SUBMARINE BATTERY MARKET ANALYSIS

Submarine Battery MarketSize and Trends

The global submarine battery market generated a revenue of US$ 1,100 Mn in 2023 and is expected to reach US$ 1,643.1 Mn by 2030, exhibiting a CAGR of 5.9% over the forecast period (2023-2030). A submarine is a watercraft, which is used for various commercial and military applications. In submarines, a battery plays a major role in its smooth running. For power supply, submarines are equipped with a diesel engine that burns fuel or nuclear reactors that use nuclear fusion, which helps charge its batteries. The rising demand for unmanned underwater vehicles is driving the market growth. The increasing applications of submarines, such as commercial use, research, air crash investigation, naval use like intelligence, surveillance, and reconnaissance, mine countermeasures, anti-submarine warfare, inspection/identification, etc., have accelerated the global submarine battery market growth. Moreover, increasing investments for the production of submarines are supporting the growth of the global submarine battery market.

Global Submarine Battery Market-Trends

• Rising Need For Naval Submarines: The market is expanding due to the rising need for naval submarines that can fire ballistic missiles, conduct rescue missions, and house nuclear weapons. Additionally, there is a growing need for Unmanned Underwater Vehicles (UUVs) to offer precise images below the surface for intelligence collection, mine hunting, scientific investigation, and ship hull inspection. In addition to the expanding military and defence industries, this present investors in the industry have enormous expansion opportunities. In addition, governments in various nations are investing in the military to build nuclear-powered attack submarines, thus boosting the market expansion. Additionally, the market is expanding due to the increasing demand for lithium-ion batteries to power lighter submarines with a high energy-to-weight ratio. The need for energy-efficient systems and hybrid marine propulsion systems is also rising globally. This trend is positively impacting the industry, along with the rising need for durable batteries that can produce high currents. Additionally, a good market outlook is being provided by the growing use of Valve-regulated Lead Acid (VRLA) batteries to supply high surge currents at low temperatures globally. The market is expanding as a result of the increasing use of VRLA batteries in Uninterruptible Power Supplies (UPS), emergency power supply systems, and telecommunications base stations.