New York, United States , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Global Marine Battery Market Size is to Grow from USD 0.45 Billion in 2022 to USD 2.31 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 17.8% during the projected period.
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The marine battery acts as the primary or auxiliary power source for the vessel, utilizing chemical energy to power a variety of functions such as a start-stop, a windlass, lighting, depth finders, and fish locators. Marine batteries are constructed with stronger materials and heavier plates. These batteries are specifically designed for use on ships or vessels in order to withstand the vibration and pounding that any boat can experience. Increased demand for marine freight transportation vessels, the benefits of lithium-ion batteries over lead-acid batteries, and rising popularity in water sports and leisure activities are expected to drive the marine battery market's growth. The global marine battery market offers market participants promising growth opportunities, owing to increasing automation in marine transportation and the adoption of hybrid and electric vessels. Manufacturers and key players can capitalize on renewable energy's potential for charging marine batteries. Furthermore, as hybrid propulsion technologies advance, the marine battery market will be expanded. However, market growth is hampered by the limited range and capacity of fully electric ships, as well as battery maintenance and protection.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Marine Battery Market Size, Share, and COVID-19 Impact Analysis, By Battery Type (Lithium-ion, Lead acid, and Others), By Ship Type (Commercial and Defense), By Function (Starting, Deep Cycle, and Dual Purpose), By Nominal Capacity (Less than 150 Ah, and More than 150 Ah), By Sales Channel (OEM and Aftermarket), By Battery Density (<100 WH/KG and More than 100 WH/KG), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The lithium-ion segment is expected to grow at the fastest pace in the global marine battery market during the forecast period.
The global marine battery market is divided into three types of batteries: lithium-ion, lead acid, and others. The lithium-ion segment is projected to expand at the fastest rate in the global marine battery market throughout the forecast period. When compared to traditional lead-acid batteries, lithium-ion batteries are gaining popularity in the marine industry due to their high energy density, lightweight design, longer cycle life, and faster charging capabilities.
The commercial segment is expected to hold the largest share of the global marine battery market during the forecast period.
The global marine battery market is divided into commercial and defense segments based on ship type. The commercial segment is projected to account for the majority share of the global marine battery market during the forecast period. One of the primary factors driving this segment is an increase in global tourism.
The OEM segment is expected to hold the largest share of the global marine battery market during the forecast period.
The Global marine battery market is divided into OEM and aftermarket segments based on the sales channel. The OEM segment is projected to account for the majority of the global marine battery market during the forecast period. The ongoing fleet expansion programs of several end users, such as cargo and freight operators and the global naval force, drive the OEM segment of the market.
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Europe dominated the largest share of the global marine battery market in 2022.
Europe accounts for the largest share of the global marine battery market. Europe has the largest market for marine batteries due to strict environmental regulations, government initiatives to promote sustainable transportation, and the presence of major shipbuilding and maritime industries.
During the forecast period, Asia Pacific is expected to grow at the fastest rate in the global marine battery market. Due to increased shipbuilding activity, rising maritime trade, and a focus on reducing emissions from marine vessels, the Asia Pacific region is experiencing rapid growth in the marine battery market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Marine Battery Market include Corvus Energy, Leclanché S.A., Siemens AG, Saft SA, Shift Clean Energy, Echandia Marine AB, EST Floattech, Sensata Technolgies Inc., Powertech Systems, Lifeline Batteries, and Others.
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Recent Developments
In August 2022, Corvus Energy has received a contract from Ulstein Power & Control to supply energy storage systems for two Construction Service Operation Vessels (CSOVs) being built for Norwegian shipowner Olympic.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Marine Battery Market based on the below-mentioned segments:
Global Marine Battery Market, By Battery Type
- Lithium-ion
- Lead acid
- Others
Global Marine Battery Market, By Ship Type
- Commercial
- Defense
Global Marine Battery Market, By Function
- Starting
- Deep Cycle
- Dual Purpose
Global Marine Battery Market, By Nominal Capacity
- Less than 150 Ah
- More than 150 Ah
Global Marine Battery Market, By Sales Channel
- OEM
- Aftermarket
Global Marine Battery Market, By Battery Density
- <100 WH/KG
- More than 100 WH/KG
Global Marine Battery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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