Military Aircraft Battery Market
: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Global military aircraft battery market is expected to grow at a compound annual growth rate (CAGR) of 4.2% during the forecast period i.e. 2017-2024. Further, a number of factors such as growing demand for advanced fighter aircrafts and increasing demand for light weight and reliable batteries for aircrafts in military sector are expected to fuel the growth of global military aircraft battery market during the forecast period.
Global military aircraft battery market is segmented into battery chemistry and region. Further, battery chemistry segment is sub segmented into lead acid batteries, lithium based batteries, and nickel based batteries. Likely, lithium based batteries segment including lithium ion battery is anticipated to witness remarkable demand during the forecast period due to their high end performance at low temperature.
Regionally, global military aircraft battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America accounted for 38.5% share of overall market of military aircraft battery in 2016. Factors such as high investment and technological advancements in military aviation sector are envisioned to bolster the growth of North America military aircraft battery market during the forecast period. Additionally, U.S. is likely to be the major contributor to the growth of North America military aircraft battery market during forecast period.
Europe region is second leading market of military aircraft battery market and is expected to grow at a significant pace during the forecast period. Growing concern regarding border security coupled with rising political crisis in European economics including Greece and Ireland are forcing governments to strengthen their air forces. Likely, growing strength of air forces in European countries is expected to escalate the growth of military aircraft battery market in this region.
Further, Asia Pacific military aircraft battery market is also anticipated to witness robust growth during the forecast period. The market of military aircraft battery in Asia Pacific region is expected to reach at a valuation of around USD 53.5 Million by the end of forecast period. Factors such as growing terrorism activities coupled with rise in investment by governments in development of advanced aircrafts are fueling the demand for military aircraft batteries in this region. Additionally, China and India are likely to contribute significantly in growth of military aircraft battery market in this region owing to growing strength of air forces in these countries.
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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