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According to the latest research report by Technavio, an international market research institution, the global military battery market is expected to increase to $367.
84 billion from 2020 to 2024, with a compound annual growth rate of nearly 4%
during the period.
From the perspective of market area, Asia Pacific, Europe and North America are the three regional markets
with the largest demand for military battery market.
Factors such as increasing emphasis on heavy-duty military modernization will greatly drive the growth
of military battery demand.
Over the forecast period, 38% of the growth is expected to come from the Asia-Pacific region
.
Meanwhile, the decline in lithium-ion battery prices is a key factor
that will drive the growth of the global military battery market in the coming years.
Lithium-ion batteries are increasingly used in a variety of military applications because these require less maintenance and have lower
discharge rates.
In addition, these batteries are lightweight and have high energy storage potential
.
This will lead to high adoption of lithium-ion batteries in the defense industry, as these batteries offer advantages
in both performance and cost efficiency.
In terms of battery type, the advantages of rechargeable batteries (e.
g.
, long-term cost savings, rechargeability, and high energy density) make them a viable option
for large-scale military applications.
Therefore, rechargeable batteries will grow faster than the market growth
of other battery segments.
The growing use of military drones is one of the major trends in the military battery market during the forecast period and will receive increasing attention
in the coming years.
Military drones are increasingly used in the surveillance of military operations, but also in scientific research, recreational activities and agriculture
.
This will lead to an increase in the demand for military batteries, as the demand for drone batteries for air operations and execution of commands is growing
rapidly.
In addition, the adoption of military batteries for reserve and power applications is encouraging major suppliers to enter and invest in the market
.
Thus, the decline in the price of lithium-ion batteries coupled with the growing use of military drones will drive the military battery market at a CAGR of nearly 4% during the forecast period
.
According to the latest research report by Technavio, an international market research institution, the global military battery market is expected to increase to $367.
84 billion from 2020 to 2024, with a compound annual growth rate of nearly 4%
during the period.
From the perspective of market area, Asia Pacific, Europe and North America are the three regional markets
with the largest demand for military battery market.
Factors such as increasing emphasis on heavy-duty military modernization will greatly drive the growth
of military battery demand.
Over the forecast period, 38% of the growth is expected to come from the Asia-Pacific region
.
Meanwhile, the decline in lithium-ion battery prices is a key factor
that will drive the growth of the global military battery market in the coming years.
Lithium-ion batteries are increasingly used in a variety of military applications because these require less maintenance and have lower
discharge rates.
In addition, these batteries are lightweight and have high energy storage potential
.
This will lead to high adoption of lithium-ion batteries in the defense industry, as these batteries offer advantages
in both performance and cost efficiency.
In terms of battery type, the advantages of rechargeable batteries (e.
g.
, long-term cost savings, rechargeability, and high energy density) make them a viable option
for large-scale military applications.
Therefore, rechargeable batteries will grow faster than the market growth
of other battery segments.
The growing use of military drones is one of the major trends in the military battery market during the forecast period and will receive increasing attention
in the coming years.
Military drones are increasingly used in the surveillance of military operations, but also in scientific research, recreational activities and agriculture
.
This will lead to an increase in the demand for military batteries, as the demand for drone batteries for air operations and execution of commands is growing
rapidly.
In addition, the adoption of military batteries for reserve and power applications is encouraging major suppliers to enter and invest in the market
.
Thus, the decline in the price of lithium-ion batteries coupled with the growing use of military drones will drive the military battery market at a CAGR of nearly 4% during the forecast period
.
