Marine Battery Market Overview
Global Marine Battery Market size was valued at USD 0.63 Bn. in 2023 and is expected to reach USD 2.07 Bn. by 2030, at a CAGR of 18.5%.
Marine batteries are specialized power storage devices engineered for marine applications such as boats and yachts. Designed to endure harsh aquatic conditions, including moisture, salinity, and constant motion, these batteries come in two primary types: starting batteries and deep-cycle batteries. Starting batteries provide a high current for short periods to start engines, while deep-cycle batteries offer consistent, long-term energy output for onboard appliances and systems. Marine batteries replace traditional lead-acid automotive batteries, featuring robust constructions with maintenance-free plate designs that minimize corrosion and fluid loss. They are crucial for ensuring safety and comfort during maritime activities, capable of withstanding brutal operating conditions such as vibration and high temperatures which increases their demand in the Marine Battery Market.
Marine Battery Market Report Scope and Research Methodology
The marine battery market has seen significant developments, driven by the increasing demand for electric and hybrid passenger vessels. A notable example is the introduction of 48V high-energy Li-ion marine batteries by Electric Fuel at the METSTRADE 2021 event. In Denmark, Siemens reported that out of 52 operational ferries, 39 could is converted to battery-driven/electric propulsion, aligning with Denmark’s goal to become fossil-fuel-free by 2050. This electrification could cut operating and maintenance costs by USD 12 million annually and reduce fuel consumption from 19,000 tonnes to zero in the Marine Battery Market. However, the conversion requires an additional investment of approximately USD 1.4 million per ferry for batteries, port mooring system connections, and charging station infrastructure.
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Marine Battery Market Regional Insights
Europe is expected to dominate the Marine Battery Market size of marine batteries during the anticipated timeframe. This is due to key players including OEMs and component makers who are incorporating significant capital expenditure on R & D to improve on efficiency and durability of marine batteries. Leading market players include the likes of Corvus Energy based in Norway, Leclanché S. based in Switzerland, Siemens AG based in Germany, and Saft SA based in France. Consequently, Europe dominated the market share by having an amount of USD 0. 42 billion in 2023 because of the numerous commercial marine vessel operators, sound supply chain, and increasing interest in electric boats. Wartsila and Akasol AG are diversifying their product portfolios and designing sophisticated electric propulsion systems; so are Swedish-based Enchandia AB and Leclanché SA headquartered in Switzerland.
Marine Battery Market Segmentation
Based on Ship Type: The Marine Battery market, segmented by ship type into Commercial, Defense, and Unmanned vessels, is expected to see the Commercial segment lead in market share and growth during the forecast period. Thus, this growth is mainly propelled by global tourism, where there is a need for better quality of marine batteries with high energy density, small dimensions, high performance, and long endurance. The commercial segment of the industry thrives from gradual changes in maritime policies and regulations like the saga of the International Maritime Organisation’s IMO 2020 where real and serious measures to reduce emissions are encouraged through the use of electricity in engines or electric propulsion engines.
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Marine Battery Market Key Players
North America
Shift Clean Energy (Canada)
Sensata Technologies Inc. (US)
Lifeline Batteries (US)
Lithium Werks (US)
East Penn Manufacturing Co. (US)
EnerSys (US)
Staab Battery Mfg. Co., Inc. (US)
Europe
Corvus Energy (Norway)
Leclanché S.A. (Switzerland)
Siemens AG (Germany)
Saft Groupe S.A. (France)
Echandia Marine AB (Sweden)
EST Floattech (Netherlands)
Powertech Systems (France)
Manbat Ltd (UK)
Shield Batteries Limited (UK)
Systems Sunlight SA (Greece)
Akasol AG (Germany)
Johnson Controls International (Ireland)
Wärtsilä Oyj Abp (Finland)
Key questions answered in the Marine Battery Market are:
- What is Marine Battery?
- What was the Marine Battery market size in 2023?
- What is the growth rate of the Marine Battery Market?
- Which are the factors expected to drive the Marine Battery market growth?
- What are the different segments of the Marine Battery Market?
- What growth strategies are the players considering to increase their presence in Marine Battery?
- What are the upcoming industry applications and trends for the Marine Battery Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Marine Battery Market?
- What segments are covered in the Marine Battery Market?
- Who are the leading companies and what are their portfolios in Marine Battery Market?
- What segments are covered in the Marine Battery Market?
- Who are the key players in the Marine Battery market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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