Wilmington, Delaware, March 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Submarine Battery Market by Type (Lead-acid batteries, Lithium-ion batteries, Silver-zinc batteries, Nickel-cadmium batteries, and Others) and Application (Civil and Military): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the submarine battery market was valued at $1.1 billion in 2023, and is estimated to reach $1.8 billion by 2033, growing at a CAGR of 4.8% from 2024 to 2033.
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Prime determinants of growth
When submerged, submarine batteries function as the main power source, supplying the energy required for propulsion and onboard systems. The amount of time a submarine can operate underwater before surfacing or needing to replenish its batteries is directly impacted by the capacity of these batteries. Advanced battery technologies that can store more energy in a smaller size without sacrificing dependability or safety. Thus, such factors are anticipated to drive the growth of the submarine battery market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $1.1 billion |
| Market Size in 2032 | $1.8 billion |
| CAGR | 4.8% |
| No. of Pages in Report | 250 |
| Segments Covered | Type, Application, and Region |
| Drivers |
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| Opportunities |
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| Restraints |
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The lithium-ion batteries segment is projected to dominate the market during the forecast period.
Depending on type, the lithium-ion batteries segment dominated the market share for submarine battery with nearly one-third of the total market revenue in 2023 while growing at a CAGR of 5.2%. Lithium-ion batteries offer higher energy density as compared to lead-acid batteries. Thus, they can store more energy in a smaller and lighter package, which is crucial for submarines where space and weight considerations are significant. Lithium-ion batteries require minimal maintenance as compared to lead-acid batteries, which need regular maintenance such as topping up with water and equalization charging.
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The military segment is projected to dominate the market during the forecast period.
Depending on application, the military segment dominated the market with nearly three-fourths of the total market revenue in 2023. Submarine batteries power the electric propulsion systems used for silent running when submerged. This silent propulsion capability is crucial for stealth operations, allowing submarines to evade detection by enemy sensors. Batteries extend the submerged endurance of submarines by providing power when the submarine is operating without its diesel engines or nuclear reactor. This capability allows submarines to remain submerged for extended periods, enhancing their operational flexibility and survivability.
The Asia-Pacific region is projected to maintain its dominance the growth throughout the forecast period.
Region-wise, Asia-Pacific dominated the market in 2023 in terms of revenue with nearly one-third of the revenue and is expected to maintain a CAGR of 5.2% during the forecast period. Many countries in the Asia-Pacific region, including China, India, Japan, South Korea, and Australia are investing in the modernization of their submarine fleets. This includes the procurement of new submarines as well as upgrades to existing ones. The demand for advanced submarine batteries is driven by the need to enhance the capabilities and operational readiness of these submarines. Geopolitical tensions and maritime security concerns in the Asia-Pacific region have led to increased focus on submarine capabilities by regional countries. Submarines equipped with advanced battery technology are seen as critical assets for maintaining maritime security, conducting surveillance, and deterring potential adversaries.
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Leading Market Players: -
- ENERSYS.
- Ever Exceed Corporation
- EXIDE INDUSTRIES LTD
- GS Yuasa Corporation
- HBL Power Systems Limited
- Korea Special Battery Co.
- Ltd., Kokam Battery.
- Epsilor-Electric Fuel Ltd.
- ZIBO TORCH ENERGY CO., LTD.
- Toshiba Corporation
The report provides a detailed analysis of these key players in the global submarine battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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