HOME Research Insight New Product Launches were the key Growth Strategies Adopted by Market Players to Grow in the Military Power Solutions Market.

New Product Launches were the key Growth Strategies Adopted by Market Players to Grow in the Military Power Solutions Market.

Military power solution is one of the vital areas in the defense industry. The demand for military power solutions is expected to be driven the advantages, such as high reliability, high power density, lightweight, low cost, and wide range of load handling capacity that the power sources provides. The global defense electronics market is expected to witness growth in the coming years, owing to the increased defense budgets in various countries across the globe. The military power solutions market is expected to witness major trends in the form of lithium-based batteries and fuel cells. Furthermore, more efficient and lightweight solar power and fuel cells are expected to be developed for use in the military sector. The military power solutions market is projected to reach USD 9.01 billion by 2022, at a CAGR of 9.07% from 2016 to 2022.

Key players providing military power solutions include Raytheon Company (U.S.), SAFT Groupe S.A. (France), EnerSys Inc. (U.S.), SFC Energy AG (Germany), Arotech Corporation (U.S.), EaglePicher Corporation (U.S.), Denchi Power Ltd. (U.K.), and Concorde Battery Corporation (U.S.). These companies adopted various growth strategies to increase their geographical presence and develop advanced components and lightweight military power solutions. Contracts, partnerships, and new product launches were the key growth strategies adopted by market players to grow in the military power solutions market.

Arotech Corporation (U.S.) supplies batteries & chargers, advanced power supplies, and multimedia interactive simulators for the military, homeland security, and law enforcement markets. UEC Electronics, LLC, a South Carolina-based subsidiary of Arotech Corporation offers sophisticated solutions in engineering design, rapid prototyping, and manufacturing; and product development services for military. In January 2017, UEC Electronics received a contract by the U.S. Army to develop Energy Storage System (ESS) for Tactical Microgrids.

SAFT Groupe S.A. (France) provides energy storage and renewables to the railways, defense, industrial standby, space, aviation, motive power & vehicles, oil & gas, marine, electronics, and utility industries. The company mainly focuses on contracts to strengthen its position in the military power solutions market. In January 2016, SAFT was awarded a multi-year contract by the U.S. Defense Logistics Agency (DLA) to supply BA 5372 primary lithium-manganese dioxide (Li-MnO2) batteries to the U.S. Army, Navy, Air Force, and Marine Corps.

Related Reports:

Military Power Solutions Market by Type (Portable, Non-Portable), Source (Batteries, Generators, Fuel Cells, Solar Power, Energy Harvesters), Application (Air, Land, Naval), Wattage (Low, Medium, and High Power) and Region - Global Forecast to 2022

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