Visiongain Publishes Military Power Solution Market Report 2021-2031
16 November 2020
Visiongain has published a new report on Military Power Solution Market Report 2021-2031: Forecasts by Type (Portable, Non-Portable), by Source (Fuel Cells, Batteries, Solar Power, Generators, Energy Harvesters), by Application (Air, Land, Naval), by Capacity (Low Power, Medium Power, High Power) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global military power solutions market is estimated to be valued at US$ xx billion in 2021 and is projected to grow at a CAGR of xx% to reach a market value of US$ xx billion by 2031. Need for portable power solution for defense forces has been the key factor driving the market for military power solutions over the past few years and the trend is expected to continue over the forecast period. The need for portable power solutions is expected to grow on account of increasing focus of armed forces on reducing the battle load on soldiers by replacing heavy batteries by fuels cells and renewable energy sources. Fuel cells enables significant weight reduction the armed personnel while ensuring continuous power supply to communication systems, navigations systems and various electronics carried by soldiers. In addition, growing demand for improved situational awareness of soldiers in the battlefield has increased significant weight on soldiers due to additional electronics. As a result, MoDs across the globe are working closely with companies to develop energy efficinect power solutions, which is another factor expected to propel the growth of military power solutions market over the forecast period.
Major armed forces across the globe such as US, Russia, China, India, and Germany among others have been investing significantly on advanced modern warfare techniques such as electronic warfare, and network centric warfare, which is also one of the factors fueling the growth of military power solutions across the globe. Moreover, focus of armed forces on improving the usage of renewable power solutions is further expected to drive the market in near future.
COVID-19 Impact on Military Power Solutions Market
COVID-19 has affected the global economies significantly during the past few months, due to which defense budgets in 2021 are anticipated to shrink considerably over the coming years. Majority of the countries spend around 2% of their GDP on defense budget and this percentage is expected to fall in coming years along with GDP. As a result of fall in GDP and defense budget allocation, all the defense markets are expected to witness smaller investments on the procurement over the next few years, which is one of the factors expected to inhibit the market growth during the first half of the forecast period. However, the market is expected to regain its pace in terms of investments in the market from 2024.
Some of the company’s profiled in this report include Denchi Power Ltd., Raytheon Company, Enersys Inc., Arotech Corporation, Advanced Conversion Technology, Inc.,Saft Groupe S.A., SFC Energy AG, Concorde Battery Corporation, Eaglepicher Technologies, LLC and Energy Technologies, Inc.
• In March 2020, US Army announced that they are planning to develop a mini portable nuclear power plant. These mini portable nuclear reactors can be carried on freight truck and are capable of providing indefinite power supply for remote operating bases. US Department of Defense has awarded three contracts for the development of such portable nuclear reactor for power solutions and is planning to test the system by the end of 2023.
• In September 2018, US Department of Defense has awarded a contract worth US$ 490.9 million to Cummins for supplying Mobile Power Sources. Under this contract, Cummins will provide US DoD with their state-of-art potable solution, Advanced Medium Mobile Power Sources (AMMPS) generator sets till 2023.
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