophisticated technologies, increased demand for surveillance drones, and increased reliance on mobile technologies and remotely operated unmanned machinery, analysts say.
A rise in military spending across the board because an increase in the number of international disputes, also will drive military battery market growth over the next six years, experts say in this market forecast.
Related: Demand for military batteries worldwide to grow by 31 percent over the next five years
Demand for military batteries will grow because of a rise in demand for efficient portable equipment from changes in fighting strategies and growing reliance on mobile technologies on the battlefield.
Due to the limitations of solar energy as a fuel source, there is increased demand for devices that can store energy and use it to operate electronics as needed. Increased reliance on remotely operated robotics to replace humans on the battlefield also is increasing demand for power storage devices.
The growing demand for rechargeable lithium-ion batteries in defense applications is expected to drive the growth of the military battery market. In the military, rechargeable batteries are becoming more popular as they become more durable, safer, and have a longer operating life.
Although primary battery systems always will have a place, rechargeables increasingly are used in tactical operations and command posts because of lithium-ion's superior cycle life and wide operating temperatures.
North America is expected to be the most lucrative region for military batteries, followed by Europe; Asia-Pacific; Latin America; and the Middle East and Africa.
Key military battery suppliers over the next six years will be Arotech; Bren-Tronics; EaglePicher; Enersys; Saft; BST Systems; Cell-Con; Concorde; Denchi Power; Kokam; Lincad; Mathews Associates; Navitas Systems; Teledyne Technologies; and Ultralife, analysts say.
For more information contact Valuates Reports online at https://reports.valuates.com/market-reports/QYRE-Auto-19B1280/global-military-battery.
