Submarine Battery Market Research Report - Global Forecast till 2030

Submarine Battery Market Research Report Information by Type (Valve-regulated Lead Acid Batteries, Flooded Lead Acid Batteries, and others), Application (Civil and Military) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2030

ID: MRFR/A&D/7261-HCR | 111 Pages | Author: Chitranshi Jaiswal | September 2023         

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Submarine Battery Market Overview

From the recent research reports, the submarine batteries industry is foreseen to grow in terms of value up to USD 1.33 billion by 2027 with an attractive compound annual growth rate (CAGR) of 5.45%. Submarine batteries are used to power the equipment and in-house systems in submarines when submerged underwater. The batteries that are installed in a submarine are also deployed for propulsion whenever required. The stringent laws regarding marine emissions have also increased the demand for submarine batteries. The average shelf life of these submarine batteries is approximately 30 to 40 years.

Moreover, there are many major manufacturers that design these batteries with adequate submarine battery capacity. Submarine batteries are used for both human-crewed and uncrewed vehicles. Lithium energy packs have been grown in popularity, especially for human-crewed submarines. The submarine battery market is making some notable technological strides from the relentless efforts of some batter manufacturers to meet the most stringent conditions under which submarines work. Several lead-acid solutions have emerged, and new chemistries of batteries are likely to pave the way to further innovations. The submarine battery market has thus evolved on the evolving demand for battery management systems for these vehicles. Electronics companies have teamed up with battery manufacturers to dole out new products with higher shelf-life and performance guarantees supported by technical documentation.

COVID-19 Analysis

With the COVID outbreak, there has been a sharp pullback in economic activities due to mandatory lockdowns and other containment measures. The demand for submarine batteries across different applications is likely to fall as the outbreak is likely to restrict the supply chain and the adoption of such batteries due to severe disruptions in businesses and the global economy. The outbreak of the pandemic has slowed battery supply chains as the maximum battery cells are made in China, thus throwing light on the overwhelming dependence on China and the related supply chain risks.

Market Dynamics:

  • Market drivers

The major factors driving the growth of the global submarine battery industry include increased spending by the government in the defense sector. Moreover, the investment by key players in developing advanced submarines is also expected to drive the use of submarine batteries. For instance, in September and May 2019, the US Navy had planned to invest USD 2 billion for its next-generation nuclear submarine program. It is expected to increase the demand for submarine navy batteries that are an integral component of submarines. Moreover, increasing investments in the Navy in developing countries are likely to be an opportunity for the submarine battery market players.

  • Market restraints

However, high maintenance cost is expected to hinder the global market. The biggest threat to submarine batteries is nuclear power, as nuclear-powered submarines can stay underwater for a long time, i.e., weeks/months. Furthermore, nuclear fuel lasts much longer than diesel fuel. A nuclear submarine does not have to come to a port to refuel.

  • Technology analysis

Hanwha Defense will use submarine batteries' know-how to develop ESS technology for civilian ships. ESS is a power storage system that comprises batteries or even specially designed battery packs. The global submarine battery market company will develop technologies like safety control, lightweight and miniaturization, optimal design for a marine environment, firefighting in module units, and preventing heat transfer. Electric power is required to operate equipment and other in-house systems in submarines. For underwater and surface propulsion, submarines are equipped either with diesel engines, which run on fuel (diesel) or utilize nuclear reactors that use nuclear fission for propulsion. Several submarines are also equipped with battery banks to supply electrical power. A fully charged battery is the only source of submarine propulsion during emergencies. On the surface, these submarines utilize diesel engines for propulsion and thus charge the main storage battery. Once the batteries are ultimately charged, the submarine can head underwater and perform underwater operations. Thus, a submarine equipped with a charged battery is the only way a diesel submarine can submerge underwater.

Market Segmentation

The submarine battery market has been divided all across the globe based on type, application, and region. The lead-acid battery segment held the dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. This is due to various advantages of lead batteries, such as being reliable, robust, and capable of delivering high current. Lead-acid battery helps to provide standby and propulsion power in various submarines. Continued technical improvement in lead-acid battery technology has accelerated the segment's growth in the market.

Based on the Type

The market has been divided all across the globe based on the type into flooded lead-acid batteries, valve-regulated lead-acid batteries, and many others. The valve-regulated lead-acid batteries segment holds the largest market share.

Based on the Application

The market has been divided all across the globe based on the application into the military segment and civil segment. The military line segment holds the largest market share in the global market.

Based on the Region

The market has been segmented all across the globe based on region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.

Regional Analysis

The submarine battery market has been divided all across the globe based in the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. Being the globally emerging market, the largest market share in the global market is held by the Asia-Pacific region due to various major key players in this region. Moreover, highly populated countries like China, India, and Japan generate more demand in this region.

The North American region holds the second-largest market share in the global market due to countries like Canada, the US, and Mexico, which generate market demand in this region.

The European region holds the third-largest market share worldwide due to the presence of a well-established technologically driven infrastructure that generates more market demand in this region. Moreover, countries like France, Germany, and the UK are other factors that give rise to market demand.

The Middle East and African region, along with the Latin American region, show the rock bottom market share due to low infrastructure development in both these regions. Adding to the line, the other factor that restrains the market growth in these regions is low per capita income.

Competitive Landscape

The most prominent major key players in the submarine battery market all across the globe are mentioned below:

  • Kokam (South Kora)

  • Champion Storage Battery Company Limited (China)

  • Epsilor (Israel)

  • HBL (India)

  • Zibo Torch Energy Co. Ltd. (China)

  • Systems Sunlight Sa (Greece)

  • Korea Special Battery Co. Ltd. (South Korea)

  • Gs Yuasa (Japan)

  • Everexceed (China)

  • Exide Technologies (US)

  • Enersys (US)

These major key players adopt various strategies to endure their market position in the submarine battery market in the global market by going for mergers, and acquisitions, collaborating, developing a new product line, developing a unique production process, setting up a new joint venture, innovation in the existing product, establishing a partnership, and many others to expand their customer base in the untapped market of the submarine battery market all across the globe.

Recent Developments

In May 2019, an investment of USD 2 billion was planned for the next-generation nuclear submarine program by the US navy. This will drive the sales of submarine batteries manifolds.

In June 2018, a contract was signed between the US Navy and Exide Technologies to supply the lead battery systems for the fleet submarines.

Korea Special Battery Co. Ltd. (South Korea) spends a sizeable sum of money on research and development to get an upper edge over its competitors.

Report Overview

This global submarine battery market research report includes the following components mentioned below:

  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technical Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

Intended Audience

Environmental research institutes, institutional investors, manufacturer's associations, investment banks, state and national regulatory authorities, government and research organizations, energy and environment associations, service providers of submarine batteries, and manufacturers and suppliers.

Report Scope:

Report Attribute/Metric Details
  Market Size 2030: USD 1.33 Billion 
  CAGR   5.45% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Enersys (US), Exide Technologies (US), Everexceed (China), Gs Yuasa (Japan), Korea Special Battery Co. Ltd. (South Korea), Systems Sunlight Sa (Greece), Zibo Torch Energy Co. Ltd. (China), HBL (India), Epsilor (Israel), Champion Storage Battery Company Limited (China), and Kokam (South Korea).
  Key Market Opportunities   Increasing investment in the Navy in developing countries
  Key Market Drivers Increased spending by the government in the defense sector Investment by key players for developing advanced submarines

Frequently Asked Questions (FAQ) :

With the aid of a 5.45% CAGR is prophesied to acquire heightened growth.

Submarine Battery Market is projected to be worth USD 1.33 billion by 2030

Zibo Torch Energy Co. Ltd. (China), HBL (India) and Systems Sunlight Sa (Greece) are likely to contribute to the market’s success in the impending period.

The augmented government budgets are estimated to promote market expansion in the impending period.

The Asia Pacific region is estimated to dictate the next phase of development in the market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players‚Äô financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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