According to a latest market report titled “Next Generation Military Power Supply Market,” published by Transparency Market Research the global next generation military power supply market is expected to reach value of US$ 20,111.7 Mn by 2026, expanding at a CAGR of 5.2% during the forecast period, 2018 to 2026. According to the research study, North America held approximately 39.3% of the global market share in 2017. This is mainly due to development of advanced military power supply systems as well as early adoption of COTS (commercial off-the-shelf) software.
Some of the major factors favoring the growth of the global next generation military power supply market include rising trend of incorporating digital power management and control solutions in military power supply products. Further, the power supply equipment replacement cycle is getting shorter. The military sector is responsible for safeguarding sensitive data such as information related to national security, weapons, defense systems, strategies etc.
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The need to protect sensitive electronic devices from grid power quality instability is increasing significantly. Adopting smart grid systems & renewable energy sources can improve grid reliability. Smart grid technology in power supply systems can improve the amount of uneven renewable generation in power systems.
The global next generation military power supply market has been segmented by type, component, system type, and end-use. Based on type, the market is segmented into programmable and non-programmable segments. According to TMR analysis, the programmable power supply segment holds the maximum market share and is estimated to expand at a CAGR of 5.5% through 2026.