Global Marine Battery Market to Reach Value of USD 1940 Million by 2030 | Skyquest Technology

The global marine battery market is segmented based on ship type, function. In terms of ship type, the market is segmented into commercial, and defense. Based on categorization by function, the market is segmented into starting, deep cycle, and dual purpose - Industry forecast 2023-2030

Westford USA, Jan. 08, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest report, the global marine battery market has emerged to meet the increasing demand for cleaner and more sustainable energy solutions within the maritime industry. There has been a significant shift towards adopting greener technologies in maritime transportation in response to mounting concerns about environmental impact and the urgent need to reduce emissions.

Browse in-depth TOC on the "Marine Battery Market"

  • Pages - 157
  • Tables -  62
  • Figures – 75

The adoption of marine batteries is on the rise, driven by a growing wave of global regulations aimed at curbing emissions from the maritime industry. The International Maritime Organization's (IMO) stringent regulations on sulfur and greenhouse gas emissions in the global marine battery market are prominent among these regulations.

Report Scope & Segmentation:                               

Attributes Details
Market Size in 2022 USD 440 Million
2030 Value Projection USD 1940 Million
CAGR 20.2%
Forecast Period 2023-2030
Segments Covered
  • Ship Type
  • Function
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Prominent Players in Global Marine Battery Market

  • Rheinmetall AG
  • Raytheon Technologies Corporation
  • Rafael Advanced Defense Systems Ltd.
  • Saab AB
  • Leonardo S.p.A.
  • Israel Aerospace Industries Ltd.
  • KBM (Kolomna)
  • General Dynamics Corporation
  • Elbit Systems Ltd.
  • Northrop Grumman Corporation
  • Lockheed Martin Corporation
  • BAE Systems plc
  • L3Harris Technologies, Inc.
  • Thales Group
  • Hanwha Corporation
  • CMI Group
  • ZALA AERO Group
  • Denel Land Systems
  • Artis, LLC

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Commercial Ship Segment is Expected to Rise Significantly due to Growing Awareness

Commercial ship segment stands as the dominant sector within the global marine battery market. This category encompasses various vessel types, including cargo ships, container vessels, tankers, passenger ships, and cruise liners. The prominence of commercial boats in this market reflects the maritime industry's growing awareness and commitment to embracing cleaner and more sustainable energy solutions.

The market in North America conclusively holds a dominant position within the global marine battery market. This regional supremacy can be attributed to several key factors. North America boasts a well-established maritime industry encompassing diverse sectors, including commercial shipping, cruise liners, and defense vessels.

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Defense Ship Segment to Dominate Market due to Encompasses a Diverse Array of Vessels

Defense ship segment is emerging as the most rapidly expanding sector within the global marine battery market. This category encompasses various vessels, including naval warships, submarines, coast guard, and support vessels.

Regional market in Asia-Pacific has emerged as the swiftest-growing region within the global marine battery market, and this meteoric rise can be attributed to many factors. The region is experiencing an unprecedented boom in its shipbuilding industry, with countries such as China, South Korea, and Japan leading the charge.

A comprehensive analysis of major global marine battery market players has been conducted recently. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.

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Key Developments in Global Marine Battery Market

  • XALT Energy, a subsidiary of Freudenberg Sealing Technologies, recently made a significant announcement by introducing a cutting-edge lithium-ion battery module explicitly tailored for marine use. This development underscores the increasing momentum in the marine battery industry, with XALT Energy aiming to provide innovative solutions to meet the unique demands of the maritime sector.
  • In 2022, Corvus Energy, a renowned player in the marine battery manufacturing realm, entered into a strategic partnership with Norwegian Electric Systems (NES). Their collaboration focused on developing and supplying advanced battery systems for the groundbreaking YARA Birkeland, the world's inaugural autonomous and zero-emission container vessel.

 Key Questions Answered in the Global Marine Battery Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • List the top companies in the market and explain how they have achieved their positions of influence.
  • In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?

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