Defense Battery Market is Forecast to Reach US$ 2.8 Billion in 2028, Says Stratview Research

The Defense Battery Market is likely to grow at a significant CAGR of 3.8% during 2023-2028, to reach US$ 2.8 Billion in 2028, states Stratview Research.

DETROIT, Nov. 14, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the defense battery market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on the Defense Battery Market

The defense battery market is segmented based on application type, battery type, and region.

Based on application type- The market is segmented into base camps, weapon systems, armored vehicles/military vehicles, submarines, night vision systems, and others. The Night vision system is expected to remain the dominant as well as the fastest-growing application type in the market during the forecast period. Night vision devices have been very significant in the field of defense, assisting soldiers during low light or dark conditions.

The rising adoption of night vision systems in defense applications is fueling the growth of the segment. In addition to that, the rise in terrorist activities, rising military expenditure & modernization, increased requirement of advanced and enhanced night vision systems, and technological advancements such as thermal imaging and digital signal processing, are further expected to drive the growth of the market during the forecast period. 

Based on battery type- The defense battery market is segmented into lead-acid batteries, lithium-ion batteries, nickel-cadmium batteries, and others. Lithium-ion is expected to remain the largest and the fastest-growing battery type in the market during the forecast period, owing to the increasing demand for lithium-ion batteries from power-demanding military devices and the capability of lithium-ion batteries to withstand severe military conditions. 

Further, Lithium-ion batteries offer several advantages such as high energy density, which means they can store a lot of energy in a small space, have a longer battery life than other types of batteries such as nickel-cadmium batteries, can be recharged quickly, which is important for military operations where time is critical. The new generation of lightweight lithium-ion batteries is more powerful than traditional lead-acid batteries, offering unparalleled advantages to today's armed forces.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America is expected to remain the largest market for defense batteries during the forecast period. This growth is majorly attributed to the following –

• The region has the largest defense market in the world, the USA alone contributed more than 38% of the global military expenditure in the year 2021.
• In addition to that, the presence of the world's leading defense battery manufacturers, technological advancements, geopolitical threats, and military modernization are further expected to fuel the demand for defense batteries in the region.

Asia-Pacific is projected to be the fastest-growing region during the forecast period due to the modernization of armed forces and increase in defense spending, especially in emerging economies, such as China and India. Europe is also likely to create sizeable opportunities in the coming five years. 

Defense Battery Market Drivers

Some of the key drivers listed in the report are given below.

• A rise in military expenditure, increasing demand for portable equipment and mobile devices on the battlefield.
• Growing demand for rechargeable lithium-ion batteries.
• The increasing adoption of UAVs and advanced vehicles.

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Top 10 Companies in the Defense Battery Market?

The market is highly populated with the presence of several regional and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the defense battery market:

• EnerSys
• Saft Group S.A.
• Exide Technologies
• EaglePicher Technologies
• GS Yuasa International Ltd
• East Penn Manufacturing Co.
• Bae Systems PLC
• Toshiba Corporation
• C&D Technologies Inc.
• Contemporary Amperex Technology Co., Limited (CATL).

What Deliverables Will You Get in this Report?

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About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to take convincing business decisions.

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SOURCE Stratview Research