Marine Battery Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity, the global Marine Battery Market size is projected to reach a CAGR of 18.7% from 2023-2030.
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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.
The prominent players in Marine Battery Market are
· Akasol AG
· EnerSys
· Toshiba Corporation
· Siemens
· Leclanché SA
· Saft
· Echandia AB
· EverExceed Industrial Co
· Lifeline Batteries Inc.
· Spear Power Systems and More
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.
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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.
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.
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