Marine Battery Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Marine Battery Market size is projected to reach a CAGR of 18.7% from 2023-2030.

The marine battery acts as a primary or auxiliary power source for the vessels and utilizes chemical energy to provide power for various applications such as start–stop, lighting, windlass, depth finders, and fish locators. Marine batteries have robust construction and are equipped with heavier plates. These batteries are designed specifically for use on ships or vessels to sustain the vibration and pounding that can occur onboard any boat.

Factors such as an increase in demand for marine freight transportation vessels, the advantage of lithium-ion batteries over lead-acid batteries, and an increase in water sports & leisure activities are expected to drive the growth of the marine battery market. Furthermore, an increase in automation in marine transportation and a rise in the adoption of hybrid and fully electric vessels are projected to offer lucrative growth opportunities for the market players.

On the other hand, the limited range and capacity of fully electric ships and the maintenance and protection of batteries restrain the market growth.

In the first half of 2020, most of the regional markets have been brutally affected due to the coronavirus pandemic. During the lockdown period, the global market experienced a halt, which impacted the growth of the marine battery market size. As the movement has been restricted, transportation and productivity have also faced a pause. This resulted in the loss of investors. According to the marine battery market outlook report, the unlock phase in the latter half of 2020 has brought a hop to the global market. Hence, the global market is boosting the confidence of the market players and adopting safety measures to generate significant Marine Battery Market revenue in the research period.

Delvens Industry Expert's Standpoint

With a growing focus on reducing carbon emissions and adopting sustainable energy sources, there is an increasing demand for electric and hybrid vessels in the marine industry. This trend is driving the demand for marine batteries that can provide reliable and efficient power. Further, the marine battery market is benefiting from advancements in battery technology, such as the development of lithium-ion batteries, which are more efficient and have a longer lifespan compared to traditional lead-acid batteries. In addition to that, offshore wind power generation requires reliable and efficient energy storage solutions which created the demand for marine batteries. All these advancements and requirements continuously grow marine batteries in the next coming years.

Market Portfolio

Key Findings

• The marine battery acts as a primary or auxiliary power source for the vessels and utilizes chemical energy to provide power for various applications such as start–stop, lighting, windlass, depth finders, and fish locators. Marine batteries have robust construction and are equipped with heavier plates. These batteries are designed specifically for use on ships or vessels to sustain the vibration and pounding that can occur onboard any boat.
   
• Factors such as an increase in demand for marine freight transportation vessels, the advantage of lithium-ion batteries over lead-acid batteries, and an increase in water sports & leisure activities are expected to drive the growth of the marine battery market. Furthermore, the increase in automation in marine transportation and the rise in the adoption of hybrid and fully electric vessels are projected to offer lucrative growth opportunities for the market players.
   
• The battery type segment is further segregated into Lithium, Nickel Cadmium, Fuel Cell, and Lead-acid. The Lithium battery segment is expected to grow at the highest CAGR during the forecast period. These batteries have a high energy density, longer lifespan, and can be charged quickly, which is important for marine applications where downtime needs to be minimized leading to drive demand for this segment.
   
• The propulsion type segment is further subdivided into Fully Electric, Hybrid, and Conventional. The fully electric segment is expected to dominate all other segments in terms of revenue generation over the forecast period. This help to reduce emissions and provide a more sustainable and environmentally-friendly solution for the marine industry, systems offer improved performance compared to traditional diesel engines, including faster acceleration, smoother operation, and quieter operation that drives the demand for this segment.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. 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 the first half of 2020, most of the regional markets have been brutally affected due to the coronavirus pandemic. During the lockdown period, the global market experienced a halt, which impacted the growth of the marine battery market size. As the movement has been restricted, transportation and productivity have also faced a pause. This resulted in the loss of investors.

Regional Analysis

Europe to Dominate the Market

• 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 the growing commercial and defense maritime industry is encouraging manufacturers of electric ships to introduce technologically advanced and efficient products across various vessel types.

Competitive Landscape

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

Recent Developments

• In February 2021, Wärtsilä signed a strategic partnership agreement with SAACKE, a Germany-based global supplier of a marine firing plants for seagoing vessels, offshore plants, and LNG tankers.
   
• In November 2020, Wärtsilä won the contract to supply the engines and a range of its electric solutions for two new ferries under construction at the China Merchants Jinling Shipyard (Weihai) in China.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for Marine Battery Market so as to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope