How Has the Military Power Solutions Market Evolved Historically and What is its Current Size?
The military power solutions market has seen considerable growth due to a variety of factors.
•The market size for military power solutions has shown a substantial increase in recent years. This strong growth trend will see the market size rise from $9.3 billion in 2024 to $10.14 billion in 2025, representing a compound annual growth rate (CAGR) of 9.0%.
The historic growth can be linked to factors such as operational readiness necessities, demands for deployability and portability, initiatives for energy efficiency, operations in remote and harsh environments, and the need to alleviate logistical challenges.
What is the Forecasted Market Size and CAGR for the Military Power Solutions Market?
The military power solutions market is expected to maintain its strong growth trajectory in upcoming years.
• The market for military power solutions is predicted to experience robust expansion in the upcoming years, reaching "$14.43 billion in 2029 with a compound annual growth rate (CAGR) of 9.2%.
This growth during the forecast period is driven by factors such as technological advancement and modernization, the inclusion of renewable energy, the electrification of military platforms, and the development of hybrid and intelligent power systems along with resilience and redundancy needs. Noteworthy trends for the forecast period encompass the incorporation of energy storage systems, remote monitoring and control, measures for cyber security, and a concentration on energy efficiency.
What Key Factors and Trends are Driving the Growth of the Military Power Solutions Market?
The growth of the military power solutions market is anticipated to be driven by the rise in the defense budget. Also known as the allocation for military activities and the maintenance of armed forces or other protective methods, the defense budget encompasses factors such as the financial strength of the concerned entity, its economic size, additional financial burdens it faces, and the willingness of its government or people to fund the military activities. Hence, it significantly contributes to the entity's capability to facilitate military training, thereby fostering the development of military power solutions. As per the Stockholm International Peace Research Institute, a research institute based in Solna, Russia had increased its military expenditure by 2.9% in 2021, escalating it to $65.9 billion in 2022 in order to strengthen its troops near the Ukrainian border. This marked Russia's third consecutive year of increase, amounting to a military expenditure of 4.1% of the country's GDP in 2021. Consequently, an upsurge in the defense budget contributes to the expansion of the military power solutions market.
What are the Market Segments in the Military Power Solutions Market?
The military power solutions market covered in this report is segmented –
1) By Type: Portable, Non-Portable
2) By Source: Batteries, Generators, Fuel Cells, Energy Harvesters, Other Sources
3) By Wattage: Low Power, Medium Power, High Power
4) By Platform: Air, Land, Sea
Subsegments:
1) By Portable Power Solutions: Battery Packs, Solar Power Systems, Portable Generators, Fuel Cells, Tactical Power Sources
2) By Non-Portable Power Solutions: Fixed Generators, Power Distribution Units (PDUs), Microgrids, Renewable Energy Installations, Hybrid Power Systems
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What Trends are Shaping the Military Power Solutions Market?
The primary trend occurring in the military power solutions market is product innovation. To solidify their market standing, key industry players are concentrating on the creation of groundbreaking products. For example, in August 2022, the US company Advent Technologies, which produces fuel cells and hydrogen purification devices for the military, introduced the novel and exclusive Honey Badger 50 (HB50), systems designed for on-the-move soldiers. These systems, which operate within a temperature range of -20C to +55C, are suited for use in soldier-borne setups, housed in a mobile backpack, and functioning in a vehicle to charge batteries and power soldier equipment.
Who Are the Key Players in the Military Power Solutions Market?
Major companies operating in the military power solutions market include:
• Arotech Corporation
• Concorde Battery Corporation
• Cummins Inc.
• Denchi Group
• EnerSys
• Eniquest Pty Ltd.
• Himoinsa S.L.
• Raytheon Technologies Corporation
• Saft Groupe S.A.
• SFC Energy AG.
• Energy Technologies Inc.
• Schaefer Inc.
• Gresham Power Electronics Limited
• Advanced Conversion Technology
• Inventus Power Inc.
• Bren-Tronics Inc.
• Ultralife Corporation
• L3Harris Technologies Inc.
• General Dynamics Corporation
• Lockheed Martin Corporation
• British Aerospace plc
• Northrop Grumman Corporation
• Safran SA
• Thales Nederland B.V.
• Elbit Systems Ltd.
• Leonardo S.p.A.
• Rheinmetall AG
• Saab AB
• Hanwha Defense
• Mitsubishi Heavy Industries Ltd.
• Kawasaki Heavy Industries Ltd.
• Hyundai Rotem Company
• Oshkosh Defense LLC
• EaglePicher Technologies LLC
What are the Regional Insights into the Military Power Solutions Market?
North America was the largest region in the global military power solutions market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the military power solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
