Posted 3/27/2024, 12:41:00 PM
Submarine Battery Market Poised for Steady Growth to $1.8 Billion by 2033 on Military, Technology Demands
- Submarine battery market size projected to reach $1.8 billion by 2033, growing at a 4.8% CAGR
- Increased demand for extended underwater endurance driving market growth
- Advancements in battery technologies, like lithium-ion, enabling more capacity in smaller/lighter packages
- Asia-Pacific dominated the market in 2023 with 1/3 of global revenue, expected 5.2% CAGR
- Military segment accounted for nearly 75% of total market revenue in 2023 due to critical role of batteries for stealth