NEW YORK, Aug. 25, 2023 (GLOBE NEWSWIRE) – ReportLinker.com Announces the Release of the “Military Power Solutions Global Market Report 2023” Report –
Energy Technologies Inc., Schaefer Inc., Gresham Power Electronics Ltd., and Advanced Conversion Technologies.
The global military power solutions market is expected to grow from $7.77 billion in 2022 to $8.59 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war has disrupted prospects for global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on many countries, increased commodity prices, and supply chain disruptions, causing inflation in goods and services, affecting many markets around the world. Has happened. Military power solutions market is expected to reach $12.26 billion by 2027 at a CAGR of 9.3%.
The military power solutions market includes sales of COTS (commercial-off-the-shelf), MOTS (military-off-the-shelf) and customized power generation solutions. Prices in this market are ‘factory gate’ prices, ie the price of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes the related services sold by the creators of the goods.
Military power solutions refer to equipment that provides power to military equipment and machinery. These power solutions are widely used in the military to power a variety of small electronic equipment to large military vehicles.
North America to be the largest region in the military power solutions market in 2022. Asia-Pacific is expected to be the fastest growing region over the forecast period.
The regions covered in the Military Power Solutions report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
The main types of military power solutions are portable and non-portable. Non-portable means not too large, heavy, complex or easily collapsible for transport, and these power solutions are built to withstand stringent environmental and electrical requirements. military applications.
Various sources include batteries, generators, fuel cells, energy harvesters, and other sources. The different wattages include low power, medium power and high power which are used in various platforms including air, land and sea.
Increase in defense budget is expected to propel the growth of the military power solutions market. The defense budget is also called the expenditure on military activities and the amount of money allocated for the maintenance of the armed forces or other defense methods.
A defense budget includes the size of that entity’s economy, additional financial pressures on that entity, and the government’s or people’s willingness to pay for such military activities. As a result, it helps the unit’s ability to support military training, which promotes military power solutions. ,
For example, in April 2022, according to the Stockholm International Peace Research Institute, a Solna-based public research institute, Russia increased its military spending by 2.9% in 2021 to $65.9 billion in 2022, while reinforcing its troops near the Ukrainian border. Gave. It was Russia’s third year of growth, with military spending reaching 4.1% of GDP in 2021. Hence, the increase in the defense budget drives the military power solutions market.
Product innovation is the key trend gaining popularity in the military power solutions market. Major companies operating in the military power solutions market are focusing on developing innovative products to strengthen their position in the market.
For example, in August 2022, Advent Technologies, a US-based company that manufactures fuel cells and hydrogen clean-up devices for the military sector, released the innovative and unique Honey Badger 50 (“HB50”) for the soldier on the move. launched. System. It is used within an ambient temperature range of -20C to +55C and is applicable in configurations worn by soldiers, portable backpacks and operated inside a vehicle while charging batteries and powering soldier systems .
In August 2022, Cummins Inc., a US-based company that manufactures and markets power generation equipment, engines and filtration, acquired Meritor Inc. for an undisclosed amount. acquired. Through the acquisition, Cummins aims to expand its military business in Australia. Meritor Inc. is a US-based company that provides power solutions for the military sector.
The countries covered in the Military Power Solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Market value is defined as the revenue that enterprises receive from the sale of goods and/or services within a specified market and geography through sales, grants or donations in currency terms (unless in USD not otherwise specified).
Revenue for a specified geography is the consumption value that is revenue generated by organizations in the specified geography within the market, regardless of where they are produced. This does not include revenue from resale as part of, or further along, the supply chain of other products.
Military Power Solutions market research report is one of the series of new reports that provides Military Power Solutions market statistics, including global market size of Military Power Solutions industry, regional shares, competitors holding Military Power Solutions market share, detailed Military Power Solutions Solutions market segments are included. , market trends and opportunities, and any additional data you might need to move forward in Military Power Solutions industry. This Military Power Solutions market research report provides a complete perspective of everything you need, along with an in-depth analysis of the current and future scenario of the industry.
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Source: www.globenewswire.com
