Military Power Solutions Global Market Report 2024

The military power solutions market has grown rapidly in recent years. It will grow from $8.59 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The expansion observed in the historical period can be attributed to operational readiness requirements, the need for deployability and portability, energy efficiency initiatives, operations in remote and harsh environments, and efforts to mitigate logistical challenges.

The military power solutions market is expected to see strong growth in the next few years. It will grow to $13.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period can be attributed to modernization and technological integration, the integration of renewable energy sources, electrification of military platforms, the adoption of hybrid and smart power systems, and the increasing emphasis on resilience and redundancy requirements. Major trends expected in the forecast period include the integration of energy storage systems, the implementation of remote monitoring and control, heightened cybersecurity measures, and a focus on improving energy efficiency in military power solutions.

The anticipated increase in defense spending is poised to drive the growth of the military power solutions market in the future. Defense budget, encompassing the expenditure on military activities and allocations for armed forces maintenance, plays a pivotal role in supporting military capabilities, including training, thereby promoting the adoption of military power solutions. In April 2022, Russia exhibited a 2.9% increase in military spending to $65.9 billion in 2022, marking the third consecutive year of growth. With military expenditure reaching 4.1% of GDP in 2021, the budgetary boost reinforced Russia's military capabilities near the Ukrainian border. Consequently, the rise in defense budgets serves as a catalyst for the expansion of the military power solutions market.

The escalating threat of terrorism is anticipated to drive the growth of the military power solutions market in the coming years. Terrorism, characterized by deliberate and systematic violence targeting civilians to achieve political, ideological, or religious objectives, has led nations to bolster their defense capabilities. The heightened demand for robust military power solutions stems from the need for reliable and efficient energy sources in diverse defense applications, including surveillance, communication, and operational activities. A report by the Center for Strategic and International Studies (CSIS) revealed a 53% increase in terrorist attacks in 2021, with 43% of incidents in domestic terrorism directed at the government, armed forces, and law enforcement. The surge in terrorism underscores the crucial role of military power solutions in fortifying defense against evolving threats.

Product innovation emerges as a prominent trend driving the military power solutions market, with major companies prioritizing the development of inventive products to strengthen their market positions. In August 2022, Advent Technologies, a US-based company specializing in fuel cells and hydrogen clean-up devices for the military sector, unveiled the Honey Badger 50 (HB50). This innovative on-the-go soldier system operates within an ambient temperature range of -20°C to +55°C and is designed for soldier-worn configurations, operating inside portable backpacks and vehicles while charging batteries and powering soldier systems.

Major companies in the military power solutions market are adopting a strategic partnership approach to foster collaboration and expand their capabilities. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. For instance, Stealth Power, a US-based provider of smart mobile power systems for military and government use, collaborated with Tower Solutions in August 2021. This partnership aims to integrate Stealth Power's mobile power solutions with Tower Solutions' mobile towers, serving industries such as telecommunications, emergency management, surveillance, energy, and defense. The collaboration envisions delivering high-performance mobile towers seamlessly integrated with Stealth's energy systems to cater to Tower Solution's diverse clientele.

In August 2022, Cummins Inc., a US-based manufacturer of power generation devices and engines, acquired Meritor Inc. for an undisclosed amount. This strategic acquisition positions Cummins to expand its military business in Australia, with Meritor Inc. contributing to power solutions for the military sector.

Major companies operating in the military power solutions market report are Arotech Corporation, Concorde Battery Corporation, Cummins Inc., Denchi Group, EaglePicher Technologies, EnerSys, Eniquest Pty Ltd., Himoinsa S.L., Raytheon Technologies Corporation, Saft Groupe S.A., SFC Energy AG., Energy Technologies Inc., Schaefer Inc., Gresham Power Electronics Limited, Advanced Conversion Technology, Inventus Power Inc., Bren-Tronics Inc., Ultralife Corporation, L3Harris Technologies Inc., General Dynamics Corporation, Lockheed Martin Corporation, British Aerospace plc, Northrop Grumman Corporation, Safran SA, Thales Nederland B.V., Elbit Systems Ltd., Leonardo S.p.A., Rheinmetall AG, Saab AB, Hanwha Defense, Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Hyundai Rotem Company, Oshkosh Defense LLC, EaglePicher Technologies LLC.

North America was the largest region in the global military power solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the military power solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the military power solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of military power solutions are portable and non-portable. Non-portable solutions are characterized by their size, weight, complexity, or secure fastening, making them less easily transportable. These solutions are specifically engineered to withstand the harsh environmental and electrical conditions associated with military applications. Various sources of power solutions include batteries, generators, fuel cells, energy harvesters, and other sources. Additionally, these power solutions come in various wattages, categorized as low power, medium power, and high power, and are utilized across different military platforms, including air, land, and sea.

The military power solutions market research report provides military power solutions market statistics, including military power solutions industry global market size, regional shares, competitors with a military power solutions market share, detailed military power solutions market segments, market trends and opportunities, and any further data you may need to thrive in the military power solutions industry. This military power solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The military power solutions market consists of sales of COTS (Commercial-Off-The-Shelf), MOTS (Military-Off-The-Shelf), and customized power generation solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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