Military Battery Market to Pronounce $2.53 Billion by 2031, with a 5.0% CAGR

The global military battery market size 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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Military battery manufacturers in North America have received numerous contracts from the U.S. government for the development and production of batteries for weapon system, which contribute in the growth of the market in the U.S. region. For instance, in April 2022, Lockheed Martin received a $74 million contract to produce the Terminal High Altitude Area Defense (THAAD) weapon system for the Missile Defense Agency (MDA). The contract also includes the production of an eighth THAAD battery for the U.S. government. With the addition of eighth battery THAAD weapon system will enhance readiness against existing and evolving ballistic missile threats.

The popularity of lithium-ion batteries is on an exponential increase, as they are light in weight, have high capacity and have exhibited a sharp decline in price in recent years. Lead-acid batteries have drawbacks such as high self-discharging rates and relatively low charge/discharge cycles, which makes them less suitable for energy storage applications. Due to these drawbacks militaries across the globe are moving toward adoption of lithium-ion batteries. In addition, in several countries, companies are receiving contracts from defense organizations to develop advanced lithium-ion batteries for use in military, which in turn is fuelling the growth of the market. For instance, in March 2022, in 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. The enhanced battery will provide U.S. military personnel with enhanced run-time for the equipment they rely on to operate safely and efficiently.

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Factors such as rise in adoption of UAVs & ground vehicles, increase in military expenditure, and surge in use of lithium-ion battery over lead-acid batteries are expected to drive the market growth. However, regulations on lithium batteries is the factor that hampers the market growth. Furthermore, growing markets in southeast Asia, and technological advancements in battery technology are the factors expected to offer lucrative opportunities for the market growth.

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.

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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.

The report provides a detailed analysis of these key players in the global military battery industry. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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