SUBMARINE BATTERY MARKET ANALYSIS

Regional Analysis

Global Submarine Battery: Regional Insights

North America held a dominant position in the global submarine battery market in 2022 and is expected to retain its dominance over the forecast period. The U.S. and Canada are the major countries driving the growth of the global submarine battery market in this region. Rising spending on submarines and increasing defense budget under the National Defense Authorization Act have accelerated the regional market growth. For instance, in June 2020, GNB Industrial Power, a division of Exide Technologies, LLC, was awarded a delivery order for five additional stationary back-up power battery banks for the U.S. Navy’s Los Angeles-class submarines. The award is a part of the latest five-year contract awarded to Exide by the Department of Defense for main storage lead-acid battery systems for the U.S. Navy’s fleet of submarines.

Moreover, the Asia Pacific region is expected to exhibit the highest CAGR over the forecast period. China, India, and Japan are some of the major countries driving the growth of the global submarine battery market in this region. Increasing government investments in submarine production is fueling the regional market growth. For instance, in January 2021, Kounotori, an unmanned transport vehicle built by the Japan Aerospace Exploration Agency, or JAXA, delivered the GS Yuasa batteries to the station. It was the 4^th delivery done by this company to NASA with the first delivery made in 2016. With the latest delivery, all batteries aboard the space station have been replaced with GS Yuasa's lithium-ion power cells. This was the first time batteries from a Non-USA company were used by NASA.