Global Military Battery Market 2018-2022
About this market
Lithium is a light metal with high energy density and large electrochemical potential compared with other metals. The chemical reaction in Li-ion batteries produces electrical energy that is used as backup power for battery-powered applications. Li-ion batteries were primarily used in portable electronic devices. However, the shift in the use of these batteries from portable electronics to automotive and storage applications is driven by the growing need for high-capacity batteries in electric cars, material handling equipment vehicles and industrial applications. Li-ion batteries have become the most preferred battery systems because they require low maintenance, have a low rate of discharge weigh lesser than other battery technologies and possess high energy storage potential. Technavio’s analysts have predicted that the military battery market will register a CAGR of over 4% by 2022.
Decline in Li-ion battery prices
The shift in the use of Li-ion batteries from portable electronics to automotive and storage applications is driven by the growing need for high-capacity batteries in electric cars, material handling equipment vehicles and industrial applications.
Competition from fuel cells
Advances in fuel cells are increasing their rate of adoption in motive power applications, telecommunications, and energy storage. The growth in adoption of fuel cells will have a negative impact on the adoption of batteries for energy storage in the market and will hinder the growth of the global military battery market.
For the detailed list of factors that will drive and challenge the growth of the military battery market during the 2018-2022, view our report.
The market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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