The global Submarine Battery Market provides energy storage solutions for submarines. Submarine batteries consist of lead-acid or lithium-ion chemistry and are designed to deliver high energy density and long lifespan in underwater environments.
The demand for submarine batteries is driven by the need for uninterrupted power supply to operate various onboard systems in naval vessels. 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 increased demand for long-lasting batteries with high energy density is one of the key trends driving the growth of the Submarine Battery Market. Conventional lead-acid batteries experience capacity loss over time and require periodic replacements. In contrast, advanced lithium-ion batteries can deliver higher energy and power density in a smaller footprint. They also have longer lifespan and require less maintenance. Owing to their advantages, lithium-ion batteries are increasingly being adopted in naval submarines. Market players are investing in developing lithium-ion chemistries that can deliver higher Watt-hours per kilogram for underwater applications. The development of advanced battery technologies with improved characteristics is expected to boost the demand for submarine batteries during the forecast period.
Segment Analysis
The global submarine battery market can be segmented based on type, application, and geography. By type, the lead-acid battery segment dominated the market in 2023 owing to its high energy density, low cost, and long-lasting performance. By application, the civilian segment accounted for the largest share as submarine batteries are widely used in commercial submarines.
Key Takeaways
The Global Submarine Battery Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. It is estimated to grow at a CAGR of over 17% during this period.
Regional Analysis: Europe accounted for the highest share in the global submarine battery market in 2023. Countries like Germany, France, and the UK have major presence of manufacturers and end-users. However, Asia Pacific is expected to witness the fastest growth over the coming years owing to increasing investments in naval military upgrading programs in countries like 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), 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.
Explore more information on this topic, Please visit-
https://www.marketwebjournal.com/submarine-battery-market-growth-and-trnds-analysis-share-size-demand-forecast/
Explore more trending article related this topic:
https://www.newsintv.com/health/crispr-and-cas-gene-a-revolutionary-gene-editing-technology/
Comments
0 comment