(PharmaNewsWire.Com, July 11, 2024 ) According to a research report 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%. The rising demand for compact and high-power density rechargeable batteries is a major driving factor for this market.
Major Key Market Players
EnerSys (US)
GS Yuasa International Ltd (Japan)
Saft (France)
Exide Industries (India)
EaglePicher Technologies (US)
These companies focus on new product development, global expansion, and strategic partnerships to gain a competitive edge in the military battery market.
Lead-Acid: Expected to lead the market with a projected growth from USD 496 million in 2022 to USD 605 million by 2027.
Lithium-Based: Includes lithium nickel manganese cobalt, lithium iron phosphate, and others.
Nickel-Based, Thermal, and Others
By Platform
Ground: Anticipated to hold the highest market share due to ongoing partnerships, investments, and new product developments.
Marine and Airborne
By Type
Rechargeable/Non-Rechargeable Batteries: Dominating the market due to their ability to be charged, discharged, and recharged multiple times, despite a higher initial cost compared to non-rechargeable batteries.
Europe: Projected to grow at a rate of 4.2%, driven by the demand for advanced, energy-efficient, and lightweight batteries that offer enhanced safety and reliability.
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