Europe, Asia Pacific, and U.S. Military Power Supply Market Surging with CAGR of 4.9% during 2021–2028.

The Europe, Asia, and U.S. military power supply market study includes analysis of military power supply market in critical countries. Key countries in Asia Pacific include Australia, India, Japan, South Korea, and Taiwan. Significant nations in Europe include Germany, France, Italy, Spain, the UK, and the Netherlands. In September 2020, Ozop Energy Solutions reported that its wholly-owned subsidiary, Power Conversion Technologies, Inc., received a contract for US$ 290 K to upgrade a 1 MW power supply that was customized for the U.S. Navy. The power supply will be utilized across multiple applications at one of the U.S. largest naval bases. The U.S. is the country with the highest defense budget globally, and it constantly focuses on enhancing its defense equipment and warfare system by adopting new technologies.

Leonardo DRS, Vicor Corporation, Powerbox International AB, Celab, and Technology Dynamics Inc. – Prominent Market Participants in Europe, Asia Pacific, and U.S. Military Power Supply Market

In 2020, five companies won spots for a potential 10-year contract worth US$ 400 million from the Defense Logistics Agency (DLA). The contract includes designing and manufacturing low and high-voltage power supplies for defense applications. The five awardees are Crane Electronics, Espey Manufacturing and Electronics, Communications & Power Industries, DE Design Works, and SC Electronics. In Asia Pacific, most of the countries are still developing. However, with improved economic conditions, strategic alliances, and inclination toward adopting advanced technologies, the demand for military power supplies in Asian countries is rising notably. Due to the significant presence of terrorist groups in the region adjoining Pakistan and Afghanistan, Asian countries look up to high-tech unmanned drones, missile systems, and surveillance radars. This has created a desperate need for enhanced military power supplies in the region. Europe is considered to be a quick adopter of advanced technologies and the latest developments. European companies are known for its specialized power solutions for the army, navy, and air force. Gresham Power Electronics Limited, POWERTRONIC Industrielle Leistungselektronik GmbH & Co. KG, Powerbox International AB, Multisphere Power Solutions Pvt. Ltd., and Leonardo DRS are some of the well-known companies serving in the Europe, Asia, and U.S. military power supply market.

Leonardo DRS, Vicor Corporation, Powerbox International AB, Celab, and Technology Dynamics Inc. – are among the well-known players operating in the global Europe, Asia Pacific, and U.S. military power supply market and are focused on product development and innovations. In 2020, intreXis AG has manufactured a 500 W DC-DC converter which in case of a short circuit, delivers twice the nominal current, up to 40 A. In 2021, the UAE Army has provided Leonardo DRS with one of its Navistar MaxxPro armored vehicles for installing On-Board Vehicle Power (OBVP). This will help the troops to have unobstructed access to electrical power while moving or when they are deployed in some remote area.

The military electronics industry was hit hard in APAC region during the first half 2020 leading to massive decline in revenues across the stakeholders. The tremendous spread of the virus across the region resulted in declined military operations, declined movement of military aircraft, disrupted supply chain across the military electronics sector, and lower defence electronics expenditure across different countries in order to fight the economic crisis caused by the pandemic during FY 2020. Coupling all the parameters showcased fall in demand for military power supply across the defence sector in APAC region.

Moreover, most of the countries across the Asia Pacific region have lost a lot of revenues from their respective defense companies. For instance, Indian defense companies had already lost approximately US$ 3 billion in revenues between March-May in FY 2020 which has also affected 100 large defense firms and nearly 4,000 small and medium aerospace and defense businesses. The lockdown has also impacted the supply of local and foreign material for 50 major defense projects.

The top five companies in the market are Leonardo DRS, Vicor Corporation, Powerbox International AB, Celab, and Technology Dynamics Inc. The above listing of key players is derived by considering multiple factors such as overall revenue, current military power supplies portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below: