Next Generation Military Power Supply Global Market Report 2024

The next generation military power supply market size has grown strongly in recent years. It will grow from $12.27 billion in 2023 to $13.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The expansion observed during the historical period can be attributed to several factors, including the integration of smart and adaptive features into military power supply systems, the increasing adoption of renewable energy sources, technological innovations in power electronics, a focus on energy efficiency, and the emphasis on ruggedization and durability to withstand challenging military environments.

The next generation military power supply market size is expected to see strong growth in the next few years. It will grow to $18.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to factors such as the increased demand for portable power solutions, a heightened focus on energy-efficient technologies, the development of ruggedized and resilient designs, the adoption of adaptive and smart power systems, and the growing demand for hybrid power solutions. Additionally, regulatory and compliance standards are expected to play a significant role in driving the growth of next-generation military power supply systems. Key trends in the forecast period include the incorporation of cybersecurity measures in power systems, the development of adaptive and hybrid power systems, advancements in smart grid and energy management technologies, a focus on enhancing resilience and durability, and the integration of energy storage solutions.

The anticipated increase in military expenditure is set to drive the future growth of the next-generation military power supply market. Military expenditure encompasses spending on weaponry, weapons systems, operations, maintenance, personnel, and specific military equipment. Government investments in the military sector are expected to fuel various aspects of military development, including advancements in next-generation military power supply. For example, the European Defense Agency reported in December 2022 that member states collectively spent a record $53.4 billion (€52 billion) on defense equipment, marking a 16% increase from 2020. Furthermore, total European defense spending reached a new high of $228.6 billion (€214 billion), reflecting a 6% rise from 2020 and continuing a seven-year trend of expansion. Consequently, the surge in military expenditure is a key driver for the next-generation military power supply market.

The growth of peacekeeping operations is expected to contribute to the expansion of the next-generation military power supply market. Peacekeeping operations involve deploying national or multinational forces to regulate and resolve armed conflicts. To meet the increasing demand for more efficient, reliable, and sustainable power sources in peacekeeping operations, the development of next-generation military power supplies (NGMPS) is underway. A report from the Stockholm International Peace Research Institute in May 2023 indicated that there were approximately 64 multinational peace operations in 38 nations and territories worldwide in 2022. As of the end of 2022, the number of international personnel engaged in multilateral peace operations reached 114,984, marking a 2.79% increase from 2021. Consequently, the growth of peacekeeping operations is fostering the expansion of the next-generation military power supply market.

Technological advancements have emerged as a prominent trend in the next-generation military power supply market, with major companies focusing on introducing innovative technologies to gain a competitive edge. For instance, Advent Technologies, a US-based computer and telecommunications company, introduced the Honey Badger 50 power system in 2022. This compact and portable fuel cell system serves as a quiet power supply for military applications. The system, powered by biodegradable methanol, produces nearly silent generation of up to 50W of continuous power, offering clean emissions. Notably, it addresses diverse battery charging requirements used in soldier-worn configurations, supporting various electronic devices and operating within a thermal range of -20°C to +55°C.

Major companies operating in the next-generation military power supply market are emphasizing the development of innovative products, including power modules, to maintain a competitive advantage. Power modules are compact and efficient electronic devices that integrate multiple power semiconductor components into a single package. Collins Aerospace, a US-based aerospace and defense product manufacturer, launched the Collins 3Phase 3U power module in February 2022. Uniquely designed to deliver up to 800 watts of power without additional filtering hardware, this high-efficiency, high-reliability power conversion solution is suitable for military applications such as mission computers, signal processors, aircraft communication, and radar systems.

In July 2022, TT Electronics, a UK-based power and control solution company, entered into a strategic partnership with Honeywell Aerospace, a US-based aerospace products and services company. This collaboration focuses on designing and developing a new power supply for next-generation inertial navigation units, addressing the specific requirements of the aerospace and defense industry.

Major companies operating in the next generation military power supply market report are XP Power Limited., Advanced Conversion Technology Inc., Eaton Corporation, Aegis Power System Inc., TDK-Lambda Americas Inc., Abbott Technologies, AGMA Power Systems Ltd., Mitsubishi Electric Corporation, Energy Technologies Inc., Synqor Inc., AJ’s Power Source Inc., Prime Power Inc., Powerbox International AB, Milpower Source Inc., Astrodyne TDI Corporation, Fujitsu Limited, Infineon Technologies AG, Intel Corporation, Texas Instruments Incorporated, Spin Memory Inc., EnerSys, Cummins Inc., Saft Groupe SA, Arotech Corporation, Raytheon Technologies Corporation, SFC Energy AG, EaglePicher Technologies LLC, Denchi Power Ltd., Concorde Battery Corporation, Eniquest Pty. Ltd.

Asia-Pacific was the largest region in the next-generation military power market in 2023. The regions covered in the next generation military power supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the next generation military power supply market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of next-generation military power supply systems include both software and hardware. Software in this context refers to a set of instructions, data, or computer programs designed to operate machines and execute specific activities. These systems come in various types, such as programmable and non-programmable, with different wattages ranging from 500W to 1000W, 1001W to 5000W, 5001W to 10000W, and 10001W to 20000W. Additionally, the power supply systems can be categorized into integrated power supply and discrete power supply. These systems find applications across various military branches, including aerial, naval, and land operations.

The next-generation military power supply market research report is one of a series of new reports that provides next-generation military power supply market statistics, including next-generation military power supply industry global market size, regional shares, competitors with a next-generation military power supply market share, detailed next generation military power supply market segments, market trends and opportunities, and any further data you may need to thrive in the next generation military power supply industry. This next-generation military power supply 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 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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