Batteries for defense applications will reach approximately $3.36 billion by 2029, study findsNews
January 29, 2021
AMSTERDAM. The global defense battery market -- totaling $1.87 billion in 2020 -- is anticipated to reach a value of around $3.36 billion by 2029, a combined annual growth rate (CAGR) of around 6.47% over the forecast period, according to a new study from Market Forecast, "Global Military Batteries -- Market and Technology Forecast to 2029."
The study authors believe that the defense battery market will be boosted by such variables such as a closer focus on improving front-line situational awareness and increasing occurrences of asymmetric and network-centered warfare. Additionally, an increase in defense spending and procurement of such systems, especially by emerging economies, will further grow the market.
Possible limitations to market growth may include the high cost of acquisition and barriers posed by regulations and safety issues.
The Asia-Pacific region is expected to dominate the global market by 2029, say the study authors, with an expected market value of nearly $1 billion, as a function of the increasing R&D investment in this sector, infrastructure that supports these investments, plus rising global conflicts and cross-border tension between such countries as China, India, Pakistan, and others in the region. North America is projected to be the second-largest market by 2029, with a value of around $880 million.
Additional information on the study can be obtained at the Market Forecast website.