Marine Battery Market Will Reach USD 1.99 Billion In 2030 Registering A CAGR of 20.5% - Valuates Reports

BANGALORE, India, April 4, 2022 /PRNewswire/ -- Marine Battery Market is segmented by Battery Type (Lithium, Lead acid, and Others), Ship Type (Commercial and Defense), Function (Starting, Deep Cycle, and Dual Purpose), Nominal Capacity (Less than 150 Ah, and More than 150 Ah), Sales Channel (OEM and Aftermarket), and Battery Density (<100 WH/KG and More than 100 WH/KG). Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Energy & Utilities Category.

The global Marine Battery Market was valued at USD 0.37 billion in 2021 and is projected to reach USD 1.99 billion in 2030, registering a CAGR of 20.5%.

Major Factors Driving The Growth Of The Marine Battery Market Are

The marine battery market is expected to grow due to factors such as an increase in demand for marine freight transportation vessels, the advantages of lithium-ion batteries over lead-acid batteries, and an increase in water sports and leisure activities.

On the other hand, the rise in adoption of hybrid and fully electric vessels, as well as increased automation in marine transportation, are expected to provide lucrative growth opportunities for market players.

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TRENDS INFLUENCING THE MARINE BATTERY MARKET GROWTH

An increase in demand for marine freight transportation vessels is expected to drive the marine battery market. Because of its cost-effectiveness, marine transportation is one of the most popular modes of transportation, particularly for freight transportation. Seaborne trade has seen significant growth in recent years.

Due to their cost-effectiveness, lead-acid batteries are currently the most widely used in marine vessels for various applications such as engine start-stop and lighting. Furthermore, these batteries are widely available in a variety of off-the-shelf pack sizes, so there's no need to worry about running out. Lithium-ion batteries have become increasingly popular for marine applications in recent years because they have the highest electrochemical potential, which means they can generate higher battery voltage than other batteries. Lithium-ion batteries have a very low resistance, which allows for much faster charging with very little loss. This factor is expected to drive the growth of the marine battery market.

To comply with the International Maritime Organization 2020 (IMO 2020) mandate, which mandates a maximum sulfur content of 0.5 percent in marine fuels, shipbuilding companies and operators are moving toward emission-free transportation. As a result, the marine industry is seeing an increase in the use of hybrid and electric propulsion in both existing and newbuild ships. This in turn is expected to drive the growth of the marine battery market.

Furthermore, Hybrid propulsion technology is currently best suited to small vessels like ferries and cruise ships. However, as marine electric propulsion technology and alternative fuels such as fuel cells advance, manufacturers will have a huge opportunity in the marine battery market.

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MARINE BATTERY MARKET SHARE ANALYSIS

Based on battery type, The lithium segment of the battery market is expected to grow significantly over the forecast period.

Based on ship type, The defense sector is expected to grow significantly in the future.

Based on function, The global marine battery market is expected to be led by the dual-purpose segment.

Based on sales channels, The global marine battery market is expected to be led by the OEM segment.

Based on battery density, The segment with more than 100 WH/KG is expected to lead the global marine battery market.

During the forecast period, Asia-Pacific is expected to have the highest CAGR. China, India, and Brazil are all developing their economies. As a result, these countries are seeing significant growth in the shipbuilding and marine component manufacturing sectors, which is expected to provide lucrative opportunities for the marine battery market in the region.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
• Inquire For Regional

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Market By Company

• Akasol AG
• EnerSys
• Toshiba Corporation
• Siemens
• Leclanché SA
• Saft
• Echandia AB
• EverExceed Industrial Co,
• Lifeline Batteries Inc
• Spear Power Systems

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