New York, July 26, 2021 (GLOBE NEWSWIRE) -- Submarine Battery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Submarine Battery Market Research Report, Type, Application and Region - Forecast till 2027” the market size is projected to be worth USD 1.33 billion by 2027, registering a CAGR of 5.45% during the forecast period (2021 - 2027).
With the COVID outbreak, there has been a sharp pullback in economic activities owing to mandatory lockdowns and other forms of containment measures. The demand for submarine batteries across different applications is likely to fall as the outbreak is likely to restrict the supply chain as well as adoption of such batteries due to severe disruptions in businesses and the global economy. The pandemic has slowed battery supply chains as the maximum battery cells are made in China, thus throwing light on the overwhelming dependence on China and the related supply chain risks.
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Eminent players profiled in the global submarine battery industry report include:
Exide Technologies (US)
Gs Yuasa (Japan)
Korea Special Battery Co. Ltd. (South Korea)
Systems Sunlight Sa (Greece)
Zibo Torch Energy Co. Ltd. (China)
Champion Storage Battery Company Limited (China)
Kokam (South Korea).
The global human augmentation market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, & more.
Hanwha Defense will use know-how in submarine batteries for developing ESS technology for civilian ships. ESS is a power storage system which comprises of batteries or even specially designed battery packs. The company will develop technologies like safety control, lightweight and miniaturization, optimal design for a marine environment, firefighting in module units, and preventing heat transfer.
Browse In-depth Market Research Report (111 pages) on Submarine Battery
Submarine Battery Market Drivers/Submarine Battery Market Trends
Rising Application of Submarines to Boost Market Growth
The rising application of submarines like naval use (inspection/identification, anti-submarine warfare, mine countermeasures, reconnaissance, surveillance, and intelligence), air crash investigation, research, and commercial use will boost the submarine battery market growth over the forecast period.
Besides, the different benefits that submarine batteries offer like longer lifespan, quick charging feature, and lighter weight are also adding market growth.
Increasing Adoption of Lithium-ion Batteries to Offer Robust Opportunities
The increasing adoption of lithium-ion batteries that is in integration of submarine diesel engines across the globe may offer robust opportunities for the market over the forecast period.
High Cost of Maintenance to act as Market Restraint
High maintenance cost and recycling concerns over growing use of LAB may act as market restraint over the forecast period.
Threat of Explosion to act as Market Challenge
The threat of explosion due to the presence of liquid electrolyte may act as a market challenge over the forecast period.
The global submarine battery market is segmented based on application and type.
By type, the valve-regulated lead acid batteries will lead the market over the forecast period and at a high CAGR for the fact that these batteries are rechargeable.
By application, the military segment will dominate the market over the forecast period for the increasing spending by the Navy of different countries which includes India, the US, and China.
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APAC to Have Lions Share in Submarine Battery Market
The APAC region will possess the lions share in the market over the forecast period. Growing technological advances, rise in the use of renewable energy, the presence of large number of submarines, increasing use of lithium-ion batteries, increasing government investments on submarines production such as in 2017 the Indian government announced to begin a project for building 6 nuclear powered attack submarines that is accelerating market growth, rapidly rising renewable industry, and the growing demand for uninterrupted power supply are adding to the global submarine battery market share in the region. Besides, the growing need for submarine batteries in oil and gas operations in the region, increasing naval investments, increasing military budgets, and growing investments in various commercial and military submarine battery applications are also adding market growth. Japan, India, China, and North Korea have utmost market share.
Europe to Have Significant Growth in Submarine Battery Market
Europe will have significant growth in the market over the forecast period. Large budgets to improve the technology of the battleship, the burgeoning marine industry, and the rising offshore wind power generation projects are adding to the global submarine battery market value in the region. Germany, France, and the UK have utmost market share. Germany is the fastest growing and largest country in the market as it is the leader in submarine construction in the region. Besides, several new construction submarine programs in Germany are likely to come up in the upcoming years. Thus the submarine battery market in Germany is likely to grow at a significant CAGR over the forecast period.
Segmentation of Market covered in the research:
Information by Type (Valve-regulated Lead Acid Batteries, Flooded Lead Acid Batteries, and others), Application (Civil and Military) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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