SUBMARINE BATTERY MARKET ANALYSIS

Market Challenges And Opportunities

Global Submarine Battery Market: Key Companies Insights

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.

Global Submarine Battery Market- Drivers

• Increased government spending on the defense sector: Increased government spending on the defense sector is the main factor driving the global submarine battery market growth. Investments made by market players to develop submarines are expected to boost the global submarine battery market growth. One of the main drivers fueling the market growth is the demand for unmanned underwater vehicles. To operate equipment and other internal systems in the submarine, electrical energy is needed. Diesel engines are installed in submarines, which run on fuel or use nuclear reactors that use nuclear fission for propulsion. For power supply, some submarines are equipped with battery banks. A fully powered battery can help in the propulsion of the submarine in emergency situations. On the surface, the diesel engine powers the submarine propulsion, which in turn charges the battery. Once the charging is done, the submarine can be submerged in the water and can be used to perform operations underwater. Hence charging the battery is the only way possible for a diesel engine submarine to submerge underwater. The market is growing due to the increasing demand for renewable energy and hybrid marine propulsion systems, and adhering to strict policies related to marine emissions. For Instance, In 2020, NATO member nations collectively increased their defense spending. This commitment to defense investment was reinforced during the NATO Leaders' Meeting in December 2019, where member nations reaffirmed their commitment to reaching the target of spending 2% of their gross domestic product (GDP) on defense by 2024.

Global Submarine Battery Market- Opportunities

Due to the growing amount of money that emerging nations are investing in their militaries, businesses have an opportunity in the submarine battery industry. The market is projected to experience huge expansion over the forecast period due to increasing investments by major market players to develop advanced submarines. Furthermore, the government has also increased its funds in the defense sector. Various maritime operations will also get support owing to the ongoing technological advancements related to the development of durable and efficient batteries.

Global Submarine Battery Market - Restraints

• Possibility of Explosion and Recycling of Batteries: The possibility of explosion posed by the presence of liquid electrolyte is a limitation for the global submarine battery market. The growing worries regarding the recycling of lead-acid batteries may limit the growth of the global submarine battery market. In the global submarine battery market, the possibility of battery explosions and the need for battery recycling are counterbalanced by various measures. Stringent safety standards and regulations are implemented to minimize the risk of explosions. Manufacturers adhere to these standards, ensuring that submarine batteries are designed, manufactured, and tested to meet rigorous safety requirements. Advanced battery management systems (BMS) play a crucial role in monitoring and controlling battery operations, incorporating safety features to prevent hazardous conditions. Ongoing research and development efforts focus on developing safer battery chemistries and materials, exploring alternative technologies that offer enhanced safety profiles.

Global Submarine Battery: Covid 19 Impact Analysis

The global submarine battery market experienced significant impacts from the COVID-19 pandemic. One major effect was the disruption of global supply chains, leading to delays in production and delivery of submarine batteries. Lockdown measures and travel restrictions hindered manufacturing operations and logistics, resulting in supply chain disruptions and decreased availability of batteries. Additionally, the economic challenges brought about by the pandemic led to budget constraints and reprioritization of defense expenditures in many countries. As a result, some nations reduced or postponed their defense spending plans, including investments in submarines and associated batteries. This had a direct impact on the demand for submarine batteries during the pandemic. Furthermore, deferred maintenance and upgrades of submarine fleets due to economic uncertainties affected the demand for new batteries. Research and development activities in the submarine battery market were also disrupted, potentially slowing down progress in new battery technologies. Additionally, the shift in operational priorities for naval forces during the pandemic, focusing on humanitarian efforts and homeland security, affected the immediate demand for new submarine batteries.