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Next Generation Military Power Supply Market Analysis

Report ID: GMI7966
Published Date: Jan 2024
Report Format: PDF

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Next Generation Military Power Supply Market Analysis

Next Generation Military Power Supply Market Size, By Component, 2022 – 2032, (USD Billion)

Based on component, the market is divided into hardware and software. In 2023, the hardware segment holds more than 67% of the global market and is anticipated to grow over the forecast period due to the ongoing advancements in power electronics, energy storage technologies, and system components. The demand for robust, reliable, and technologically sophisticated hardware including advanced batteries, power converters, and smart controllers is increasing. For instance, in November 2022, CAES introduced a Smart Power Switch Controller (SPSC) designed for aerospace and defense applications. The RadHard device offers robust fault detection, isolation, and recovery capabilities in a compact package.

Next Generation Military Power Supply Market Share, By End User, 2023

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Based on end user, the market is categorized into aerial, naval, and land. In 2023, the land segment accounted for a market share of around 44% and is poised for growth in the future due to increased land-based military operations. As armies are modernizing and deploying advanced equipment, there is a heightened demand for efficient & resilient power supply systems. The evolution of ground-based missions including unmanned systems and electronic warfare necessitates robust power solutions. This trend aligns with the broader modernization efforts in land forces, driving the development and adoption of innovative power supply technologies in military applications.

U.S. Next Generation Military Power Supply Market Size, 2022 -2032, (USD Billion)

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North America next generation military power supply market held a share of around 40% in 2023 and will experience growth during the forecast period. Increased defense budgets, technological advancements, and the modernization of military equipment increase the demand for advanced power supply systems. The region's emphasis on maintaining military readiness, along with a strong focus on innovations, positions North America as a key player in shaping the future landscape of military power supply technologies, fostering substantial growth in this strategic market.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Industry size for next generation military power supply reached USD 12.1 billion in revenue in 2023 and is projected to expand at over 6% CAGR from 2024-2032 attributed to the increasing defense spending worldwide.

The hardware segment accounted for more than 67% share of the next generation military power supply industry in 2023 and is expected to witness high demand through 2032 attributed to the ongoing advancements in power electronics, energy storage technologies, and system components.

North America held 40% revenue share in the next-generation military power supply industry in 2023 and is estimated to expand at a robust CAGR from 2024-2032 attributed to the increased defense budgets, technological advancements, and the modernization of military equipment.

Some of the major next generation military power supply firms 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, and XP Power.