Military Battery Market Growth to Surpass USD 1.6 Billion by 2027

1
Military Battery Market Growth to Surpass USD
1.6 Billion by 2027
According to a research report "Military Battery
Market by Type (Rechargeable, Non-
rechargeable), Installation (OEM, Aftermarket),
Application (Propulsion, Non- propulsion),
Platform (Ground, Airborne, Marine), Composition,
Voltage, Power Density and Region - Global
Forecast to 2027" published by MarketsandMarkets,
the military battery market is projected to grow
from USD 1.3 billion in 2022 to USD 1.6 billion
by 2027, at a CAGR of 4.1 from 2022 to 2027.
The advent of rechargeable batteries in terms of
compact designs and high-power density, is one
of the major driving factors for the demand of
military battery market. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.
asp?id135165088 Key Market Players Key players
in the military battery market include EnerSys
(US), GS Yuasa International Ltd (Japan), Saft
(France), Exide Industries (India), and
EaglePicher Technologies (US). The players are
largely focused on new product development and
launches and having a strong global presence will
help them gain a competitive advantage in the
military battery industry. By composition, the
lead-acid segment is expected to lead the market
during the forecast period. Based on
composition, the military batteries market has
been segregated into lithium-based, lead-acid,
nickel-based, thermal, and others. The
lithium-based segment has been further
segregated into lithium nickel manganese cobalt,
lithium iron phosphate, lithium cobalt oxide,
lithium titanate oxide, lithium manganese oxide,
and lithium nickel cobalt aluminium oxide. Most
aerospace and defense equipment use
lithium-based batteries. By composition, the
lead-acid segment is estimated to account for
the largest share (38) of the military battery
market in 2022. This segment is projected to
grow from USD 496 million in 2022 to USD 605
million by 2027, at a CAGR of 4.1 during the
forecast period. By platform, the ground segment
has the highest share in the forecasted
period Based on platform, the military battery
market has been segmented into ground, marine
and airborne. The ground segment is projected to
grow at a highest share. This growth can be
attributed to the developments taking place in
military battery market with respect to
partnership, investments, and development of new
products.
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Rechargeable battery segment has the highest
share in the forecasted period Based on type, the
military battery market has been segregated into
rechargeable and non-rechargeable batteries. The
type segment provides information on the
rechargeable and non-rechargeable batteries. A
rechargeable battery or storage battery can be
charged, discharged, and recharged many times. It
is composed of one or more electrochemical
cells. Rechargeable batteries cost more than
primary batteries but have a lower total cost of
ownership. Europe has the highest share in the
forecasted period. The Europe military battery
market is projected to grow at the second highest
rate of 4.2 during the forecast period. The
growth of this market is driven by the demand
for advanced, energy-efficient, and lightweight
batteries which offer enhanced safety,
functionalities, and reliability. News Also
Covered https//www.prnewswire.com/news-releases/
military-battery- market-worth-1-6-billion-by-202
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