Market Research Report
Global Military Batteries - Market and Technology Forecast to 2029: By Region, Composition, Application, Country Analysis Market Dynamics, Market & Technology Overview, Trends Overview, Opportunity & COVID-19 Analysis, Leading Company Profiles
|Global Military Batteries - Market and Technology Forecast to 2029: By Region, Composition, Application, Country Analysis Market Dynamics, Market & Technology Overview, Trends Overview, Opportunity & COVID-19 Analysis, Leading Company Profiles|
Published: January 25, 2021
Content info: 258 Pages
Delivery time: 1-2 business days
Batteries and other energy storage platforms, such as capacitors and flywheels, are capable of storing energy in one form, such as chemical, mechanical, electrostatic, or thermal energy, and are able to transform that energy into electricity at a later stage. Batteries, for instance, store energy in chemical form and transform it by electrochemical processes to electrical energy. Batteries are in different phases of technological developments. For example, a common form of battery used for powering most small or portable defense electronic device is lithium-ion battery. Lithium-ion batteries have also increasingly been used in power grids and electric vehicles because, among other reasons, compared to other commonly available batteries, they are lightweight and have high energy and power densities. Research efforts on lithium-ion batteries for other applications, however, aim to improve their safety and reduce their cost.
With a combination of higher economies of scale and research and development, existing technologies, such as lithium-ion (Li-ion) batteries, have seen rapid performance and cost improvements. There are still unmet needs, however, to be fully addressed. It would be expected that next-generation technologies would deliver a step-change in the performance of key battery characteristics. In this area, much of the development is being driven by innovative start-ups, working both on the Li-ion market, such as on silica anodes, solid-state electrolytes, and advanced cathodes, and on alternative technologies, such as flow and zinc-air batteries.
Variables such as focusing on improving frontline situational awareness and increasing occurrences of asymmetric and network-centered warfare have a major positive impact on the defense battery market. Moreover, the increase in defense spending, particularly in emerging economies, and subsequent investments in the procurement of such systems are further boosting the growth of the market. Factors such as high cost of acquisition, and regulations & safety issues, however, hinder the growth of the market to some extent. Increasing terrorist attacks and a focus on counter operations, and the launch of modernization programs by many nations around the world, have created promising opportunities for the defense battery market to grow.
The market revenue for Global Defense Battery Market accounted for USD 1.87 Billion in the year 2020 and it is anticipated to reach a value of around USD 3.36 Billion by the year 2029. The market growth dynamics account for a CAGR of around 6.47% over the forecast period, 2021-2029.
APAC is expected to dominate the Global Defense Battery Market in 2029 with a market value of around USD 0.95 billion owing to the increasing R&D investment in this sector coupled with an infrastructure that supports the same. The rising global conflicts and cross-border tension between countries including China, India, Pakistan, and Others in the APAC region is another factor that is expected to fuel the growth of the Global Defense Battery Market. North America is expected to be the second-largest market with a value of around USD 0.88 Billion. APAC is expected to be the fastest-growing market over the forecast period with a CAGR of around 7.73%.
The market is segmented based on Region, Composites, Application, Platform, Type, and Technology: