Pune India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the marine battery market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the marine battery market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as battery type, application, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global marine battery market are Saft, EverExceed, Korea Special Battery, East Penn Manufacturing, HBL, Manbat Ltd, Zibro Torch Energy, Systems Sunlight SA, GS Yuasa, Exide Technologies, EnerSys, Exide Industries among others. To achieve a substantial market share in the worldwide marine battery market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Ships can use batteries for energy storage for hybrid marine power or electrical propulsion or emergency backup power, as part of a renewable energy solution. Batteries can also be used for starting rescue boats, & emergency generators. There is a rising demand for fully electric ships, and other market trends include an increase in maritime tourism and maritime freight transport vessels. In addition, the demand for lithium batteries will aid in market growth, as will better marine infrastructure and connectivity and technological advances in marine batteries. Small vessels like ferries and cruise ships are propelled by hybrid technology, while with the development of marine electric propulsion technology, alternative fuels such as fuel cells are used, creating an opportunity for the marine battery market and paving the way for larger ships to be built with these technologies. Many hybrid systems combine diesel and electric power, which creates a market opportunity. Moreover, it is very unlikely for these ships to reach their destination before they need recharging their batteries, since their capacity is also limited, and they can travel only a certain distance. The diesel generators are usually used in hybrid ships to recharge the batteries when the power is exhausted or when additional power is needed, which is hampering the market growth.
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Scope of Marine Battery Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Battery Type, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Saft, EverExceed, Korea Special Battery, East Penn Manufacturing, HBL, Manbat Ltd, Zibro Torch Energy, Systems Sunlight SA, GS Yuasa, Exide Technologies, EnerSys, Exide Industries among others |
Segmentation Analysis
Lithium-ion batteries are expected to be the fastest-growing segment in 2022.
The battery type segment includes nickel-cadmium batteries, lead-acid batteries and lithium-ion batteries. The lithium-ion batteries segment is expected to witness the highest growth rate during the forecast period. During the forecast period, lithium-ion batteries will continue to grow rapidly due to their numerous benefits, including high energy density, low self-discharge, and minimal maintenance. A lead-acid battery, on the other hand, was the most popular segment in 2021, as it is best suited for cranking diesel engines and onboard auxiliary services.
Cargo & offshore is expected to be the fastest-growing segment in 2022.
The application segment includes work boats & ferries, cargo & offshore vessels and others. The cargo & offshore segment is expected to witness the highest growth rate during the forecast period. Demand for offshore and cargo vessels is expected to remain high during the forecast period. All offshore supply and drilling vessels require high-power batteries, and regulations and performance expectations are increasing. Battery suppliers can enter the market with innovative solutions to meet these demands.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the marine battery market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The European region witnessed a major share. With a large share of the marine battery market revenue in 2021, the Europe region is currently leading. Rapid technological advances resulting in the development of advanced electric ships have driven the demand for marine batteries. Furthermore, the regional market is thriving due to the development of manufacturing industries, commercial and military sectors, as well as maritime industries.
Country Analysis
- Germany
Germany's marine battery market size was valued at USD 53.48 million in 2022 and is expected to reach USD 231.49 million by 2030, at a CAGR of 20.1% from 2023 to 2030.
A rise in powerboat demand in the nation is expected to propel the marine powerboat battery market during the forecast period. In the future, it is expected that this trend will persist.
- China
China’s marine battery market size was valued at USD 34.38 million in 2022 and is expected to reach USD 147.8 million by 2030, at a CAGR of 20% from 2023 to 2030.
As a result of massive increases in production from manufacturing, a rise in consumer spending, and positive pressure from government energy regulation, China dominates the Asia Pacific marine battery market in 2021, registering the highest CAGR. China is the world's largest producer and market of batteries.
- India
India's marine battery market size was valued at USD 26.44 million in 2022 and is expected to reach USD 112.9 million by 2030, at a CAGR of 19.9% from 2023 to 2030.
Increasing demand for hybrid and electric passenger ships drives the marine battery market. As compared to other vessels, marine batteries have a high potential in the use of passenger vessels. It is becoming increasingly profitable to use hybrid energy storage systems on ships as well as to electrify them.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for electrifying the ships to reduce the level of pollution caused by fuels.
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