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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