Increasing Investment in the Production of Submarine to Foster the Growth of the Submarine Battery Market

 

Submarine Battery Market

A submarine battery is a must-have item for any submarine operator. It is nothing more than a large box that holds a bunch of batteries for the submarine. Most subs actually carry two batteries on board. One battery serves as a backup to the main battery while the other battery runs the main submarine system. This allows for a submarine to continue traveling underwater while having power supplied for everything by a battery. This is very important because a submarine has to operate underwater continuously at all times and it would be impossible to do without electricity. The submarine battery stores energy that comes from the submarine's engines.

The growing use of submarines for various applications such as commercial use, research, air crash investigation, and naval use is primarily fueling the growth of the submarine battery market. The increasing focus of manufacturers to develop advanced submarine battery is again fueling the growth of the market.  For instance, in July 2019, Exide Industries has announced that they are currently working on developing a new range of batteries for next-generation submarines that can compete globally and help the battery maker increase its global market reach. It is also developing indigenous Type-IV class submarine batteries and inter-cell connectors. Moreover, growing investment by the government in the military sector for improving safety and security is further propelling the growth of the submarine battery market.

North America is projected to exhibit significant growth over the forecast period and this is attributed to the increasing spending on the military industry in the region. According to the Stockholm International Peace Research Institute, military spending by the United States grew by 5.3 percent to a total of $732 billion in 2019 and accounted for 38 percent of global military spending.

Key Developments:

1.     In March 2020, The Japan Maritime Self-Defense Force commissioned its first submarine using lithium-ion batteries with the commissioning of the 11th Soryu-class boat

2.     In May 2018, Saft has launched a new product in the Xcelion product line, the Xcelion 6T-E, a high energy lithium-ion (Li-ion) battery capable of providing double the useful capacity of lead-acid batteries in the same footprint.

3.     In July 2020, GNB Industrial Power, the stored energy division of Exide Technologies, has agreed to provide another five stationary back-up battery banks for the US Navy’s submarines

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