Next Generation Military Power Supply Market: Research Outlines Huge Growth \
Posted by surendra choudhary on March 22nd, 2021
Next Generation Military Power Supply Market – Snapshot
The next generation power supply market is witnessing significant advancements due to the rapidly-changing technologies in the power industry. Power supply markets around the world are experiencing a major change with rapid rise in adoption of next generation power supply such as renewable energy and micro grids. The military sector demands highly reliable power supply systems since military operations are characterized by durability, reliability, and ruggedness. The global market for next generation military power supply is forecast to quickly grow to US$ 20,111.7Mn by 2026 from US$ 12,882.5Mn in 2017, recording a CAGR of 5.2%.
Next generation power supply is being widely adopted in the military sector due to its advantageous features such as the ability to perform seamlessly in a variety of intense climates and harsh terrains. Also, it is capable of ensuring long cycles of use with minimal maintenance. Growing need to protect sensitive data from grid power instability & downtime issues is driving the global next generation military power supply market. Over the past few years, there has been a significant adoption of Commercial Off- The-Shelf (COTS) technology which is favoring adoption of next generation military power supply.
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The next generation military power supply service market has been segmented on the basis of type, components, system type, end-use, and geography. On the basis of type, the market is segmented into programmable and non-programmable types. In 2017, programmable segment accounted for maximum market share. This is because a programmable power supply system is capable of supporting more than the single or dual power outputs. The voltage and current of programmable power supply is capable of being adjusted over a wide range. It can also have multiple outputs to power multiple circuits across the system.
In terms of components, the market is classified into hardware and software. The hardware segment is further sub-categorized into DC/AC convertor, AC/DC convertor, DC/DC convertor, EMI filters and others (Inductors, Transformers, etc.). In 2017, the AC/DC convertor segment accounted for nearly half of the total market share followed by DC/AC convertor. This is mainly due to strong revenue growth in power supplies for military communication devices and electronic components. There are several applications of AC-DC power supplies in the military sector including computers, televisions, cell phone chargers, alarms, and other electronic consumer devices. They are also used in military equipment that use DC motors.
By system type, the market is divided into discrete power supply system and integrated power modules. The integrated power supply segment is further sub-divided into synchronous and non-synchronous type. In 2017, the total share of next generation military power supply for integrated power modules out of the total revenue was greater than half of the market. During the forecast period, significant increase in adoption rate of integrated power is predicted since it offers better reliability and power density compared to discrete power supply systems.
Based on end use, the market is bifurcated into aerial, land, and naval. In 2017, land segment accounted for maximum market share, while the aerial segment is predicted to expand at a healthy CAGR during the forecast period. This is mainly due to development of advanced military aircrafts and vehicles demanding high power supply. Also, legislation regarding air pollution control demands better fuel efficient military aerial vehicles.
Geographically, the global next generation military power supply market has been studied for North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The U.S. holds approximately 45% of the global defense budget and has the strongest military power at present. The presence of advanced military power supply technology as well as early adoption of COTS software in the U.S has made North America a global leader in the global next generation military power supply market. Asia Pacific is predicted to be among the fastest growing regions due to ongoing technological innovations, growing at a healthy CAGR. APAC is forecasted to be the second largest shareholder by 2026. Middle East & Africa is forecasted to witness moderate growth rate due to presence of world leading military forces in Saudi Arabia, Israel, UAE and other GCC countries. South America is expected to showcase sluggish growth in the next generation military power supply market as compared to other regions.
The global next generation military power supply market is dominated by players such as XP Power, Advanced Conversion Technology, Eaton Corporation, Aegis Power System, Inc., TDK-Lambda Americas, Inc., Abbott Technologies, AGMA Power Systems Ltd., and Mitsubishi Electric Corporation. Nearly half of the total market share of the next generation military power supply market is held by the top fifteen players of the next generation military power supply market. Other significant players in the market include Energy Technologies Inc., Synqor, Inc., AJ’s Power Source Inc., Prime Power Inc., Powerbox International AB, Milpower Source, and Astrodyne TDI.
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About the Authorsurendra choudhary
Joined: February 12th, 2019
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