SEATTLE, July 23, 2018 (GLOBE NEWSWIRE) -- The global submarine battery market was valued at US$ 866.8 million in 2017 and is projected to exhibit a CAGR of 5.5% over the forecast period (2018–2025)
Key Trends and Analysis of the Submarine Battery Market:
Increasing investment by various governments for production of submarines is a major driving factor for growth of the submarines battery market, globally. For instance, in May 2018, the U.K. government announced investment of US$ 2.94 billion (Euro 2.5 billion) for the development of nuclear submarine and also announced that the ministry of defense has released fund of US$ 1.98 billion (£1.5 billion) to build a seventh Astute hunter-killer submarine for the Royal Navy. Similarly, in April 2018, Australian steel making companies, Bisalloy and BlueScope announced that they signed contracts with Australia navel group 'Royal Australian Navy' to develop up to 250 tons of specialized steel for future submarine program.
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Key Market Takeaways:
- Global submarine battery market is expected to exhibit a CAGR of 5.5% during the forecast period (2018–2025).
- The lithium ion battery segment is expected to exhibit the highest CAGR in the forecast period. This is due to various advantages such as high energy density, low self-discharge, quick charging, longer lifespan, and low cost. This expected to increase adoption of the lithium ion battery.
- Asia Pacific held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. India, China, and Japan are some of the major countries, driving growth of the market in this region. Increasing government investment for the development of new submarines is a key driving factor for growth of the market. For instance, in 2017, the Government of India announced launch of submarine program with an investment of US$ 8.73 billion (INR 60,000 crore).
- Some of the major players operating in global submarine battery market are EnerSys, EverExceed Corporation, Exide Industries, Exide Technologies, GS Yuasa Corporation, HBL Power Systems Limited, Korea Special Battery Co., Ltd., Sunlight Systems S.A, and Zibo Torch Energy Co., Ltd.
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