This report describes and explains the military power solutions market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global military power solutions market reached a value of nearly $9.29 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.69% since 2019. The market is expected to grow from $9.29 billion in 2024 to $13.52 billion in 2029 at a rate of 7.77%. The market is then expected to grow at a CAGR of 7.06% from 2029 and reach $19.01 billion in 2034.
Growth in the historic period resulted from the increasing defense budgets, integration of renewable energy, rise in terrorist activities and rising demand for portable power solutions. Factors that negatively affected growth in the historic period was logistical challenges and solar dependence vulnerability.
Going forward, rising adoption of unmanned aerial vehicles (UAVs) and drones, favorable government initiatives, rising space-based military operations and growth in electrification of military vehicles will drive the growth. Factor that could hinder the growth of the military power solutions market in the future include supply chain disruptions in critical mineral resources and funding constraints for military modernization.
North America was the largest region in the military power solutions market, accounting for 37.60% or $3.49 billion of the total in 2024. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the military power solutions market will be Asia-Pacific and Western Europe where growth will be at CAGRs of 10.76% and 7.75% respectively. These will be followed by Africa and South America where the markets are expected to grow at CAGRs of 7.10% and 6.44% respectively.
The global military power solutions markets is fairly fragmented, with large number of players operating in the market. The top 10 competitors in the market made up 19.32% of the total market in 2023. Raytheon Technologies Corporation was the largest competitor with a 3.05% share of the market, followed by Cummins Inc. with 3.00%, EnerSys Inc. with 2.49%, L3Harris Technologies Inc. with 2.20%, Inventus Power Inc. with 1.92%, Eaglepicher Technologies LLC with 1.90%, Saft Group S.A. with 1.40%, Northrop Grumman Corporation with 1.36%, Oshkosh Defense LLC with 1.05% and GS Yuasa Corporation with 0.94%.
The military power solutions market is segmented by type into portable and non-portable. The non-portable market was the largest segment of the military power solutions market segmented by type, accounting for 65.74% or $6.11 billion of the total in 2024. Going forward, the portable segment is expected to be the fastest growing segment in the military power solutions market segmented by type, at a CAGR of 8.60% during 2024-2029.
The military power solutions market is segmented by source into batteries, generators, fuel cells, energy harvesters and other sources. The batteries market was the largest segment of the military power solutions market segmented by source, accounting for 35.55% or $3.3 billion of the total in 2024. Going forward, the energy harvesters segment is expected to be the fastest growing segment in the military power solutions market segmented by source, at a CAGR of 14.06% during 2024-2029.
The military power solutions market is segmented by wattage into low power, medium power and high-power solutions. The medium power market was the largest segment of the military power solutions market segmented by wattage, accounting for 46.14% or $4.29 billion of the total in 2024. Going forward, the high-power segment is expected to be the fastest growing segment in the military power solutions market segmented by wattage, at a CAGR of 9.34% during 2024-2029.
The military power solutions market is segmented by platform into air, land and sea applications. The land market was the largest segment of the military power solutions market segmented by platform, accounting for 50.34% or $4.68 billion of the total in 2024. Going forward, the air segment is expected to be the fastest growing segment in the military power solutions market segmented by platform, at a CAGR of 8.84% during 2024-2029.
The top opportunities in the military power solutions market segmented by type will arise in the non-portable segment, which will gain $2.59 billion of global annual sales by 2029. The top opportunities in the military power solutions market segmented by source will arise in the fuel cells segment, which will gain $1.43 billion of global annual sales by 2029. The top opportunities in the military power solutions market segmented by wattage will arise in the medium power segment, which will gain $1.91 billion of global annual sales by 2029. The top opportunities in the military power solutions market segmented by platform will arise in the land segment, which will gain $2.08 billion of global annual sales by 2029. The military power solutions market size will gain the most in the USA at $1.05 billion.
Market-trend-based strategies for the military power solutions market include focus on high-efficiency battery development for tactical and surveillance use, focus on the strategic military power initiative for tactical power systems, focus on developing advanced, durable power solutions for military and industrial use and focus on developing innovative, high-performance power units to drive tactical vehicle upgrades.
Player-adopted strategies in the military power solutions market include focus on expanding its business capabilities through innovative product launch to expand its operational capabilities.
To take advantage of the opportunities, the analyst recommends the military power solutions focus on high-capacity battery development to extend operational efficiency, focus on long-term tactical power contracts to secure market stability, focus on rugged integrated power systems to enhance deployment efficiency, focus on power conversion systems for tactical vehicle modernization, focus on portable segment to capitalize on fastest growth in military power solutions, focus on energy harvesters to leverage highest segment growth potential, focus on high power segment to capture strongest growth in military applications, expand in emerging markets, focus on expanding strategic distribution networks in target regions, focus on competitive, value-based pricing aligned with procurement cycles, targeted multi-channel promotion strategy for military power solutions, tailored promotional materials highlighting compliance and after-sales support, focus on air segment to harness highest growth in military power platforms.
The global military power solutions market reached a value of nearly $9.29 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.69% since 2019. The market is expected to grow from $9.29 billion in 2024 to $13.52 billion in 2029 at a rate of 7.77%. The market is then expected to grow at a CAGR of 7.06% from 2029 and reach $19.01 billion in 2034.
Growth in the historic period resulted from the increasing defense budgets, integration of renewable energy, rise in terrorist activities and rising demand for portable power solutions. Factors that negatively affected growth in the historic period was logistical challenges and solar dependence vulnerability.
Going forward, rising adoption of unmanned aerial vehicles (UAVs) and drones, favorable government initiatives, rising space-based military operations and growth in electrification of military vehicles will drive the growth. Factor that could hinder the growth of the military power solutions market in the future include supply chain disruptions in critical mineral resources and funding constraints for military modernization.
North America was the largest region in the military power solutions market, accounting for 37.60% or $3.49 billion of the total in 2024. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the military power solutions market will be Asia-Pacific and Western Europe where growth will be at CAGRs of 10.76% and 7.75% respectively. These will be followed by Africa and South America where the markets are expected to grow at CAGRs of 7.10% and 6.44% respectively.
The global military power solutions markets is fairly fragmented, with large number of players operating in the market. The top 10 competitors in the market made up 19.32% of the total market in 2023. Raytheon Technologies Corporation was the largest competitor with a 3.05% share of the market, followed by Cummins Inc. with 3.00%, EnerSys Inc. with 2.49%, L3Harris Technologies Inc. with 2.20%, Inventus Power Inc. with 1.92%, Eaglepicher Technologies LLC with 1.90%, Saft Group S.A. with 1.40%, Northrop Grumman Corporation with 1.36%, Oshkosh Defense LLC with 1.05% and GS Yuasa Corporation with 0.94%.
The military power solutions market is segmented by type into portable and non-portable. The non-portable market was the largest segment of the military power solutions market segmented by type, accounting for 65.74% or $6.11 billion of the total in 2024. Going forward, the portable segment is expected to be the fastest growing segment in the military power solutions market segmented by type, at a CAGR of 8.60% during 2024-2029.
The military power solutions market is segmented by source into batteries, generators, fuel cells, energy harvesters and other sources. The batteries market was the largest segment of the military power solutions market segmented by source, accounting for 35.55% or $3.3 billion of the total in 2024. Going forward, the energy harvesters segment is expected to be the fastest growing segment in the military power solutions market segmented by source, at a CAGR of 14.06% during 2024-2029.
The military power solutions market is segmented by wattage into low power, medium power and high-power solutions. The medium power market was the largest segment of the military power solutions market segmented by wattage, accounting for 46.14% or $4.29 billion of the total in 2024. Going forward, the high-power segment is expected to be the fastest growing segment in the military power solutions market segmented by wattage, at a CAGR of 9.34% during 2024-2029.
The military power solutions market is segmented by platform into air, land and sea applications. The land market was the largest segment of the military power solutions market segmented by platform, accounting for 50.34% or $4.68 billion of the total in 2024. Going forward, the air segment is expected to be the fastest growing segment in the military power solutions market segmented by platform, at a CAGR of 8.84% during 2024-2029.
The top opportunities in the military power solutions market segmented by type will arise in the non-portable segment, which will gain $2.59 billion of global annual sales by 2029. The top opportunities in the military power solutions market segmented by source will arise in the fuel cells segment, which will gain $1.43 billion of global annual sales by 2029. The top opportunities in the military power solutions market segmented by wattage will arise in the medium power segment, which will gain $1.91 billion of global annual sales by 2029. The top opportunities in the military power solutions market segmented by platform will arise in the land segment, which will gain $2.08 billion of global annual sales by 2029. The military power solutions market size will gain the most in the USA at $1.05 billion.
Market-trend-based strategies for the military power solutions market include focus on high-efficiency battery development for tactical and surveillance use, focus on the strategic military power initiative for tactical power systems, focus on developing advanced, durable power solutions for military and industrial use and focus on developing innovative, high-performance power units to drive tactical vehicle upgrades.
Player-adopted strategies in the military power solutions market include focus on expanding its business capabilities through innovative product launch to expand its operational capabilities.
To take advantage of the opportunities, the analyst recommends the military power solutions focus on high-capacity battery development to extend operational efficiency, focus on long-term tactical power contracts to secure market stability, focus on rugged integrated power systems to enhance deployment efficiency, focus on power conversion systems for tactical vehicle modernization, focus on portable segment to capitalize on fastest growth in military power solutions, focus on energy harvesters to leverage highest segment growth potential, focus on high power segment to capture strongest growth in military applications, expand in emerging markets, focus on expanding strategic distribution networks in target regions, focus on competitive, value-based pricing aligned with procurement cycles, targeted multi-channel promotion strategy for military power solutions, tailored promotional materials highlighting compliance and after-sales support, focus on air segment to harness highest growth in military power platforms.
Major Market Trends
- High-Efficiency Battery Development for Tactical and Surveillance Use
- Defense Contract Awarded for Tactical Power Systems
- Durable Power Solution for Military and Industrial Use
- High-Performance Power Units Drive Tactical Vehicle Upgrades
Key Mergers and Acquisitions
- Atlas Energy Solutions Inc. Acquired Moser Energy Systems
- EnerSys Acquired Bren-Tronics
- HEICO Corporation Acquired Marway Power Solutions Inc.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Military Power Solutions Growth Analysis and Strategic Analysis Framework
9 Military Power Solutions Market Segmentation
10 Military Power Solutions Market, Regional and Country Analysis
11 Asia-Pacific Market
12 Western Europe Market
13 Eastern Europe Market
14 North America Market
15 South America Market
16 Middle East Market
17 Africa Market
18 Competitive Landscape and Company Profiles
19 Other Major and Innovative Companies
22 Key Mergers and Acquisitions
23 Recent Developments in Military Power Solutions
24 Opportunities and Strategies
25 Military Power Solution Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Military Power Solutions Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global military power solutions market.Reasons to Purchase
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Description
Where is the largest and fastest-growing market for military power solutions? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The military power solutions market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider military power solutions market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by source, by wattage and by platform.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the aerospace forging market.
- Global Market Size and Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by source, by wattage and by platform in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for military power solutions providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Type: Portable; Non-Portable2) by Source: Batteries; Generators; Fuel Cells; Energy Harvesters; Other Sources
3) by Wattage: Low Power; Medium Power; High-Power
4) by Platform: Air; Land; Sea
Key Companies Profiled: Raytheon Technologies Corporation; Cummins Inc; EnerSys Inc; L3Harris Technologies Inc; Inventus Power Inc
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; military power solutions warranty indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
The companies featured in this Military Power Solutions market report include:- Raytheon Technologies Corporation
- Cummins Inc
- EnerSys Inc
- L3Harris Technologies Inc
- Inventus Power Inc
- Eaglepicher Technologies LLC
- Saft Group S.A
- Northrop Grumman Corporation
- Oshkosh Defense LLC
- GS Yuasa Corporation
- DroneShield
- Bharat Electronics Limited (BEL)
- Tata Power SED
- Advanced Communications and Electronics Systems Co
- China Electronics Technology Group Corporation (CETC)
- Norinco
- Mitsubishi Heavy Industries, Ltd. (MHI)
- Kawasaki Heavy Industries Ltd
- IHI Corporation
- Japan Steel Works, Ltd
- Fujitsu Limited
- ShinMaywa Industries, Ltd
- Tacticalist
- HD Hyundai Heavy Industries
- Samyang Comtech
- SNT Motiv
- Poongsan Corporation
- Novacium SAS
- W5 Solutions
- Solus Power
- CMCA Integrated Systems Ltd
- Safran S.A
- Rheinmetall AG
- Siemens AG
- Leonardo S.p.A
- Indra Sistemas S.A
- BAE Systems plc
- Rolls-Royce Holdings plc
- Kaluga Research Radio Engineering Institute (KNIRTI)
- Czechoslovak Group (CSG)
- Polska Grupa Zbrojeniowa (PGZ)
- ROMARM
- United Engine Corporation (UEC)
- Kalashnikov Concern
- Uralvagonzavod
- Tactical Missiles Corporation (KTRV)
- Advent Technologies
- Meritor inc
- General Dynamics Corporation
- Lockheed Martin Corporation
- General Dynamics Mission Systems
- Rheinmetall Canada Inc
- Hybrid Power Solutions Inc
- Embraer S.A.
- Epsilor Electric Fuel Ltd
- EDGE Group
- Advanced Electronics Company
- Thales Group
- Elbit Systems Ltd
- Denel SOC Ltd
- Paramount Group
- Aggreko
- AEG Power Solutions
- Schneider Electric
- Power & Energy Solutions
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 325 |
| Published | June 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 9.29 Billion |
| Forecasted Market Value ( USD | $ 19.01 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 66 |
