Submarine Battery Market Size Will Escalate Rapidly in the Near Future
A submarine is a watercraft, which is used for various commercial and military applications. In submarines, a battery plays a major role in smooth running of the submarine. For power supply, the submarines are equipped with diesel engine that burns fuel or nuclear reactors that use nuclear fusion, which helps to charge the batteries of submarines. Global submarine battery market generated revenue of US$ 866.8 million in 2017 and is expected to reach US$ 1,307 million by 2025 with a CAGR of 5.5% in the forecast period. Rising demand for unmanned underwater vehicles is one of the major driving factors for the market growth. Rising application of submarines such as commercial use, research, air crash investigation, naval use (intelligence, surveillance, and reconnaissance, mine countermeasures, anti-submarine warfare, inspection/identification etc.) have accelerated growth of the submarine battery market, globally. Moreover, increasing investment for production of submarines is also supporting growth of the market of submarines battery globally. For instance, in April 2018, Australian steel making companies, Bisalloy and BlueScope announced that they signed contracts with Australia navel group ‘Royal Australian Navy’ to produce up to 250 tons of specialized steel for future submarine program. Similarly, In May 2018, the U.K. government announced investment of US$ 2.94 billion (Euro 2.5 billion) for the development of nuclear submarine and U.K. Defense Secretary also announced that the ministry of defense has released fund of US$ 1.98 billion (£1.5 billion) to build a seventh Astute hunter-killer submarine for the Royal Navy.
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Lead acid battery segment held the dominant position in the global submarine battery market in 2017
On the basis of battery type segment, lead acid battery segment held the dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. This is due to various advantages of lead batteries such as reliable, robust, and with capability to deliver high current. Lead acid battery provides standby and propulsion power in various submarines. Continues technical improvement in lead acid battery technology have accelerated growth of the segment in the market.
North America held the dominant position in the global submarine battery market in 2017
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 the major countries, which drive growth of the submarine battery market in this region. Increasing spending on submarines and increasing defense budget under National Defense Authorization Act have accelerated growth of the market in this region. 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.
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Moreover, Asia pacific region is expected to exhibit the highest CAGR in the forecast period. China, India, and Japan are some of the major countries, which drive growth of the submarine battery market in this region. Increasing government investment on submarines production is one of the major diving factors aiding in growth of the market in this region. For instance, in 2017, the Indian government announced start of a project to build six nuclear powered attack submarines. Hence, such projects for the development of submarines have accelerated growth of the submarine batteries market in this region.
Key Players- Global Submarine Battery Market.
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.
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