ID: MRFR/E&P/7261-HCR | February 2021 | Region: Global | 111 pages
Submarine batteries are used to power the equipment and in-house systems in submarines when the submarine is submerged underwater. The batteries installed in a submarine are also deployed for propulsion whenever required. Also, the stringent laws with regards to marine emissions have also increased the demand for submarine batteries. The average shelf life of submarine batteries is approximately 30 to 40 years. Moreover, many major manufacturers design batteries with adequate submarine battery capacity.
Global Submarine Battery Market size is projected to reach USD 525 Million by 2025, with 5.4% CAGR between 2019 and 2025.
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 for developing advanced submarines is also expected to drive the use of submarine batteries. For instance, in September 2019, in May 2019, the US Navy planned to invest USD 2 billion for its next-generation nuclear submarine program. This is expected to increase the demand for submarine navy batteries, that are an integral component of submarines. Moreover, increasing investment in the Navy in developing countries is likely to be an opportunity for the submarine battery market players. However, high maintenance cost is expected to hinder the global market.
Many major players such as Enersys, Exide Technologies, Everexceed, Gs Yuasa, Korea Special Battery Co. Ltd. (South Korea), Systems Sunlight Sa (Greece), and Zibo Torch Energy Co. Ltd. (China) are actively focusing on contracts & agreements for expanding their operations across the globe. For instance, in June 2018, Exide Technologies signed a contract with the US Navy in order to supply lead battery systems for the US Navy’s fleet of submarines. The contract also includes components and features such as nuclear submarine batteries and upgraded submarine cell technology. This contract has helped the company to strengthen its operations in the US market. Similar contracts & agreements made by major market players are likely to boost the global submarine battery market during the forecast period.
The global market for the submarine batteries has been segmented based on type and application. Based on type, the global market is segmented into valve-regulated lead-acid batteries, flooded lead-acid batteries, and others. The valve-regulated lead-acid batteries segment is expected to grow with the highest CAGR during the forecast period as these submarine batteries are rechargeable. By application, the global submarine battery market has been segmented into civil and military. The military segment is expected to hold the largest share within the global submarine battery market owing to increasing spending by the Navy of different countries including China, the US, and India.
The global market is expected to grow at 5.4% CAGR during the forecast period.
The market is poised to witness high growth during the forecast period owing to the increased spending by the government in the defense sector and investment by major players for developing advanced submarines.
Based on region, the global submarine battery market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest market share due to a large number of submarines in the region. It is estimated that Asia-Pacific would be the fastest-growing region in the market during the forecast period, mainly due to the growing technological advancements made in the countries of the Asia Pacific region. Such factors are likely to boost the demand for submarine batteries in the region.
The Key Players operating in the Global Submarine Battery Market are 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).
Frequently Asked Questions (FAQ) :
The augmented government budgets are estimated to promote market expansion in the impending period.
An income of USD 525 Million is predicted to be generated by the year 2025.
With the aid of a 5.4% CAGR is prophesied to acquire heightened growth.
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 Asia Pacific region is estimated to dictate the next phase of development in the market.