CHICAGO, Nov. 15, 2021 /PRNewswire/ -- According to a research report "Marine Battery Market by Battery Type (Lithium, Nickel Cadmium, Fuel Cell, Lead-acid), Propulsion Type (Fully Electric, Hybrid, Conventional), Ship Type, Sales Channel, Nominal Capacity, Battery Design, Battery Function, & Region - Global Forecast to 2030", published by MarketsandMarkets™, the Marine Battery Market size is projected to grow USD 374 Million in 2021 to USD 1,897 Million by 2030, at a CAGR of 19.8% from 2021 to 2030.
The market is driven by various factors, such as rise in conversion of propulsion system in passenger vessel, Increasing sea borne trade across globe and growing maritime tourism industry.
The Marine Battery Market includes major players such Wartsila (Finland), Akasol AG (Germany), Corvus Energy (Canada), Enchandia AB (Sweden), Saft Total (France), Siemens (Germany), and Leclanché SA (Switzerland). players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected electric ship production and services globally in 2020.
The Lithium battery segment is projected to witness the highest CAGR during the forecast period
Based on the battery type the lithium battery operated vessels are projected to grow at the highest CAGR rate for the Marine Battery Market during the forecast period. With the increasing demand for commercial vessels across regions throughout the industry the demand for battery operated vessels is also increasing. A battery operated vessel helps in giving a more eco friendly solution to maritime operations along with more efficiency and reliability.
Commercial vessels are projected to witness the highest CAGR during the forecast period
Based on ship type, the commercial vessels segment is projected to grow at the highest CAGR rate for the Marine Battery Market during the forecast period. Commercial vessels are as varied as the jobs they are required to do. Different type of commercial vessels according to the purpose they serve are passenger vessels, cargo vessels, and others. Further, passenger vessels is segmented into yachts, ferries, cruise and others. Under which the passenger and cargo vessels will be seeing the maximum growth as these are the short ranged vessels which require less power to operate efficiently.
75-150KW are projected to witness the highest CAGR during the forecast period
Based on power, the 75-150KW power is projected to grow at the highest CAGR for the Marine Battery Market during the forecast period. Medium-size passenger ferries are considered under ships having power between 76–150 kW. The need for a reduced, or zero-emission transport system across countries is high. Countries such as Japan, New Zealand, and Australia are also moving toward using fully electric ferries for passenger transport. Norway has incorporated fully electric, and hybrid technology in its ferries.
The European market is projected to contribute the largest share from 2021 to 2030
Europe is projected to be the largest regional share of the Marine Battery Market during the forecast period. The key factor responsible for Europe, leading the Marine Battery Market owing to the rapid growth of the technologically advanced electric ships in the region. In Europe, the rise in manufacturing industries and growing commercial and defence maritime industry is encouraging manufacturers of electric ships to introduce technologically advanced and efficient products across various vessel type. The increasing demand for electric ship and the presence of some of the leading players operating in the market, such as Wartsila (Finland), Akasol AG (Germany), Corvus Energy (Canada), Enchandia AB (Sweden), Saft Total (France), Siemens (Germany), and Leclanché SA (Switzerland). These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing electric ship.
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