Submarine Battery Market Size, Share, Price Trends, Growth, Top Manufacturers, Forecast 2023-2028

The latest research study "Submarine Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global submarine battery market size reached US$ 1.04 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.40 Billion by 2028, exhibiting a growth rate (CAGR) of 5.01% during 2023-2028.

A submarine battery is used to operate a submarine when it is submerged underwater and returns to the surface. It is positioned in the flooded bottom of the submarine and relies on the onboard battery charger while the submarine reaches the sea. The submarine battery is developed without the usage of cobalt, nickel, and other heavy metals to avoid harmful environmental impacts. It is maintenance-free and designed to avoid rusting while providing safety during extreme situations, such as fire and accidents. The battery assists the submarine in staying underwater for extended periods and drive while needing shorter charging times. It also provides high energy density, improved charge and discharge dynamics, enhanced operational life, etc.

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Submarine Battery Market Trends and Drivers:

The escalating demand for navy submarines to launch ballistic missiles, perform rescue operations, serve as the base of nuclear weapons, etc., is primarily augmenting the submarine battery market. Furthermore, the rising requirement for unmanned underwater vehicles (UUVs) for intelligence gathering, mine-hunting, scientific exploration, and ship-hull inspection to provide an accurate picture under the surface is positively influencing the global market. Apart from this, the expanding military and defense sector is acting as another significant growth-inducing factor. Moreover, the increasing investments by government bodies across various countries in constructing nuclear-powered attack submarines are also bolstering the market growth. Besides this, the inflating need for lithium-ion batteries to reduce the weight of submarines and provide a high energy-to-weight ratio is further catalyzing the global market. Additionally, the introduction of energy-efficient systems and hybrid marine propulsion systems is expected to fuel the submarine battery market in the coming years.

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Submarine Battery Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Champion Storage Battery Company Limited
• EnerSys
• EverExceed Industrial Co. Ltd
• Exide Industries Ltd
• GS Yuasa Corporation
• Kokam Limited Company (Solaredge Technologies, Inc.)
• Korea Special Battery Co. Ltd.
• Zibo Torch Energy Co. Ltd.

The report has segmented the market on the basis:

Type Insights:

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

The report has provided a detailed breakup and analysis of the submarine battery market based on the type. This includes valve-regulated lead acid batteries, flooded lead acid batteries and others. According to the report, valve-regulated lead acid batteries represented the largest segment.

Application Insights:

• Civil
• Military

A detailed breakup and analysis of the submarine battery market based on the application has also been provided in the report. This includes civil and military. According to the report, military accounted for the largest market share.

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.