Europe, Asia Pacific, and U.S. Military Power Supply Market is expected to reach US$ 9,543.10 Million by 2028

Projected Development of Electric Military Aircraft and Development of All-Electric Naval Ships to Provide Growth Opportunities for Europe, Asia Pacific, and U.S. Military Power Supply Market during 2021–2028

According to our latest market study on “Europe, Asia Pacific, and U.S. Military Power Supply Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, System, Power Rating, End Use, and Offering” the market is expected to grow from US$ 6,806.26 million in 2021 to US$ 9,543.10 million by 2028; it is expected to grow at a CAGR of 4.9% from 2021 to 2028.

Several research and development operations are undergoing across different regions to develop military aircraft engines. For instance, in 2020, BAE Systems announced the new Tempest Fighter that is likely to be powered by electricity, instead of an internal combustion engine. This new fighter aircraft is expected to enter the service by the 2030s. The new Tempest Fighter aircraft could be powered by a hybrid electrical or fully electrical system. Hybrid electric or fully electric systems can be more environmentally friendly; however, the requirement of higher output voltages to power an entire military aircraft systems and other uncertainties are limiting the development of an electric-powered military aircraft. Thus, these aircraft systems can generate huge opportunities for the military power supply market vendors across the world.

Moreover, BAE Systems is examining all options for the Tempest Fighter development. It has purchased Williams Advanced Engineering, a motorsports company specializing in racing car batteries, to work on the Tempest project. Tempest is expected to be the first British fighter in several decades. Also, it is expected to be one of the first sixth-generation fighters that are more advanced than the fifth-generation American F-35 and Russian Su-57. A large, twin-engine fighter, Tempest, will fly equipped with a helmet-enabled virtual cockpit, artificial intelligence, and laser weapons, which will need more electric power to operate. This is expected to generate a huge demand for military power supply systems across the military aviation sector in the near future.

Furthermore, the development and deployment of all-electric naval ships across different regions are also propelling the demand for military power supply systems, thereby driving the Europe, Asia Pacific, and U.S. military power supply market growth. For instance, in 2016, the U.S. Navy commissioned USS Zumwalt for service, which is a largest and most advanced all-electric stealth destroyer ship.

Based on type, the Europe, Asia Pacific, and U.S. military power supply market is segmented into programmable and non-programmable. In 2020, the non-programmable segment led the market with a larger share. On the basis of system, the Europe, Asia Pacific, and U.S. military power supply market is segmented into discrete power supply and integrated power supply. In 2020, the discrete power supply segment accounted for a larger market share. Based on power rating, the Europe, Asia Pacific, and U.S. military power supply market is segmented into 50 W to 300 W, 301 W to 500 W, 501 W to 1000 W, 1001 W to 3000 W, and above. In 2020, the 301 W to 500 W segment led the market with the largest share. On the basis of end use, the Europe, Asia Pacific, and U.S. military power supply market can be segmented into aerial, land, and water. In 2020, the land segment accounted for the largest market share. On the basis of offering, the Europe, Asia Pacific, and U.S. military power supply market is segmented into AC-DC converter, DC-DC converter, and UPS. In 2020, the DC-DC converter segment accounted for the largest market share. Further, the market is broadly segmented into Europe, Asia Pacific, and U.S. In 2020, U.S. accounted for the significant share in the overall market.

Impact of COVID-19 Pandemic on U.S. Military Power Supply Market

The US Department of Defense (DoD) played a central role in developing vaccines through Operation Warp Speed, and the president administration has made it clear that DoD will play an important, though supporting, role in getting “shots in arms.” Throughout the pandemic, the DoD has played a supporting role by deploying medical personnel to augment civilian hospitals, mobilizing national guard personnel to provide logistical support, and providing rapid contracting capabilities to tap into the civilian economy. The department has weathered the pandemic well after some initial missteps, with infection rates lower than the those in the US as a whole and much lower death rates. Military forces have figured out how to train, deploy, and operate during a pandemic. Military personnel had an infection rate ~15% below that of the US. The infection rate for all DoD personnel (including military, dependents, and contractors) is ~40% lower than the cumulative cases from the beginning of the pandemic. In response to these early setbacks, the military services cancelled exercises and halted the deployment of units, the transfer of personnel, and the input of new recruits into basic training (those already in training continued). However, this was not a sustainable situation. Halting new deployments would reduce the influence of the US and produce power vacuums in volatile areas of the world. Pausing personnel transfers would disrupt the plans of numerous military families for extended periods.

Moreover, the adoption of military power supply has also witnessed a year-on-year decrease of ~4.0% during the FY 2020. This is owing to disrupted supply chain across different regions of the country and reduced power supply company operations owing to demand and supply gap. For instance, in October 2021, the US army announced their plan to shut down their 6 main datacenter operations. This is due to the shift of their enterprise resource planning software systems that has been successfully moved to the cloud, which has given them confidence to shift more workloads to the cloud. A decrease in the number of data centers across the US armed forces has ultimately led to a decline in revenues in the military power supply market.

Murata Power Solutions, Leonardo DRS, Multisphere Power Solutions Pvt. Ltd., Powerbox, Powerbox International AB, intreXis AG, POWERTRONIC Industrielle Leistungselektronik GmbH & Co. KG, Vicor Corporation, Gresham Power Electronics Limited, and Denchi Group Ltd are among the major companies operating in the Europe, Asia Pacific, and U.S. military power supply market.

Europe, Asia Pacific, and U.S. Military Power Supply Market — by Region, 2020 and 2028 (%)

Source: The Insight Partners Analysis

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