Demand for military batteries worldwide to grow by 31 percent over the next five years
LYON, France – Worldwide demand for military batteries should grow by 31 percent over the next five years, driven primarily by international army modernization programs and rising demand for military unmanned vehicles, predict analysts at market researcher ReportLinker in Lyon, France.
This project growth in the global military battery market represents a combined annual growth rate (CAGR) of 5.57 percent over the next five years, analysts say.
The military battery market over the next five years should increase from $2.42 billion this year to $3.17 billion by 2023. Military batteries power military electronic equipment like aircraft, vehicles, soldiers, operating bases, ships, submarines, and unmanned vehicles.
Military batteries also act as backup in conditions wherein electricity sources may fail.
The original equipment manufacturer (OEM) market segment should lead the military battery market in 2018, driven by army modernization programs to replace technologically obsolete systems.
Related: Army chooses lithium-ion rechargeable batteries from Mathews Associates and Bren-Tronics
Land applications should lead the military battery market in 2018, due to the adoption of unmanned vehicles and procurement of ground vehicles. Rechargeable military batteries should be the most popular type because of their reduced logistics costs and reduced burden of carrying extra batteries. The 12-to-24-volt segment also should lead the military battery market in 2018.
Lithium batteries should be the most popular with the military over the next five years because of its high density, power, and recharge cycle as compared to traditional batteries such as lead acid, analysts say. The U.S. and Canada should lead demand in the military battery market in 2018. Leading applications in this region should be guided munitions and military aircraft.
Key players in the military battery market include EnerSys in Reading, Pa.; Arotech Corp. in Ann Arbor, Mich; EaglePicher Technologies in St. Louis; Bren-Tronics Inc. in Commack, N.Y.; and Saft Groupe S.A. in ĂŽle-de-France, France, analysts say.
For more information contact ReportLinker online at www.reportlinker.com.
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