Global Submarine Battery Market Growth at 5.28%
The global submarine battery market to grow at a CAGR of 5.28% during the period 2016-2020, says Global Submarine Battery Market 2016-2020 report by Research and Markets.
Global Submarine Battery Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts.
The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
To calculate the market size, the report considers the total number of submarines, segmentation by submarine type and average unit price.
Increased demand from China will be a key trend for market growth. China's demand for submarines has been growing owing to the country's Taiwan dilemma.
Resolving this issue has been the prime concern of the People's Liberation Army (PLA). Due to this, PLA Navy's (PLAN) prioritized heavily on the construction of Type-39A Yuan class conventional submarines (SSK).
Between 2010 and 2011, PLAN launched 8 Yuan-class submarines and in 2012, they laid down five new Yuan-class. Currently, there are 13 Yuan-class in service, and seven more are in the construction phase. Within the next 5-8 years, APAC will have approximately 82 submarines.
According to the report, rising investments in submarines will be a key driver for market growth.
Many countries are modernizing their naval defense units by manufacturing submarines, surface-mine countermeasure unmanned underwater vehicles (SMCMUUVs), and other combat and tactical unmanned underwater vehicles (UUVs).
The growth of these resources will simultaneously boost the global development of submarine battery market.
