Next Generation Military Power Supply Market Size
Next Generation Military Power Supply Market was worth USD 12.1 billion in 2023 and is anticipated to grow at a CAGR of more than 6% from 2023 to 2032.
The market is expected to grow because of the growing defense expenditure across the globe. Increased global security needs encourage countries to invest in heavy budgets for sophisticated military technology. This expenditure stimulates investment in next-generation technologies such as robust & efficient power supply systems to boost the combat efficiency and technological edge of armed forces in various defense applications.
To obtain primary market trends
In the FY 2023 budget, the U.S. Department of Defense sought USD 773 billion to maintain and develop integrated deterrence capabilities. The funding focused on supporting servicemembers and their families, building alliances, and maintaining technological advantage of the U.S., with a focus on military readiness, strategic partnerships, and technological superiority in national defense.
The increasing developments in power supply solutions are propelling the next generation military power supply market growth. Rising global security issues and demands for more advanced military capabilities drive investments in innovative power technologies, driving innovations to address the changing needs of new defense applications and providing a strategic advantage in warfare. For example, in May 2022, SynQor Inc. introduced UPS-1250, a military-standard, high-voltage DC adjustable output Uninterruptible Power Supply (UPS). This is an isolated UPS that provides reliable power capabilities, supporting military uses. With variable output and high reliability, it meets stringent power requirements for continuous and safe operation in rugged military conditions.
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Report Attribute Details
Base Year 2023
Next Generation Military Power Supply Market Size in 2023 USD 12.1 Billion
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 6%
2032 Value Projection USD 20 Billion
Historical Data for 2018 – 2023
No. of Pages 250
Tables, Charts & Figures 290
Segments covered Component, Type, System, End User
Growth Drivers
Growing defense expenditures worldwide
Continuous advancement in power electronics and energy storage technology
Growing need for enhanced power supply solutions
Increasing demand for light-weight and portable systems
Pitfalls & Challenges
High cost of development
Implementation of new power supply technologies in current military platforms
Next Generation Military Power Supply Market Trends
The trends in military power supply systems in the near future are focused on continuous R&D in batteries and supercapacitors, driving advancements in energy storage technologies. This trend is designed to increase power density, efficiency, and overall system performance. The emphasis is on creating energy storage solutions that provide more power in a smaller, lighter package, responding to the specific requirements of contemporary military platforms for long-duration missions, portability, and greater energy resilience in various operational environments.
Miniaturization of military power systems is yet another market trend that is on the rise and entails focused efforts to develop power supply solutions that are small and light, conforming to the Size, Weight, and Power (SWaP) limitations of modern military platforms. The systems encompass unmanned systems and portable equipment, for which space and weight are major concerns. The objective is to increase the operational flexibility, mobility, and versatility of the military so they can deploy efficient power systems with ease that would integrate well into smaller, faster, and technology-driven military devices.
Next Generation Military Power Supply Market Analysis
Discover more about the major segments driving this market
On the basis of the component, the market is classified into hardware and software. In 2023, the hardware segment dominates over 67% of the world market and is expected to expand during the forecast period because of the continuous developments in power electronics, energy storage devices, and system components. The demand for strong, reliable, and technologically advanced hardware such as advanced batteries, power converters, and intelligent controllers is on the rise. For example, in November 2022, CAES launched a Smart Power Switch Controller (SPSC) intended for aerospace and defense. The RadHard solution features high-fidelity fault detection, isolation, and recovery in a small form factor.
Find more about the main segments defining this market
Depending on end user, the market is divided into aerial, naval, and land. In 2023, the land segment held a market share of approximately 44% and is likely to grow in the future with more land-based military activities. Since armies are modernizing and deploying modern equipment, there is a greater need for power supply systems that are efficient & durable. The transition of ground missions such as unmanned systems and electronic warfare makes strong power solutions imperative. This follows the overall modernization processes in ground forces, which have necessitated the development and introduction of new power source technologies into military use.
Next Generation Military Power Supply Market Share
Eaton Corporation PLC, Mitsubishi Electric Corporation and TDK-Lambda Corporation hold a majority share of over 20% in the market. These are dominating the next generation military power supply industry through innovative product development and strategic collaborations. Leading companies leverage their expertise in power electronics, energy storage, and system integration to deliver cutting-edge solutions. They invest significantly in R&D to address the evolving military requirements, ensuring their products meet stringent standards.
Strategic partnerships with defense organizations and collaborations with research institutions enhance the capabilities of these companies. With a global presence, the key players have a competitive edge, providing comprehensive and reliable power supply systems. Their leadership is characterized by a commitment to technological advancements, sustainability, and meeting the diverse needs of modern military applications.
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Next Generation Military Power Supply Market Companies
Major players operating in the next generation military power supply industry are
- Abbott Technologies
- Aegis Power Systems, Inc.
- Eaton Corporation PLC
- Mitsubishi Electric Corporation
- Multisphere Power Solutions Pvt. Ltd.
- Powerbox International AB
- SynQor, Inc.
- TDK-Lambda Corporation
- Texas Instruments Incorporated
- XP Power