Aug 13, 2020 (AmericaNewsHour) -- The global military aircraft batterymarket is segmented into battery chemistry such as lithium based batteries, nickel based batteries and lead-acid batteries. Among these segments, lithium based batteries segment is anticipated to grow at a substantial pace over the forecast period owing to a number of advantages of lithium based batteries such as higher efficiency and low maintenance. Further, long life cycle of lithium based batteries as compared to nickel based batteries and lead-acid batteries is driving the growth of market.
Global military aircraft battery market is expected to register a 13.2% CAGR over the forecast period. Moreover, the global military aircraft batterymarket was valued at USD 4.2 Million in 2016 and is expected to reach at notable revenue by the end of 2024.Governments are highly investing in defense sector. Further, increasing investments by governments to strengthen their air defense is also anticipated to foster the growth of global Military Aircraft Battery Market during the forecast period.
North America military aircraft battery market grabbed major share in 2016. Factors such as high government investment and technological advancements in military aircraft batteries are envisioned to bolster the growth of North America military aircraft battery market during the forecast period.
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Technological Advancements in Military Aircraft Battery
Rapid enhancements in aircraft batteries such as low self-discharge, improved efficiency and high life cycle are expected to enhance the market of global military aircraft battery market. Apart from this, increasing concerns regarding increasing carbon emission is also expected to increase the demand for military aircraft battery.
Favourable Government Supports and Initiatives
Rising tension between neighboring countries is creating conflict situation at national and international borders and this conflict situations across the globe has led governments to increase the defense budget in order to strengthen the defense power.Growing popularity of lithium based battery in defense sector due to their light weight and rechargeable capabilities is estimated to propel the growth of global military aircraft battery market.
However,lithium based aircraft batteries have long operating life and thus release large amount of heat which may cause thermal turbulence in the aircraft.Further, this factor islikely to hamper the growth of the military aircraft battery market in the near future.
The report titled "Military Aircraft Battery Market: Global Demand Analysis & Opportunity Outlook 2024" delivers detailed overview of the global military aircraft batterymarket in terms of market segmentation by battery chemistryand by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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This report also provides the existing competitive scenario of some of the key players of the global military aircraft batterymarket which includes company profiling ofConcorde Battery, Saft, Tadiran Batteries, Eaglepicher Technologies LLC, Teledyne Technologies Inc., GS Yuasa International, MarathonNorco Aerospace, Inc., andSecuraplane Technologies Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global military aircraft batterymarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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