The global submarine battery market was valued at around $807 million in 2015 and is expected to surpass $1,000 million, says Technavio.
Technavio has announced its latest market research report on global submarine battery market to its energy storage portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global submarine battery market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include EnerSys, EverExceed, Exide Technologies, HBL Power Systems, and Sunlight Systems.
In terms of geographical analysis, APAC will be the fastest growing region in the global market, reaching revenues of almost $397 million by 2020. China, India, Australia, and South Korea will emerge as the key revenue-generators in the region.
“Recent developments in the market indicate that the usage of Li-ion battery systems is replacing the traditional lead-acid batteries. The use of these new advanced technologies can store 100% energy, provide excellent performance at lower SoC, require a minimum amount of maintenance, and have longer shelf life compared to lead-acid batteries,” says Thanikachalam MC, a lead analyst at Technavio for research on energy storage.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rising investments in submarines
Several countries are investing in transforming their naval defense units by manufacturing submarines, surface-mine countermeasure unmanned underwater vehicles (SMCMUUVs), and tactical unmanned underwater vehicles (UUVs). Countries like India, China, the US, Russia, and the UK, are making high investments to update technology and use best components to manufacture submarines. Recently, Lockheed Martin Mission Systems and Training signed a contract, worth around $72 million, to provide the US Navy and the Royal Navy with navigation subsystem engineering support services for the Trident II submarines.
Growing demand for submarines
The rising demand for submarines resulted in the global submarine market to grow at over $17 billion in 2015 and is expected to reach about $21 billion in terms of revenue by 2020. For instance, in 2015, the number of submarines in the market was at around 507 of which, SSKs was numbered at 133, SSNs were at 207, and SSBNs were at 167. The growing demand for submarines is expected to boost the production and fuel the growth of the submarine battery market.
Advances in lead-acid batteries (LAB) technology
The manufacturers are investing in R&D to achieve higher operational efficiency in LAB due to the increasing requirement for LABs in defense applications. One of the recent developments in LAB technology is the use of carbon materials as an active electrode, which increases the lifespan and overall performance of the batteries. The use of carbon materials in the production of anode aims to put the battery into an asymmetric supercapacitor enhancing the charge and discharge performances. The innovations in LAB technology makes these lead-carbon batteries cost effective and to operate at subfreezing temperatures.
Some of the other prominent vendors identified in this report are Saft, GS Yuasa, and Exide Industries Limited.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Submarine Battery Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Submarine Payload and Launch Systems 2016-2020
- Global Submarine Power Cable Market 2016-2020
- Global Submarine Market 2016-2020
- Global Marine Electric Vehicles Market 2016-2020
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