New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Power Solutions Global Market Report 2023" - https://www.reportlinker.com/p06486597/?utm_source=GNW
, Energy Technologies Inc., Schaefer Inc., Gresham Power Electronics Limited, and Advanced Conversion Technology.
The global military power solutions market is expected to grow from $7.77 billion in 2022 to $8.59 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The military power solutions market is expected to reach $12.26 billion in 2027 at a CAGR of 9.3%.
The military power solutions market consists of sales of COTS (Commercial-Off-The-Shelf), MOTS (Military-Off-The-Shelf), and customized power generation solutions.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Military power solutions refer to the tools for powering military devices and machinery. These power solutions are widely used in the military to power several smaller electronic gadgets to larger military vehicles.
North America was the largest region in the military power solutions market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in military power solutions report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of military power solutions are portable and non-portable.Non-portable refers to not transportable too large, heavy, complicated, or securely fastened to be transported easily, and these power solutions are made to withstand the harsh environmental and electrical requirements of military applications.
The various sources include batteries, generators, fuel cells, energy harvesters, and other sources. The various wattages include low power, medium power, and high power that are used in various platforms including air, land, and sea.
The increase in the defense budget is expected to propel the growth of the military power solutions market going forward.The defense budget is also called the expenditure on military activities and the amount of money allocated to the maintenance of an armed force or other defense methods.
A defense budget includes the size of that entity’s economy, additional financial pressures on that entity, and the government’s or people’s willingness to pay for such military activities.As a result, it helps the entity’s capacity to support military training, which promotes military power solutions.
For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Solna-based public research institute, Russia boosted its military spending by 2.9% in 2021 to $65.9 billion in 2022, bolstering its soldiers near the Ukrainian border. This was Russia’s third year of increase, with military expenditure reaching 4.1% of GDP in 2021. Therefore, an increase in the defense budget drives the military power solutions market.
Product innovation is the key trend gaining popularity in the military power solutions market.Major companies operating in the military power solutions market are focused on developing innovative products to strengthen their position in the market.
For instance, in August 2022, Advent Technologies, a US-based company that manufactures fuel cells and hydrogen clean-up devices for the military sector, launched the innovative and unique Honey Badger 50 ("HB50"), on-the-go soldier systems. This is used within an ambient temperature range of -20C to +55C and is applicable in soldier-worn configurations, operated inside a portable backpack and vehicle while charging batteries and powering soldier systems.
In August 2022, Cummins Inc., a US-based company that manufactures and markets power generation devices, engines, and filtration, acquired Meritor Inc. for an undisclosed amount. Through the acquisition, Cummins aims to expand its military business in Australia. Meritor Inc. is a US-based company that provides power solutions for the military sector.
The countries covered in the military power solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The military power solutions market research report is one of a series of new reports that provides military power solutions market statistics, including military power solutions industry global market size, regional shares, competitors with a military power solutions market share, detailed military power solutions market segments, market trends and opportunities, and any further data you may need to thrive in the military power solutions industry. This military power solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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