The report "Military Battery Market by Platform (Aviation, Land, Marine, Space, Munition), End User (OEM, Aftermarket), Type (Rechargeable, Non-Rechargeable), Offering, Power Density, Energy Consumption, Application, Composition, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the military battery market is estimated to be USD 2.42 billion in 2018 and is projected to reach USD 3.17 billion by 2023, at a CAGR of 5.57% from 2018 to 2023. Increasing modernization among armies to replace technologically obsolete armaments and increasing use of unmanned vehicles are driving the growth of the market. The growth of the military battery market can be attributed to the various army modernization programs and rising demand for unmanned vehicles in militaries across the world.
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The product offering segment is projected to grow at the highest CAGR during the forecast period.
Based on offering, the product segment of the military battery market is projected to grow at a higher CAGR from 2018 to 2023. The increasing defense procurements in countries such as China, India, are expected to fuel this segment's growth.
The 100 Wh/Kg segment is projected to grow at the highest CAGR during the forecast period.
Based on power density, the 100 Wh/Kg segment of the military battery market is projected to witness the highest growth during the forecast period. This growth can be attributed to the increasing demand for military vehicles among armies across the world.
The land platform segment is projected to grow at the highest CAGR during the forecast period.
Based on offering, the land segment of the military battery market is projected to grow at the highest CAGR from 2018 to 2023. The increasing defense procurements for army modernizations and procurement of technologically-advanced combat vehicles such as UGVs will drive the land segment.
Asia Pacific is projected to be the fastest-growing market for military battery during the forecast period.
The military battery market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. The growth of the military battery market in Asia Pacific can be attributed to factors such as increasing modernization to replace obsolete weapons, aircraft, and ground vehicles.
Major players operating in the military battery market include EnerSys (US), Arotech Corporation (US), EaglePicher Technologies (US), Bren-Tronics, Inc. (US), and Saft Groupe (France), among others.
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