An increase in the conversion of propulsion systems in passenger vessels, and the rising marine tourist industry, and increased seaborne trade throughout the world are some key factors propelling the growth of the global marine battery market.
Covid-19 Impact & Market Status
The coronavirus epidemic has impacted the shipping sector, just as it has other businesses. The shipping sector has evolved into a critical component of any country's supply chain, which was severely impacted by the worldwide epidemic. The shipping business is reliant on manufacturing, which was halted to protect people from becoming infected with the virus, putting the industry under considerable stress. Sporadic breakdowns cause delays and hindrances in the shipping business. Travel limitations imposed by the epidemic also posed a significant difficulty for engineers in carrying out routine maintenance.
The Fully Electric Segment will occupy the Majority of the Market Share in the Coming Future.
The fully electric segment poised to grab the largest revenue shares in the global marine battery market as global preferences tilt towards electric ships owing to their high environment protection quotient.
The Lithium Battery Segment will occupy the Majority of the Market Share in the Coming Future.
During the forecast period, lithium battery-powered boats are predicted to grow at the quickest CAGR in the Marine Battery Market. With the growing need for commercial boats across the sector, the demand for battery-powered vessels is growing as well.
The Commercial Vessels Segment will occupy the Majority of the Market Share in the Coming Future.
The duties that commercial boats are needed to accomplish are as diverse as the vessels themselves. Cargo vessels, passenger vessels, and other types of commercial vessels exist, based on the function they offer.
The 75-150 Kw Segment will occupy the Majority of the Market Share in the Coming Future.
During the forecast period, the 75-150KW power category of the Marine Battery Market is estimated to grow at the quickest CAGR. Medium-sized passenger ferries are vessels with a power range of 76-150 kW.
European Market is projected to be a Maximum Growth Rate in the Future
Europe region is expected to have the highest regional share of the Marine Battery Market over the estimated period. The increasing rise of technologically superior electric ships in the area is the main reason for Europe's dominance in the Marine Battery Market.
The need for marine batteries would be driven by the growing commercial maritime sector in various nations throughout various regions, as well as the rising demand for commercial vessels.
The marine battery is utilized to power the trolling motor and other electrical systems and components as well as provide backup power to the safety devices. With increased environmental laws on SOx, NOx, and CO2 emissions in the air and water, manufacturers are focusing on developing innovative technologies to minimize emissions while boosting the efficiency of marine batteries. The global Marine Battery market is anticipated to reach over USD 1898 million at a CAGR rate of 20% during the prediction period.
One of the significant potential prospects for manufacturers and key players in the worldwide marine battery market is the increased use of renewable energy for battery charging. Furthermore, as hybrid propulsion technology advances, the marine battery industry will have additional potential prospects. The worldwide main players are working successfully to drive market growth and combat market constraints, according to the marine battery market forecast research.
Hybrid propulsion technology is now best suited to small boats like ferries and cruise ships. Manufacturers will have a huge opportunity to work on electric propulsion systems for larger ships as marine electric propulsion technology and alternative fuels like fuel cells evolve.
Full-electric ships have significant limitations in terms of trip distance and capacity. On average, these ships can go 80 kilometers on a single charge. The Ellen ferry, which operates in Denmark, is the world's largest entirely electric passenger vessel, capable of a 22-nautical-mile round journey. The range that electric ships can go before the batteries need to be recharged is a significant constraint.
Leading industry companies are forging alliances and purchasing other vehicle logistics enterprises through mergers and acquisitions in order to get a greater market share. Furthermore, market participants are focusing on improving automation technologies to get a competitive edge among end-users. The Corvus Energy, Siemens, Akasol AG, EST-Floattech, Spear Power Systems, Echandia Marine, Furukawa Battery Solutions, Sterling PBES Energy Solutions, XALT Energy, Lithium Werks, Craftsman Marine, Exide Technologies, Power Tech System, Toshiba Corporation, Kokam Co. Ltd., U.S. Battery, Ever Exceed Industrial Co. Ltd, Saft, Forsee Power, and Lifeline Batteries Market players were identified using financial overviews, company aims, corporate biographies, and current events.
Latest Innovations in the Global Marine Battery Market: a Snapshot
- Echandia was awarded a contract by Damen Shipyards in May 2021 to provide LTO batteries for three completely electric ferries that would travel between Rotterdam and Drecht. This is Echandia's fourth contract with Damen and the second phase of a project to supply batteries for nine waterbuses.
- Wärtsilä and SAACKE, a global provider of marine fire plants for seagoing vessels, offshore facilities, and LNG tankers, announced a strategic collaboration agreement in February 2021.
The goal of this worldwide market research study is to provide in-depth information on the global Marine Battery market. During the forecasted time, the research examines the market's growth potential, demography, and capacity. This component aids in the estimation of market size as well as the forecasting of market growth during the assessment period.
Marine Battery Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1898 million|
|Growth Rate||CAGR of 20% during 2021-2028|
|Segment Covered||Propulsion Type, Application, Battery Type, Battery Design, Nominal Capacity, Ship Power, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||The Corvus Energy, Siemens, Akasol AG, EST-Floattech, Spear Power Systems, Echandia Marine, Furukawa Battery Solutions, Sterling PBES Energy Solutions, XALT Energy, Lithium Werks, Craftsman Marine, Exide Technologies, Power Tech System, Toshiba Corporation, Kokam Co. Ltd., U.S. Battery, Ever Exceed Industrial Co. Ltd, Saft, Forsee Power, and Lifeline Batteries|
Key Segments of the Global Marine Battery Market
Propulsion Type Overview, 2018-2028 (USD Million)
- Fully Electric
Application Overview, 2018-2028 (USD Million)
Battery Type Overview, 2018-2028 (USD Million)
- Fuel Cell
Battery Design Overview, 2018-2028 (USD Million)
- Flow Batteries
- Solid-state Batteries
Nominal Capacity Overview, 2018-2028 (USD Million)
- Greater than 100 Ah
- Between 100-250 Ah
- Less than 250 Ah
Ship Power Overview, 2018-2028 (USD Million)
- Greater than 75 Kw
- Between 76-745 Kw
- Between 746-7560 Kw
- Less than 7560 Kw
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa