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  • Military Battery Market projected to reach $3.17 billion by 2023

     



    (Aviation-NewsWire.Com, August 07, 2018 ) This report provides a detailed analysis of the military battery from 2018 to 2023. It discusses industry and technological trends prevailing in the market and examines factors that are expected to drive or restrain the growth of the market in the near future. The military battery market is estimated to be USD 2.42 billion in 2018 and is projected to reach USD 3.17 million by 2023, at a CAGR of 5.57% from 2018 to 2023. This 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 military battery market has been segmented on the basis of offering, end user, platform, type, power density, energy consumption, application, composition, and region. Based on offering, the military battery market has been segmented into product and service. The product segment is projected to lead the military battery market during the forecast period, owing to the increasing defense procurements mainly in countries such as the US, China, and India.



    Based on end user, the military battery market has been segmented into OEM and aftermarket. The OEM segment is projected to grow at a higher CAGR during the forecast period, owing to the increasing unmanned systems, aircraft, munitions and ground vehicles procurements.

    Based on platform, the military battery market has been segmented into aviation, ground, marine, space, and munition. The land segment is projected to grow at the highest CAGR from 2018 to 2023. This growth can be attributed to the adoption of unmanned vehicles and procurement of ground vehicles.



    Based on type, the military battery market has been segmented into rechargeable and non-rechargeable. The rechargeable segment is expected to grow at a higher CAGR during the forecast period owing to its benefits such as reduced logistics cost and reduced burden of carrying extra batteries.



    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.



    Based on energy consumption, the less than 12V segment is expected to grow at the highest CAGR during the forecast period due to the increase modernization programs for procuring army man portable systems.

    Based on composition, the lithium battery segment is expected to grow at the highest CAGR during the forecast period, owing to the high density, power, and recharge cycle as compared to traditional batteries such as lead acid.



    The military battery market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. This growth can be mainly to increased procurement of ammunitions, aircraft, and unmanned vehicles. Furthermore, the rise in demand for unmanned systems in Asia Pacific countries is another significant factor projected to drive the growth of the military battery market in Asia Pacific.



    EnerSys (US), Arotech Corporation (US), EaglePicher Technologies (US), Bren-Tronics, Inc. (US), and Saft Groupe (France), among others, are the leading players operating in the military battery market. These companies are focused on launching new products and supply contracts to increase their market share.



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