Submarine Battery Market To Reach $1.8 Billion, Globally, By 2033 At 4.8% CAGR: Allied Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Increased demand for extended underwater endurance is the key factor expected to drive the growth of submarine battery market across the globe throughout the forecast period. Rise in deployment of submarines for strategic and tactical missions coupled with modernization of naval fleets is expected to drive the demand for the submarine battery market. In addition, rapid innovations and advancements in battery chemistry and construction of submarine battery is further expected to propel the demand of submarine battery during the forecast period.

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.

Download PDF Brochure:

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	Increase in demand for extended underwater endurance. Advancement in battery technologies
Opportunities	Increasing operational requirements for submarines
Restraints	Limited energy density and endurance Inability to pack more energy into smaller and lighter battery

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.

Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures) @

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.

For Purchase Inquiry:

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.

Trending Reports in Battery Industry:

Battery Technology Market : Analysis and Industry Forecast, 2023-2032

Lithium-ion Battery Market : Opportunity and Industry Forecast, 2023-2032

Battery Recycling Market : Global Opportunity Analysis, 2021-2030

Portable Battery Market : Industry Forecast, 2023-2032

Lithium-Ion Battery Recycling Market : Analysis and Industry Forecast, 2021-2030

Industrial Batteries Market : Opportunity and Industry Forecast, 2021-2030

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports " and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
...
Web:
Follow Us on | Facebook | LinkedIn | YouTube

MENAFN27032024004107003653ID1108027597