Marine Battery Market is valued at USD 447.3 Million in 2021 and is expected to reach USD 1631.0 Million by 2028 with a CAGR of 20.3% over the forecast period.
Global Marine Battery Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2021-2028: Increasing demand for marine freight transportation vessels, rising demand for fully electric ships, and growing demand for lithium-ion batteries are some of the major factors driving the growth of the Global Marine Battery Market.
A marine battery is also known as a boat battery, is a battery that is specifically designed to be deployed on ships to provide energy for their work. It can be used to withstand boat shocks and vibrations and is more energy-efficient than conventional fuels. Marine batteries are reliable, lightweight, and durable, making them an ideal source of energy for ships. Marine batteries serve as a primary or auxiliary energy source for ships and use chemical energy to provide energy for a variety of applications, such as start-stops, lighting, windlass, depth finders, and fish locators. The construction of marine batteries is robust and they are equipped with heavy plates. These batteries are specifically designed for use on ships or on ships to withstand vibrations and shocks on any boat.
The Covid-19 pandemic has also impacted the growth of the global marine battery market. The pandemic forced governments across the globe to carry out strict lockdown and ban the import-export of fundamental raw materials. This prompted abrupt fall in the accessibility of significant raw materials for marine batteries. The shipping industry has turned into a significant part of any nation's supply chain, which was essentially impacted by the worldwide pandemic. However, with expanded vaccination and decreasing casualty has further developed the market situation for ship restoration and shipbuilding, which is expected to enhance the demand for marine battery market.
The global marine battery market is segmented on the basis of the battery type, ship type, function, nominal capacity, application, battery density, and region & country level. On the basis of battery type, the global marine battery market is segmented into lead-acid, lithium, fuel cell, nickel-cadmium and sodium-based. By application, the market is segmented into defense, and commercial. By function, the global marine battery market is segmented into starting, dual-purpose, and deep cycles. By nominal capacity, the market is segmented into <100 Ah, 100–250 Ah, and >250 Ah. By sales channel, the global marine battery market is segmented into aftermarket, OEM. By battery density, the market is segmented into more than 100 WH/KG, and <100 WH/KG.
Some major key players for the global marine battery market report cover prominent players like
On March 25th, 2022; RELiON Battery launched its Insight Series 12V battery, which is boat and RV owners the ability to turn on more equipment longer when they are off the grid. It is designed specifically for RV & marine deep cycle applications, the Insight 12V enables users to disconnect electronics with high power& shorter power connections. The company claims that a 120 amp-hour single battery provides 160 amps of continuous current, powering several devices simultaneously in an RV or ocean liner.
On November 1st, 2021; Electric Fuel launched its new 48V lithium-ion battery at the METSTRADE 2021 show in Amsterdam. The company introduces a new 48V battery along with 12V Li-Ion LFP and 24V Li-Ion NCA marine batteries, as well as a high-performance proved line of water-activated LED lifejacket lights. Electric fuel's marine-grade smart batteries offer four times more energy, thousands of charging cycles, and seven to 10 years of operational life than conventional lead-acid batteries.
On August 18th, 2020; Furukawa Battery Co., Ltd. (Furukawa Battery) and Eco Marine Power Co., Ltd. (EMP) launched a service to help ship owners reduce battery replacement costs. Known as the Ship Battery Replacement and Management Service, this service will reduce waste, reduce work stress on the crew, and help improve safety.
One of the major factors driving the growth of the marine battery market is the increasing demand for marine freight transportation vessels. Due to the cost-effectiveness, marine transport is the most important mode of transportation, especially for freight. Nowadays, maritime trade has grown significantly. Moreover, in the next few years, most of the movement of goods over long distances will continue due to maritime shipping. An increase in marine freight transportation is attributed to rising traffic congestion in the Pacific Ocean trade lanes. Moreover, the rise in demand for maritime freight transportation has been expected to fuel the demand for maritime vessels which are equipped with one or more marine batteries. Such a rise in demand for freight vessels equipped with advanced marine batteries is expected to increase the demand for the marine batteries market. For instance; according to United Nations Conference on Trade and Development (UNCTAD); in 2020, the global commercial shipping fleet has increased by 3%, reaching 99,800 vessels of 100 gross tons and more.
In addition, the rising demand for fully electric ships is also boosting the growth of the marine battery market. Growing concern about greenhouse gas emissions from conventional ships is also supplementing the demand for fully electric ships. Also, the demand for battery-powered ships is increasing due to the strict regulations imposed by various international organizations to curb the rising pollution levels. The fully electric ships for short distances are increasing the demand for marine batteries. It is credited to the early vulnerability in regards to the accessibility of consistent fuels. Thus, the rising adoption of environment-friendly electricity is normal among ship administrators. It can likewise help with lessening operating expenses.
Moreover, the growing demand for lithium-ion batteries is also fostering market growth. Nowadays, the utilization of lithium-ion batteries for marine applications has expanded significantly, as it provides the highest electrochemical potential, i.e., it can produce higher battery voltage than different batteries. Lithium-ion batteries have incredibly low resistance, allowing for much quicker charging with the least losses. Besides, these batteries are much lighter, hold a charge better, and can endure more charge/ discharge cycles than lithium-ion batteries. Attributable to these benefits of lithium-ion over lead-acid batteries, lithium-ion batteries are getting generally adopted in marine ships, which are expected to fuel the development of the market. However, the high cost associated with marine batteries may hinder the growth of the global marine battery market. In spite of that, hybrid propulsion technology for huge ships can offer more opportunities for further growth of the market.
Geographically, Europe is expected to hold a major share in the global marine battery market within the forecast period due to the increasing number of commercial marine vessel operators, rising demand for marine batteries, and the presence of key players in this region. An increasing number of commercial marine vessel operators for commercial, freight, and passenger transport, military, recreation, or leisure activities increases the marine battery demand. For instance; European Boating Industry (EBI), the boating business is comprised of boatbuilders, motor makers, equipment producers, and trade and service providers and comprises around 32,000 organizations, directly utilizing over 280,000 individuals. Moreover, presence of key players in this region also drives the growth of the marine battery market. For instance; as per the news published, on March 25th, 2022; RELiON Battery, a leader in lithium batteries, launched its insight Series 12V battery. Moreover, the growing shipbuilding industry is also boosting the growth of the market.
North America is the fastest-growing region in the global marine battery market due to increasing demands for marine batteries, and the presence of key players these factors boosts the market. For instance; as per the news published, on November 17th, 2020; DDD-Batman launched international cooperation to shine a light on marine battery health.
Middle East and Africa
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 447.3 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 1631.0 Million
|Tables, Charts & Figures:
|Marine Battery Manufacturers
|EnerSys, Toshiba Corporation, Siemens, Saft, Echandia AB, Lifeline Batteries Inc., Spear Power Systems, Leclanché SA, Akasol AG, EverExceed Industrial Co, and others.
|By Battery Type, By Application, By Function, By Nominal Capacity, By Sales Channel, By Battery Density
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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