Increasing Submarine Production of Submarine Battery Market
The submarine battery market is estimated to be valued at US$ 1.8 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: Submarine battery provides reliable back-up power for naval vessels in case of emergencies. Their high energy density allows submarines to stay underwater for longer durations. The use of lithium-ion batteries improves storage capacity and operational efficiency.
Weakness: Frequent charging and discharging of submarine batteries reduces their lifespan over time. Their maintenance and disposal also leads to high operational costs.
Opportunity: Growing defense budgets of developed and developing nations is driving investments in new submarine procurement. Advancements in battery chemistry is enhancing storage capacity and performance of submarine batteries.
Threats: Strict environmental regulations around battery disposal can increase compliance costs. Dependence on key battery suppliers makes the market vulnerable to supply chain disruptions.
Key Takeaways:
The global submarine battery market is expected to witness high growth, exhibiting CAGR of 3.2% over the forecast period, due to increasing procurement of new generation submarines equipped with lithium-ion batteries by naval forces globally. Countries such as China, India, and regional powers in Middle-East are actively investing in modernizing their underwater fleet, which is driving the demand for submarine batteries.
The Asia Pacific region dominated the global submarine battery market in 2022, accounting for around 35% of the total share. Countries such as China, India, and South Korea have been witnessing significant growth in their defense budgets, with major allocation towards boosting indigenous submarine building capabilities. For example, India aims to have 18 operational nuclear-powered submarines in the Indian navy by 2027.
Key players operating in the submarine battery market are Kokam,Champion Storage Battery Company Limited,Epsilor, HBL, and Zibo Torch Energy Co. Ltd. Leading players are investing in developing advanced lithium-ion batteries with high energy density and longer shelf life.They are also engaging in long-term agreements with OEMs for new submarine battery supply.
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