The new report by Expert Market Research titled, ‘Global Marine Battery Market Size, Share, Growth, Price, Trends, Scope, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global marine battery market, assessing the market based on its segments like applications, battery design and function, capacity and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 392.45 million
Forecast CAGR (2023-2028): 16.27%
Forecast Market Size (2026): USD 969.59 million
The growing need for lithium batteries in the maritime industry is helping to propel the marine battery market forward. Lithium batteries are appropriate for deployment in vessels because of their lightweight and compact size, which improves their usefulness and energy efficiency.
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Furthermore, due to advancements in manufacturing processes, lithium batteries are becoming more cost-effective, resulting in an increase in their application in commercial vessels, boosting the market growth.
The usage of such batteries also improves the overall safety of vessels, which is why it is becoming increasingly popular, fueling market expansion. Because lithium batteries require little maintenance and enable speedier reactions, their use is on the rise, accelerating the expansion of the marine battery business.
Furthermore, the growing desire for passenger vessels with minimal noise, vibration, and emission to improve the consumer experience is driving demand for entirely electronic propulsions, which is fueling the growth of the marine battery market.
Marine Battery Industry Definition and Major Segments
A marine battery, often known as a boat battery, is a battery developed primarily for use on boats to provide energy for their operation.
It can resist the pounding and vibration of a boat while still being more energy-efficient than traditional fuels. A marine battery is dependable, light, and long-lasting, making it an excellent source of energy for ships.
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The major application segments of marine battery are:
- Inland vessels
- Seafaring vessels
- Amphibious ships
- Offshore support vessels
By battery design, the market is bifurcated into:
- Solid-State Batteries
- Flow Batteries
The market can be broadly categorised on the basis of its battery functions into:
- Starting Batteries
- Deep-Cycle Batteries
- Dual-Purpose Batteries
Based on battery type, the market is divided into:
- Lead-Acid Battery
- Fuel Cell
On the basis of nominal capacity, the market is segmented into:
The major propulsion types of marine battery are:
- Fully Electric
- Ship Autonomy
The market, on the basis of sales channel, can be segregated into:
Based on ship power, the market is categorised into:
- <75 KW
- 75-150 KW
- 150-745 KW
- 740-7560 KW
- >7560 KW
By ship range, the market is classified into:
- <50 Km
- 50-100 Km
- \100-1000 Km
- >1000 Km
The EMR report looks into the regional markets of marine battery like:
- North America
- the Asia Pacific
- Latin America
- the Middle East and Africa
Marine Battery Market Trends
The desire for totally electric ships is growing as concerns about greenhouse gas emissions from traditional ships grow. Furthermore, the adoption of strict restrictions by various international organisations to reduce rising pollution levels is driving up demand for battery-powered ships.
To combat rising sulphur dioxide levels, the International Maritime Organisation (IMO) established IMO 2020, which restricts fuel emission regulation to 0.50 per cent mass by mass.
The increased use of completely electric ships over short distances is driving up demand for marine batteries, boosting the market growth. The rising cost-effectiveness of marine batteries is encouraging the usage of hybrid vessels, which is fueling industry expansion.
Furthermore, the ease of installation afforded by modern marine batteries is accelerating their use, adding considerably to the industry’s growth. Although the difficulty of marine batteries to fully operate big vessels may limit market growth, the industry’s growth is projected to be boosted in the coming years by increased research efforts to produce better marine batteries.
Key Market Players
The major players in the market are Siemens AG, Corvus Energy, Leclanché Sa, Toshiba Corporation, and Powertech Systems.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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