LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global alternative fuel powered military vehicles market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global alternative fuel powered military vehicles market for 2017-2021. The report also lists aerial fleet, naval vessels, and ground vehicles as the three major segments based on platform type.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio analysts highlight the following three market drivers that are contributing to the growth of the global alternative fuel powered military vehicles market:
- Easy supply of fuel in times of crisis
- Growing focus on cost effective vehicles
- Reduced dependence on conventional sources of energy
Easy supply of fuel in times of crisis
The transport of conventional fuels in a battlefield or under extreme weather or terrain conditions is associated with a number of supply chain complexities. This is mainly because of the unscheduled and spontaneous movement of the armed troops and defense personnel in emergency situations. Furthermore, with the growing use of conventional fuels, carbon dioxide, and various other greenhouse gas emissions have become a major concern.
As a result, defense authorities focus on the production, sustainment, and use of biofuels or other alternate fuels (based on solar, wind, or water) for their operations which helps to eliminate the need to transport fuel to battlefield or place of crisis. For instance, in 2012, the US DoD unveiled its first fleet of hydrogen-powered electric vehicles in Hawaii, as part of the DoDs green energy program, which aimed at reducing the country’s dependence on conventional energy sources.
“These vehicles run on hydrogen fuel cells, which can generate electricity by converting hydrogen gas into water. These vehicles result in potential cost savings and reduce the need for fuel transport in vulnerable regions such as Iraq, Afghanistan, and Syria,” says Moutushi Saha, a lead analyst for defense research at Technavio.
Growing focus on cost effective vehicles
The average energy expenses of military vehicles are quite high. For instance, over the last three years (2014-2016), the expenses on crude oil comprised over 50% of the total energy expenses, out of which 84% of the fuel expenses came from the US Air Force.
As a result, the US DoD is focused on the production of the cost-effective and environment-friendly biofuels and solar-based energy. There have been several initiatives and developments of advanced vehicles, which use bio-derived fuels, enable cost savings, and are environment-friendly. For instance, the US Special Operations Forces (SOF) use the Zero MMX Motorcycle, a stealth electric bike, which is designed to drive over hostile terrain. The vehicle is powered by hydrogen fuel cells and hybrid electric engines.
Reduced dependence on conventional sources of energy
Over the last decade, the global military shifted to the usage of alternative fuels instead of conventional fossil fuels. Major European countries such as Russia, Germany, France, and the UK, some Asian countries comprising of China, Japan, Australia, and India and the US have been investing in alternative energy products.
“Such measures would not only reduce the dependency on the conventional sources of energy but also simultaneously result in cost savings,” says Moutushi.
Browse Related Reports:
- Global Explosive Detection Equipment Market 2017-2021
- Global Spotting Scope Market 2017-2021
- Global Naval ISR Market 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like aerospace, space, and defense technology. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.