Marine Battery Market is Expected to Rise at a CAGR of 19% During 2021-2028
The Marine Battery Market size is expected to grow from USD 370 million by 2020 to USD 1,800 million by 2028, with a CAGR of 19% from 2021 to 2028. Batteries used for marine use must withstand severe vibrations and pressures, which is why marine batteries are specially designed to operate under extreme conditions. In addition to the standard starting battery, a marine battery is designed to conserve energy and release it for a very long time.
With the rise of environmental laws regarding air and water pollution related to the emissions of NO2, SO2, and CO2, manufacturers are focusing on finding new technologies to reduce emissions while increasing the efficiency of marine batteries. The growing demand for new technology increased profits and less pollution is expected to contribute to the growth of the global marine battery market in the forecast period. The market is driven by a variety of factors, such as the escalation of the passenger transport system, the increase in international marine trade, and the expansion of the marine tourism industry. The market capacity of marine batteries for passenger ships is very high compared to other ships.
Limited navigation distance and capacity are major barriers to fully powered vessels. These vessels, on average, can travel up to 80km in a single charge. The capacity for deadweight tonnage that can accommodate fully-electric vessels is also limited. China's first fully-fledged electric cargo ship can travel up to 50 miles [80 km] and carry 2,200 tonnes of cargo. A large box office can carry up to 200,000 containers when the engine itself weighs 2,300 tonnes. There is a huge gap between the capacity of a diesel engine and an electric vessel in the amount of cargo you can carry. It is also a challenge to close the gap with current battery technology. Currently, hybrid propulsion technology is particularly suitable for small vessels such as boats and pedestrian vessels. However, with the advancement of marine power steering technology and other fuels such as fuel cells, there is a greater chance that manufacturers will work on electric steering systems on larger vessels.
The global Marine Battery Market is segmented on the basis of battery design into Solid-State Batteries and Flow Batteries. On the basis of applications, the market is divided into commercial, defense, unmanned, and on the basis of propulsion type the market is divided into introduction, fully electric, hybrid, and conventional. Europe is expected to be the largest region for the Marine Battery Market during the forecast period. The essential reason behind Europe’s growth is the rapid expansion of technologically advanced electric ships in the region. This expansion is owed to the growing commercial and defense industries which encourage manufacturers of electric ships to introduce more efficient and advanced products to variants of vessels. These players are focused on R&D to grow their product lines and utilize advanced systems, sub-systems, and other components to generate an electric vessel.
The Marine Battery Market includes major players such as Wartsila (Finland), Akasol AG (Germany), Corvus Energy (Canada), Enchandia AB (Sweden), Saft Total (France), Siemens (Germany), and Leclanché SA (Switzerland). The players have expanded their business to various regions including North America, Europe, Asia Pacific, and the rest of the world.
Browse the full Report - Marine Battery Market by Battery Type (Lithium, Nickel Cadmium, Fuel Cell, Lead-acid), by Propulsion Type (Fully Electric, Hybrid, Conventional), by Application (Commercial, Defense), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)