Rise in Demand for Fully Electric Marine Batteries to Thrive Market!
Marine batteries are batteries that are designed principally for use on boats or powerboats with heavier plates. These boats have strong construction, designed to withstand vibration and pounding. Thus, thus batteries are designed to last longer than reliable batteries. There are several types of marine batteries such as conventional starting batteries, fully electric batteries, flow batteries, and fuel cell batteries. Some other types of marine batteries are hybrid batteries, deep-cycle batteries, dual-purpose batteries, lead-acid batteries, lithium batteries, solid-state batteries.
Nowadays, regarding the trade of resources across the globe, the shipping industry has cemented the major part of any country’s supply chain. Thus, the demand for ships is increasing along with the sea-borne trade demand. These activities have increased the demand for marine batteries, in turn further propelling the market growth in the near future over the forecast period of 2021-2028. Moreover, the conversion of the propulsion systems in passenger vessels and the mounting maritime tourism industry is further propelling the growth of the marine batteries market.
What Will Be The Market By 2028?
Our report on the marine batteries market has covered the study of the latest development and investment in the market. Additionally, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, market attractiveness analysis, and Porter’s five forces analysis.
Furthermore, the report covers the value chain analysis, regulatory analysis, historical & descriptive analysis from the year, and forecasts & predictive analysis for the marine batteries market. The global smart solar market is expected to reach over USD 1.50 billion in 2028 and grow at a CAGR of 19.6% over the forecast period.
Some of the key players in the Marine Battery market include Corvus Energy, Echandia Marine, EST-Floattech, Craftsman Marine, Spear Power Systems, Lifeline Batteries, Sterling PBES Energy Solutions, Ever Exceed Industrial Co. Ltd, Lithium Werks, Exide Technologies, Forsee Power, Power Tech System, Kokam Co. Ltd., Akasol AG, Toshiba Corporation, XALT Energy, U.S. Battery, Furukawa Battery Solutions, Saft, Leclanche, Siemens, among others.
Europe is anticipated to dominate the marine batteries market and grow at the fastest CAGR over the forecast period. The market growth is attributed to the increasing shipbuilding industry and surging demand for ships with hybrid propulsion batteries. Also, the demand for electric ships for totally electric yachts, passenger vessels, cruise vessels, tugs, and among others is also surging. Furthermore, the increasing investments by the government and several key players for electrification of ships, by ship manufacturing companies are some other factors reinforcing the market growth in the region.