Submarine Battery Market

Submarine Battery Market Size (2024-2029):

The Global Submarine Battery Market size is expected to reach USD 1.55 billion by 2029, from about USD 1.15 billion in 2023, with a current CAGR of 6.15% during the forecast period 2024 and 2029.

A submarine is a vessel that has the ability to perform underwater operations. Submarines have the ability to submerge and emerge in water. The submarine is considered to be the most high-tech ship in the world. Navy submarines have the ability to launch ballistic missiles, conduct rescue operations, and also serve as a nuclear weapons base. Navy submarines are equipped with internal facilities and adaptability. This allows the naval army to live for months or even years underwater. Diesel-electric submarines had their first significant impact during World War I. Various submarines were used as secret weapons during WWI and WWII. Submarine batteries are used to power the equipment and internal systems of submarines when the submarine is submerged underwater. Batteries installed in a submarine are also used for propulsion whenever needed. In addition, strict laws regarding marine emissions have also increased the demand for submarine batteries. The average lifespan of underwater batteries is around 30 to 40 years. In addition, many leading manufacturers design batteries with adequate underwater battery capacity.

Market Drivers:

The main factors driving the expansion of the global submarine battery industry include increased government spending in the defense sector. In addition, investments by major players in the development of advanced submarines are also expected to boost the use of submarine batteries. The growing demand for unmanned underwater vehicles is one of the main drivers of market expansion. Electrical energy is needed to operate equipment and other internal systems in submarines. For underwater and surface propulsion, submarines are equipped with diesel engines, which run on fuel (diesel), or use nuclear reactors which use nuclear fission for propulsion. Several submarines are also equipped with battery banks for power supply. In emergency situations, a fully charged battery is the only source of underwater propulsion. On the surface, these submarines use a diesel engine for propulsion and thus charge the main storage battery. Once the batteries are fully charged, the submarine can be submerged and perform underwater operations. Therefore, a submarine equipped with a charged battery is the only way for a diesel submarine to dive underwater. The increased demand for renewable energy, energy-efficient systems, hybrid marine propulsion systems, and the implementation of strict regulations related to marine emissions are expected to boost the market for underwater batteries.

Market Restraints:

High maintenance costs are expected to hamper the global market. However, the limitations are associated with battery technology, as the more efficient and durable batteries built into a diesel submarine can help stay underwater for an extended period.

Market Opportunities:

Escalated investment in the navy in developing countries is likely to be an opportunity for players in the submarine battery market. The market is poised to experience a strong expansion during the forecast period owing to the increase in government spending in the defense sector and investments by major players for the development of advanced submarines. In addition, the ongoing technological advancement related to the development of efficient and durable batteries can be a boon for various maritime operations. The high problem with submarine batteries is nuclear power, as nuclear-powered submarines can be underwater for a long time.

Market Recent Developments:

• Japan's advanced Soryu-class diesel-electric submarine program reached a milestone on Thursday. The country launched the JS Oryu, the first submarine in the class to use long-lasting lithium-ion batteries, achieving a long-sought capacity designed to give submarines an additional acoustic advantage in sensitive operations and d 'combat operations.

SUBMARINE BATTERY MARKET REPORT COVERAGE:

Market Segmentation:

Submarine Battery Market - By Type:

• Valve-Regulated Lead-Acid Batteries
• Flooded Lead-Acid Batteries
• Others

The valve-regulated lead-acid batteries fragment is predicted to rise with the highest CAGR throughout the foreseen period as these submarine batteries are rechargeable. 

Submarine Battery Market - By Application:

• Civil
• Military

The military segment is predicted to hold the largest share of the global submarine battery market owing to escalating spending by the Navies of different countries.

Market Regional Analysis:

• North America 
• Europe
• Asia Pacific 
• Latin America 
• Middle East & Africa

Asia-Pacific holds the largest market share due to the large number of submarines in the region. Asia-Pacific is estimated to be the fastest-growing market region during the forecast period, mainly due to increasing technological advancements in countries in this area. Europe is anticipated to be a key region in the submarine battery market in the near future due to the immense transition to renewables in the region. In December 2020, Russia announced its new naval plan, which consists of expanding submarines, frigates, and cruise missiles. In February 2020, the European Union accepted the proposal to invest significantly in increasing energy security by strengthening its cross-border energy infrastructure. Installing batteries in existing submarines running on diesel or electric propulsion can play a critical role in such projects. Asia-Pacific is also expected to be a leading region in the market due to the increasing use of renewable energy in the region. North America is also likely to be one of the major regions of the submarine battery market due to the increase in the number of renewable energy projects and offshore oil and gas projects in the region. The United States is considered the country with the most powerful naval system in the world. In addition, the United States government plans to deploy new submarines and upgrade existing ones with the latest technology.

Additionally, the Asia-Pacific region is expected to post the highest CAGR during the forecast period. China, India, and Japan are among the main countries driving the expansion of the submarine battery market in this region. The growing investment by the government in the production of submarines is one of the major driving factors contributing to the expansion of the market in this region. For example, in 2021the Indian government announced the launch of a project to build six nuclear-powered attack submarines. Therefore, such submarine development projects have accelerated the expansion of the submarine battery market in this region.

Market Key Players:

The key players operating in the Global Submarine Battery Market are

1. Enersys (US)
2. Exide Technologies (US)
3. Everexceed (China)
4. Gs Yuasa (Japan)
5. Korea Special Battery Co. Ltd (South Korea)
6. Systems Sunlight SA (Greece)
7. Zibo Torch Energy Co. Ltd. (China)
8. HBL (India), Epsilor (Israel)
9. Champion Storage Battery Company Limited (China)
10. Kokam (South Korea)