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Submarine batteries market to reach $2.4bn by 2033

Submarine batteries market to reach $2.4bn by 2033

Market news |
By Nick Flaherty



The global submarine batteries market is set to grow to $2.4bn by 2033 from $1.8bn this year, a CAGR of 3.2%.

A report by Future Market Insights sees the global submarine batteries industry is experiencing a significant boost, thanks to increased investments in the defence sector from various countries, leading to a rise in submarine deployments worldwide. As the number of planned submarines during the forecast period continues to grow, the market is expected to witness a healthy rate of expansion.

Technological advancements play a crucial role, with the adoption of lithium-ion batteries significantly reducing weight burdens and offering a high energy-to-weight ratio.

A surge in demand for unmanned underwater vehicles (UUVs) used in intelligence gathering, mine-hunting, scientific exploration, and ship-hull inspection is contributing to market expansion, offering valuable insights beneath the surface.

The rising popularity of lithium-ion batteries, with their reduced weight and high energy-to-weight ratios, is propelling market growth in the submarine battery segment. At the same time there is growing use of valve-regulated lead-acid (VRLA) batteries, capable of providing high surge currents at low temperatures, and the use in uninterruptible power supply (UPS), emergency power supply systems, and telecommunications base stations, are supporting the underwater growth.

The FMI study sees China expected to capture a submarine battery market share of about US$ 474.8 million by the end of the forecast period, advancing at 3.1% CAGR from 2023 to 2033. China is projected to offer a legion of opportunities for the submarine batteries market. As a significantly growing naval power, China is investing hugely in the development and expansion of its submarine fleet.

The growth for the US is driven by several factors that are contributing to the country’s submarine battery market share of $408.9m by the end of the forecast period.

Submarine Batteries Market by Future Market Insights.

 

 

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