According to the report published by Allied Market Research, the global military battery market garnered $1.58 billion in 2021 and is estimated to generate $2.53 billion by 2031, manifesting a CAGR of 5.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers a valuable guide to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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The research provides detailed segmentation of the global military battery market based on battery type, platform, voltage, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on battery type, the lithium-based segment held the highest share in 2021, accounting for more than 86% of the global military battery market, and is expected to continue its leadership status during the forecast period. For instance, in March 2022, in the U.S., NanoGraf, received a $1 million development contract from the Department of Defense to produce a powerful, longer-lasting 4.3Ah lithium-ion battery. Moreover, the lithium-based segment is expected to register the highest CAGR of 5.2% from 2022 to 2031.
Based on the platform, the ground segment held the highest share in 2021, accounting for more than two-thirds of the global military battery market, and is expected to continue its leadership status during the forecast period. Moreover, the ground segment is expected to register the highest CAGR of 5.2% from 2022 to 2031.
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Based on voltage, the less than 12 V segment accounted for the highest share in 2021, contributing to more than 40% of the global military battery market, and is expected to maintain its lead in terms of revenue during the forecast period. Moreover, the less than 12 V segment is expected to manifest the highest CAGR of 5.6% from 2022 to 2031.
Based on application, the communication and navigation systems segment accounted for the highest share in 2021, holding more than 51% of the global military battery market, and is expected to continue its leadership status during the forecast period. However, the propulsion systems segment is estimated to grow at the highest CAGR of 6.9% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly half of the global military battery market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 5.9% during the forecast period.
Leading market players of the global military battery market analyzed in the research include Bren-Tronics, Inc., Cell-Con, Inc., Denchi Group Limited, EaglePicher Technologies, LLC, Eco-bat Technologies Limited, Enersys, Exide Technologies, LLC, Lincad Limited, Saft, and Ultralife Corporation.
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