Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Global Marine Battery Market Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Marine Battery Market was valued at USD 444 million in 2021 and is expected to reach USD 1,556 million by 2027, at a CAGR of 19.66% from 2022-2027.
Companies Mentioned
- Wartsila
- Akashi AG
- Corvus Energy
- Enchandia AB
- Saft Total
- Siemens
- Leclanche SA
- EnerSys
- Echandia AB
- Spear Power Systems
Marine Battery is designed for boats, ships, and small vessels. These consist of robust construction with heavier plates that help in withstanding the pounding & vibration that can occur onboard.
These marine batteries are more reliable and expensive compared to automobile batteries and are very tempting for boat owners to buy. There are 3 types of marine batteries: deep cycle batteries, marine starting batteries, and dual-purpose marine batteries.
Market Drivers
The rising demand for hybrid & electric passenger ships drives the marine battery market. The potential of the marine battery in the usage of passenger vessels is very high in comparison to other vessels. This drives the market further.
Furthermore, the growing investments in offshore wind energy shall drive the global sales volume since the industry is expanding rapidly. As investments in the sector continue to rise, the demand for marine batteries is expected to grow in the future.
Market Restraints
Marine batteries are different from traditional batteries and require specialized systems & mechanisms to develop effective & long-running batteries. The initial cost of investment for developing marine batteries is very high and small market vendors may find it difficult to compete with large-scale producers and suppliers. Also, this can delay higher adoption of marine batteries since the cost of maintenance is equally high and there is a significant lack in the availability of parts that help marine batteries run efficiently.
Market Segmentation
By Battery Type
- Lithium
- Lead-acid
- Others
By Ship Type
- Commercial
- Defense
By Function
- Starting
- Deep Cycle
- Dual Purpose
By Nominal Capacity
- Less than 150 Ah
- More than 150 Ah
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/hgegcu
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