by The Submarine Battery Market is estimated to be valued at US$ 1.8 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Submarine batteries are used to power submarines when the diesel generators or nuclear reactors are shut down. They are used to power submarine systems, maneuvering systems and weapon systems when submarines operate submerged or during emergencies when the main power plants are not functional. The commonly used batteries for submarines include Lead-acid batteries and Lithium-ion batteries. Lead-acid batteries have been conventionally used due to their high energy density and safety. However, with the advancement in lithium-ion battery technology, they are gaining traction in submarine applications owing to their superior properties such as high power density and longer lifecycle.
Market Dynamics:
One of the major drivers for the submarine battery market is the increasing demand for lithium-ion batteries from defense sector. Lithium-ion batteries offer higher energy density compared to traditional lead-acid batteries, which help submarines operate for longer duration when submerged. Many countries are focusing on upgrading their submarine fleets with new generation submarines requiring advanced lithium-ion battery technologies. Secondly, continuous research and development in the field of lithium-ion batteries have enhanced their properties such as cycle life, power density, and thermal stability over the years. Many battery manufacturers are developing advanced lithium technologies specifically designed for submarine applications such as lithium-titanate batteries having high safety characteristics. These advancements are encouraging defense organizations to replace their conventional lead-acid batteries with lithium-ion batteries, thereby propelling the market growth.
Segment Analysis:
The submarine battery market can be segmented into valve-regulated lead-acid batteries and lithium-ion batteries. The valve-regulated lead-acid batteries segment currently dominates the market as these batteries provide high energy density and reliable performance. Moreover, their low cost of production makes them affordable for defense applications in submarines.
PEST Analysis:
Political: Submarine battery requirements are largely determined by defense budgets and national security strategies of countries. Hence, any changes in defense spending can impact market demand.
Economic: A stable macroeconomic environment with strong GDP growth supports the procurement of new submarines and the replacement of outdated batteries, positively impacting the market.
Social: With increasing maritime conflicts, many nations are focusing on strengthening their naval forces by investing in new submarine fleets, propelling the demand for submarine batteries.
Technological: Advanced lithium-ion batteries that offer higher energy density and faster charging are gaining popularity compared to traditional lead-acid batteries. This is expected to shift demand towards lithium-ion technologies.
Key Takeaways:
The Global Submarine Battery Market Size was valued at US$ 1.8 Bn in 2023 and is expected to grow at a CAGR of 3.2% during the forecast period. Rapid fleet expansion plans by major countries and the increasing requirement for silent and advanced propulsion systems are some of the key factors pushing the demand for submarine batteries.
The Asia Pacific region currently dominates the submarine battery market owing to sizeable defense budgets and submarine procurement projects by countries like China, India, and Australia. China’s growing investments to expand its submarine fleet coupled with Australia’s future submarine program will drive the regional market.
Key players operating in the submarine battery market include Kokam, Champion Storage Battery Company Limited, Epsilor, HBL, and Zibo Torch Energy Co. Ltd. These players are investing in developing advanced lithium-ion technologies with higher energy density and life to strengthen their positions in the military battery space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
