Global Submarine Battery Market 2019 Size, Global Trends, Comprehensive Research Study, Development Status, Opportunities, Future Plans, Competitive Landscape and Growth by Forecast 2028
Global submarine battery market is estimated to be valued at US$ X Mn and is projected to reach a value of US$ X Mn in 2028. The global submarine battery market report has been segmented on the basis of battery type, application, and region/ country.
Submarine Battery: Introduction
Submarine can be referred to as a warship or a watercraft that is designed to function when submerged under deep waters and is equipped if used for various military applications. Apart from defense sector, submarines are used in commercial sector as well. A submarine battery is one of the important components in submarine and plays a vital role in smooth functioning of submarine as it needs high electric power in order to operate underwater bodies. Diesel submarines require to surface after a certain period of time to recycle their batteries, whereas nuclear submarines can remain under the water for months, or even years.
Dynamics: Submarine Battery Market
Increasing expenditure on the defense sector by government of various developed and developing countries in co-operation with major players for R&D and development of advanced submarines and increasing production of submarines across the globe are some major factors that are expected to support market growth. In 2016 for instance, the UK government invested around US$ 1.72 Bn in a company named – BAE Systems – for development of new nuclear submarines. Additionally, in 2017, the government of India started the process of submarine program with an investment of US$ 8.73 Bn.
In addition, increasing adoption of Lithium-Ion batteries, coupled with integration of submarine diesel engines are other key factors that are anticipated to drive growth of the global submarine battery market. In addition, various advantages such as lightweight, high output at low charging, quick charging, and longer lifespan is another factor expected to further fuel growth of the global market. Moreover, rising application of submarines such as commercial use, research, air crash investigation, naval use are some other factors that are expected to support target market growth over the 10-year forecast period.
However, high production cost is a key factor that could restrain global submarine battery market growth over the forecast period.
Trends and Opportunities:
Macro trend observed in the market is constant investments for technological advancements in development of energy-efficient and long-lasting batteries that are beneficial for several marine operations. This trend is anticipated to gain traction and support the global submarine battery market growth in the next 10 years.
Continues technical advancements in lead-acid battery technology are anticipated to generate higher revenue for existing players in the target market. In addition, increasing demand for lead-acid batteries in applications across defense sector is another factor expected to support manufacturers to invest in research and development activities in order to achieve higher operational efficiency which, in turn, is estimated to create opportunities for companies in the global submarine battery market.
Analysis by Segment:
The valve-regulated lead-acid (VRLA) batteries segment is anticipated to account for considerable share in terms of value in the market. The flooded lead-acid batteries segment is estimated to grow at a notable growth rate over the next10 years in the global market.
Amid the two applications, the military sector segment is anticipated to hold a dominant position in terms of value share in the global market. This can be attributable to rising geopolitical issues in various countries, coupled with increasing investments by various governments to strengthen their defense sector for homeland security.
Analysis by Region:
Market in North America (NA) is anticipated to dominate in the global submarine battery market in terms of value over the 10-year forecast period, owing to increasing investments on development of submarines and increasing defense budget under National Defense Authorization Act across various countries in NA region. In addition, presence of various prominent players engaged in R&D activities and development of advanced batteries is another factor driving NA market. The Asia Pacific (APAC) market is projected to register the highest CAGR in the submarine battery market, owing to increasing government investment in production of submarines in various countries in the APAC market.
Global Submarine Battery Market Segmentation:
Segmentation by Battery Type:
- Valve-regulated Lead Acid (VRLA) Batteries
- Flooded Lead Acid Batteries
Segmentation by Application:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- EverExceed Corporation
- Exide Industries Limited
- Exide Technologies
- GS Yuasa Corporation
- HBL Power Systems Limited
- GP Battery Marketing (Korea) Ltd.
- Systems Sunlight S.A.
- Zibo Torch Energy Co., Ltd.
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