Global Alternative Fuel Powered Military Vehicles Market 2017-2021: Key Drivers and Forecast by Technavio
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.
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Technavio has published a new report on the global alternative fuel-powered military fleet market from 2017-2021. (Graphic: Business Wire)
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.
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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.
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About Technavio
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.
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