LONDON, June 12, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Next Generation Military Power Supply Market Report 2023, the market will grow from $11.2 billion in 2022 to $12.2 billion in 2023, at a compound annual growth rate (CAGR) of than 8%. Further, the market will reach $16.5 billion in 2027, at a CAGR of more than 7%. Asia-Pacific held the largest next-generation military power market share in 2022.
One of the driving factors for the growth of the next-generation military power supply industry is the increasing military expenditure globally. Military expenditure encompasses expenses related to weapons, weapons systems, operations, maintenance, personnel, and other specific military equipment. Governments' investments in the military sector contribute to the development of different aspects of the military market, including next-generation military power supply.
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Major next generation military power supply companies are XP Power, Advanced Conversion Technology Inc., Eaton Corporation, Aegis Power System Inc., TDK-Lambda Americas Inc., Abbott Technologies, AGMA Power Systems Ltd.,, and Spin Memory Inc.
Technological advancements have emerged as a key trend within the next-generation military power supply market. Major companies within the market are actively introducing new technologies to gain a competitive edge.
For example, Advent Technologies, a US-based computer and telecommunications company, launched the Honey Badger 50 power system in 2022. This compact portable fuel cell system and quiet power supply for the military offer technologically advanced features, enabling clean emissions and near-silent power generation of up to 50W using biodegradable methanol.
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The global next generation military power supply market is segmented as -
1) By Components: Software, Hardware
2) By Type: Programmable, Non- Programmable
3) By Wattage: 500W to 1000W, 1001W to 5000W, 5001W to 10000W, 10001W to 20000W
4) By System: Integrated Power Supply, Discrete Power Supply
5) By End User: Aerial, Naval, Land
The next-generation military power supply market report not only captures the current state and future prospects of the market but also provides an in-depth understanding of the factors shaping its growth. With its comprehensive analysis, the report contributes to informed decision-making and facilitates the development of innovative solutions in the evolving landscape of military power supply. By understanding the market's projected growth, key trends, and regional dynamics, stakeholders can make informed decisions and develop strategies to capitalize on the opportunities presented by the market.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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