by Market Overview:
The Submarine Battery Market comprises lead-acid and lithium-ion batteries that provide backup power to naval vessels such as submarines, aircraft carriers, and destroyers. Submarine batteries help power electric motors for propulsion and generate electricity for other onboard systems when diesel engines or nuclear reactors are shut down.
The global Submarine Battery Market is estimated to be valued at US$ 1.8 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The growing deployment of all-electric submarines for defense and commercial applications is one of the key trends driving the submarine battery market growth. Many naval forces are replacing conventional diesel-electric submarines with all-electric variants that rely solely on battery power. For instance, France’s state defense technology agency announced plans in 2021 to develop the next-generation electric stealth submarine by 2030. Similarly, China launched its first indegenous all-electric submarine in 2022. This shift is due to electric submarines being quieter, faster, and more stealthy than conventional submarines. The batteries also help reduce operating costs as electric subs do not require air-independent propulsion systems. Additionally, the emergence of commercial submarines for underwater tourism is another niche area that will require sophisticated battery solutions in the coming years. This growing demand from defense and commercial sectors is expected to propel the submarine battery market during the forecast period.
SWOT Analysis
Strength: Submarine batteries have a long shelf life and require low maintenance. They provide reliable backup power for submarine operations.
Weakness: Frequent overhaul and replacement of old submarine batteries is costly. There are safety and environmental hazards involved in the disposal of expired submarine batteries.
Opportunity: Growing submarine fleet expansion programs worldwide are driving the demand for new submarine batteries. Development of advanced battery technologies can provide higher energy density and longer lifespan.
Threats: Stringent regulations around the transportation and handling of submarine batteries poses operational challenges. Geopolitical tensions can impact defense budget allocation and affect procurement plans.
Key Takeaways
The Global Submarine Battery Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: Europe currently dominates the market owing to the large submarine fleet operated by countries like the UK, France and Germany in this region. The Asia Pacific region is expected to be the fastest growing market for submarine batteries due to the ongoing submarine procurement and modernization programs by China, India and other countries in Southeast Asia.
Key players operating in the submarine battery market are Novartis International AG, Pfizer, Inc., Sanofi S.A., Amgen, Inc., Regeneron Pharmaceuticals, Inc., F. Hoffmann-La Roche AG, Bluebird Bio, Inc. (Celgene Corporation), Gene biotherapeutics, Sibiono GeneTech Co. Ltd., Kolon TissueGene, Inc., Horama S.A., MeiraGTx Limited, Gilead Sciences, Inc., Biogen INC., Organogenesis, Inc., JCR Pharmaceuticals Co. Ltd, uniQure N.V., WuxiAppTec, Lonza, and Immuneel Therapeutics Pvt Ltd. These players are focusing on developing advanced lithium-ion based submarine battery technologies with higher energy and power density.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
