Military Power Solutions Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.77 Billion |
| Market Size (2029) | USD 11.28 Billion |
| CAGR (2024 - 2029) | 7.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Military Power Solutions Market Analysis
The Military Power Solutions Market size is estimated at USD 7.77 billion in 2024, and is expected to reach USD 11.28 billion by 2029, growing at a CAGR of 7.75% during the forecast period (2024-2029).
The gradual but steady increase in the defense expenditure of the global armed forces has driven the procurement of several military platforms, such as armored vehicles, aircraft, and naval vessels, to strengthen their military capabilities. These platforms are designed to integrate several subsystems and equipment, all powered by one or more power solutions, thereby creating a parallel demand for military power solutions that drive the market's growth. Moreover, the increasing deployment of military units in far-away war zones also increases the need for various types of mobile military power solutions like transportable generators, thereby driving the market's growth.
On the other hand, militaries must operate their equipment in harsh environmental conditions, which may cause power solutions to malfunction. Certain battery technologies also require squibs (pyrotechnic charges) or gas generators for start-up, thermal insulation to protect against internal heat, and heating elements to ensure reliable operation at low temperatures. Hence, the military-grade requirements are generally strict, which will further challenge the entry and growth of the players.
Military Power Solutions Market Trends
Generators Segment to Continue Market Share Domination
- Military bases require a continuous and reliable electrical power source for various operational needs. Generators serve as a backup or supplementary power source, ensuring critical systems, communications, and equipment remain functional even during power outages or in remote locations. Rising spending on the defense sector and a growing focus on enhancing defense capabilities drive the market growth.
- In August 2023, the US Army and the US Air Force awarded Liquid Piston a contract to develop rotary engines that could displace the 30,000 small tactical generator sets currently in use and power drones. The company鈥檚 high-efficiency hybrid cycle (HEHC) rotary engines are based on a new architecture and a unique thermodynamic cycle. This renders them very effective in compact power generation and powertrain applications where SWaP is critical.
- In August 2022, the US DoD started building a new prototype nuclear microreactor at the 890-square-mile Idaho National Laboratory as part of Project Pele. The micro-reactor is intended to provide reliable, abundant, and continuous energy by deploying nuclear power systems within the military. The project is scheduled for completion by 2027. It would use tri-structural isotopic (TRISO) atomic fuel rods that are highly heat-resistant and will not melt at the temperatures experienced inside a nuclear reactor core, even during a runaway reaction.
- The demand for generators also comes from military land vehicles for various operations. The versatility of the terrain and the criterion for usage have encouraged vehicle OEMs to integrate superior power solutions that are either sourced from third-party vendors or are developed in-house. Thus, the growing demand for generators in various military applications drives the market growth.
Asia-Pacific is Projected to Show Highest Growth During the Forecast Period
- Increased defense expenditures and rising procurement of advanced military systems from China, India, South Korea, and Japan drive market growth across the Asia-Pacific. These countries have invested vast technological prowess in the indigenous development of several weapon systems to foster their military powers over all dominions-land, air, and water.
- China鈥檚 navy is undergoing a vast naval fleet expansion, which is projected to help China surpass Russia as the largest navy in the world in terms of frigates and submarines. China continually emphasizes increasing its anti-submarine warfare (ASW) capabilities from coastal defense to blue-water operations. For instance, in September 2022, the Naval University of Engineering published a study stating that China has developed the world鈥檚 most powerful battery for high-energy weapons, which can be mass-produced in the nation鈥檚 many lithium battery plants. The 40165 battery was the first to release energy as quickly as a supercapacitor.
- Similarly, in March 2023, the Indian Ministry of Defense (MoD) signed a contract worth INR 19,600 crore (USD 2.39 billion) with Indian shipyards to procure 11 next-generation offshore patrol vessels and six following-generation missile vessels for the Indian Navy. The Defense Ministry awarded over INR 9,100 crore (USD 1.11 billion) contracts for an improved Akash Weapon System and 12 weapon locating radars Swathi (Plains) for the Indian Army. Furthermore, India plans to replace its aging T-72 tanks with new-generation future tanks under the Future Ready Combat Vehicle program. Over the next decade, it is expected to induct about 1,700 new tanks. Hence, the country's growing geopolitical tensions and rapid procurement plans are expected to generate the demand for new military power solutions.
Military Power Solutions Industry Overview
The military power solutions market is semi-consolidated in nature. Some of the key players in the market are EnerSys, RTX Corporation, Cummins Inc., SAFT Groupe SAS, and SFC Energy AG. Many small/domestic companies occupy a relatively small market share.
The manufacturers of military power solutions are continually looking for ways to develop power solutions considering the rules and regulations set by the various defense authorities worldwide. Players focus on developing innovative and sophisticated portable energy solutions with high power density to address various military applications' ever-growing complex and demanding power requirements. This would help them gain new contracts from the militaries and expand their market share during the forecast period. For instance, in September 2023, EnerSys was selected to supply its thin plate pure lead batteries to the US Navy as primary storage on all four US Navy Nuclear submarine classes.
Military Power Solutions Market Leaders
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Enersys
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Cummins Inc.
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SAFT Groupe SA
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RTX Corporation
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SFC Energy AG
*Disclaimer: Major Players sorted in no particular order
Military Power Solutions Market News
- August 2023: Collins Aerospace, a part of RTX Corporation, was awarded a USD 24 million contract for producing and delivering electric generators with containers to the USArmy Anniston Depot to support its Abrams M1A2 Main Battle Tank.
- April 2023: EnerSys, the global leader in stored energy solutions for industrial applications, acquired Industrial Battery and Charger Services Limited (IBCS), a leading battery service and maintenance provider in the UK. The acquisition represents a strategic move for EnerSys, enabling the company to expand its motive power service offerings and strengthen its presence in the UK market.
Military Power Solutions Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Portable
5.1.2 Non-portable
5.2 By Source
5.2.1 Batteries
5.2.2 Generators
5.2.3 Other Sources
5.3 By Platform
5.3.1 Air
5.3.2 Land
5.3.3 Sea
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Latin America
5.4.4.1 Brazil
5.4.4.2 Rest of Latin America
5.4.5 Middle East and Africa
5.4.5.1 United Arab Emirates
5.4.5.2 Saudi Arabia
5.4.5.3 Israel
5.4.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 EnerSys
6.2.2 Arotech Corporation
6.2.3 SFC Energy AG
6.2.4 RTX Corporation
6.2.5 Saft Groupe SAS (TotalEnergies SE)
6.2.6 EaglePicher Technologies LLC
6.2.7 Denchi Group Ltd.
6.2.8 Concorde Battery Corporation
6.2.9 Cummins Inc.
6.2.10 Eniquest
6.2.11 HIMOINSA SL
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Military Power Solutions Industry Segmentation
A power supply source, often referred to simply as a "power supply," is an electronic device or system that converts electrical energy from a source, typically the electrical grid, fuel cell, or battery, into a form compatible with the requirements of the connected equipment. The global armed forces use military power solutions to power their equipment and satiate their power needs, whether for soldiers, armored vehicles, or military bases.
The military power solutions market is segmented based on type, source, platform, and geography. By type, the market is segmented into portable and non-portable. By source, the market is classified into batteries, generators, and other sources. The other sources include solar power, fuel cells, and hybrid power solutions. The market is segmented by platform into land, air, and sea. The report also covers the market sizes and forecasts for the military power solutions market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| By Type | |
| Portable | |
| Non-portable |
| By Source | |
| Batteries | |
| Generators | |
| Other Sources |
| By Platform | |
| Air | |
| Land | |
| Sea |
| By Geography | |||||||
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Military Power Solutions Market Research Faqs
How big is the Military Power Solutions Market?
The Military Power Solutions Market size is expected to reach USD 7.77 billion in 2024 and grow at a CAGR of 7.75% to reach USD 11.28 billion by 2029.
What is the current Military Power Solutions Market size?
In 2024, the Military Power Solutions Market size is expected to reach USD 7.77 billion.
Who are the key players in Military Power Solutions Market?
Enersys, Cummins Inc., SAFT Groupe SA, RTX Corporation and SFC Energy AG are the major companies operating in the Military Power Solutions Market.
Which is the fastest growing region in Military Power Solutions Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Military Power Solutions Market?
In 2024, the North America accounts for the largest market share in Military Power Solutions Market.
What years does this Military Power Solutions Market cover, and what was the market size in 2023?
In 2023, the Military Power Solutions Market size was estimated at USD 7.17 billion. The report covers the Military Power Solutions Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Military Power Solutions Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Military Power Solutions Industry Report
Statistics for the 2024 Military Power Solutions market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Military Power Solutions analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
