Global Submarine Battery market is expected to exhibit CAGR of 5.5% in the forecast period, according to a new market research report Global Submarine Battery Market Report, By Battery Type (Lithium Ion Battery, Lead Acid Battery, and Others), By Application (Military and Civilian) and by Geography. Military segment held the dominant position in the submarine battery market in 2017 and is expected to retain its dominance throughout the forecast period. This is owing to increasing government investment for the production of advance submarines. For instance, in May 2018, the U.K. government announced that the Ministry of Defense is investing US$ 3.32 billion (£2.5 billion) in boosting submarine building projects. In addition to this, increasing trend for using unmanned underwater vehicles is also one of the major driving factors for growth of the submarine battery market. Rising usage of unmanned underwater vehicles in various applications such as commercial use, research, intelligence, surveillance, and reconnaissance, mine countermeasures, anti-submarine warfare, inspection, and identification have accelerated growth of the market of unmanned underwater vehicles, which is in turn expected to fuel growth of the market of submarine batteries, globally.
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Key Takeaways of the Market:
- On the basis of battery type, the lithium ion battery segment is expected to exhibit the highest CAGR in the forecast period. This is due to various advantages of lithium ion battery such as high energy density, low self-discharge, quick charging, longer lifespans, and reducing cost of lithium ion battery. This is in turn aiding in growth of the segment in the submarine battery market.
- Asia Pacific submarine battery market is expected to exhibit the highest CAGR in 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 one of the key driving factors for growth of the market. For instance, in 2017, the government of India announced start of submarine program with an investment of US$ 8.73 billion (INR 60,000 crore).
- North America held the dominant position in the submarine battery market in 2017 and is expected to retain its dominance throughout the forecast period. The U.S. and Canada are growth engines in North America market. This is owing to increasing government expenditure on development of submarines. For instance, in 2017, the U.S. navy announced that they awarded a contract of US$ 5.1 billion to General Dynamics Electric Boat for Integrated Product and Process Development (IPPD) of the Columbia-Class submarine.
- Some of the major players operating in the global submarine battery market include 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.