Submarine batteries are a critical component required for the operation of underwater vehicles such as submarines and remotely operated vehicles. They are specifically designed for harsh underwater environments and provide high power density to propel submarines for long durations without resurfacing. The rising demand for technologically advanced unmanned underwater vehicles from naval and commercial sectors along with growing investments in submarine fleet modernization programs by major economies are the key factors augmenting the growth of the submarine battery market. The batteries are integrated in underwater vehicles for powering propulsion systems, operating payloads, and reserve power applications. Lithium-ion batteries are increasingly preferred over traditional lead-acid batteries owing to their higher energy density and longer operating life.
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 Dynamics:
The submarine battery market is expected to be flourished by the growing demand for modern underwater vehicles. Technological innovations to enhance payload capacity and operational capabilities of submarines have increased their usage for naval intelligence operations and maritime security. This in turn is fueling the demand for advanced lithium-ion submarine batteries with higher power storage densities. Furthermore, lithium-ion batteries enable longer endurance and mission durations for unmanned underwater vehicles used for commercial applications such as offshore oil & gas exploration and oceanic research activities. The higher energy and power density characteristics of lithium-ion batteries compared to lead-acid batteries is another key factor driving their adoption in modern submarine fleets.Segment Analysis
The submarine battery market is segmented into valve-regulated lead-acid batteries, and lithium-ion batteries. The valve-regulated lead-acid batteries segment dominates the market and accounts for over 70% share due to their advantages such as enhanced reliability, low resistance path for gases to recombine, and capability to maintain charge in any orientation.
PEST Analysis
Political: Increased defense budget allocation for development of advanced submarines by countries like India, China, and Russia is driving the demand for submarine batteries.
Economic: High costs associated with installation and maintenance of submarine batteries is a challenge. However, growing submarine procurement programs globally are lucrative for market players.
Social: Submarine batteries play a crucial role in defense capabilities of nations. Hence, their development receives strong social support.
Technological: Lithium-ion batteries are gaining popularity due to their higher energy density and longer lifespan compared to lead-acid batteries. Players are focusing on developing advanced lithium-ion batteries with higher power output.
Key Takeaways
The Global Submarine Battery Market Growth is expected to witness high growth at a CAGR of 17% during the forecast period of 2023 to 2030.
Regional analysis indicates Asia Pacific dominates the market with over 45% share driven by heavy investments in indigenous submarine development programs by China and India.
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). The market is witnessing capacity expansion as major players are focusing on developing advanced technologies to increase battery lifespan and power output.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it