Global Marine Battery Market Size, Growth, Opportunities Analysis, And Forecast To 2030Posted by Karthik Pilla on March 2nd, 2023 Bharat Book Bureau Provides the Trending Market Research Report on “Marine Battery Market by Ship Type (Commercial, Defense, Unmanned), Sales Channel (OEM, Aftermarket), Battery Function, Nominal Capacity, Propulsion Type, Ship Power, Battery Design, Battery Type, Energy Density and Region - Global Forecast to 2030” under the Defence Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The Marine Battery market size is projected to grow from USD 527 Million in 2022 to USD 2,056 Million by 2030, at a CAGR of 18.6% from 2022 to 2030. The increase in global commercial operations and the surge in alternative propulsion systems in marine vessels are the primary factors driving the growth of the Marine Battery market. Furthermore, the demand for advanced battery systems onboard marine vessel is boosting the adoption of Marine Battery, which reduces harmful emissions and decreases end-user operating and maintenance costs. Based on Battery Function, the dual-purpose battery segment is projected to lead the Marine Battery market during the forecast period. Dual purpose batteries are suitable for applications requiring strong cranking power and low amp cycle service to meet the extended auxiliary power needs of electrical accessories. These batteries can tolerate deep discharge rates that cannot be handled by starting batteries. Although they have a lower storage capacity, small-sized vessels prefer dual-purpose batteries for operations. A rise in the number of small-sized vessels across the globe will lead to the demand for dual-purpose batteries during the forecast period. The Lithium battery segment is projected to dominate the market share in the By BatteryType segment during the forecast period. Based on Battery Type, the lithium battery segment is projected to dominate the market share during the forecast period. The market is further segmented into lead-acid, nickel cadmium, sodium-ion and fuel-cells. The growth of lithium batteries is influenced by the rapidly increasing adoption of light-weight and high-energy density lithium batteries and energy storage systems that offer low operational cost per kWh and can be fitted as per any configuration, unlike sealed lead-acid batteries. With increasing modernization of fleets with hybrid and fully electric propulsion systems the lithium battery segment is set to witness a significant growth during the forecasted period. The Liquid/Gel based battery is projected to dominate market share in the battery design segment during the forecast period Based on Battery Design, the liquid/gel based battery segment is projected to dominate the market share in 2030, growing at a CAGR of 14.1% from 2022 to 2030. Enhanced safety features of liquid/gel based battery systems such as anti-corrosion, prevention of gas leakages and evaporation are some of the factors that will increase the adoption rates of liquid/gel-based batteries during the forecasted period. The OEM segment is projected to lead Marine Battery market during the forecast period Based on Sales Channel, the OEM segment is projected to lead the Marine Battery market during the forecast period. The OEM section of the market is driven by the continuous fleet expansion projects of numerous end users, including commercial passenger vessels, as well as cargoes, oil tankers and military operators. Several ship manufacturers and merchant vessel owners are expanding their fleets by investing in fully-electric propulsion systems. Europe is expected to account for the largest market share in 2022 The Marine Battery market industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. Europe accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The presence of major players, OEMs, and component manufacturers are some of the factors projected to drive the European marine battery market. Additionally, the growing need for sustainable marine vessels, through hybrid and fully electric propulsion systems for civil and commercial purposes, for increased distances of freight travel and trade operations, are factors affecting market expansion in the region. The break-up of the profile of primary participants in the Marine Battery market: Research Coverage: Reasons to buy this report: The report provides insights on the following pointers:
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