Marine Battery Market 2023-2030

The marine battery market had a size of USD 583.4 million in 2020. It is anticipated to increase from USD 676.2 million in 2021 to USD 2,055.8 million in 2028, demonstrating a Compound Annual Growth Rate (CAGR) of 17.05% over the period spanning 2023 to 2028.

Get a Free Sample Report:

https://www.fortunebusinessinsights.com/enquiry/sample/marine-battery-market-106582

List of Key Players Profiled in the Report:

• Akasol AG (Germany)
• EnerSys (U.S.)
• Exide Industries Ltd. (India)
• Furukawa Battery Solutions Co. Ltd. (Japan)
• S. Yuasa Corporation (Japan)
• HBL Power Systems Ltd. (India)
• Johnson Controls International (Ireland)
• Leclanché SA (Switzerland)
• Saft Groupe S.A. (France)
• Siemens AG (Germany)
• Systems Sunlight SA (Greece)
• Toshiba Corporation (Japan)
• Wärtsilä Oyj Abp (Finland)

Segments

By battery, the market is segmented into lithium-ion, fuel cell, lead acid battery, nickel cadmium, and sodium-based. As per capacity, it is classified into less than 100Ah, 100-250 Ah, and greater than 250 Ah. On the basis of design, it is bifurcated into a solid-state battery and flow battery. Based on application, it is classified into defense and commercial. Regionally, it is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Strong Demand for Alternative Energy Resources and Maritime Infrastructure to Bolster Growth

Rising demand for alternative energy resources is expected to boost the adoption of marine battery. As per the Maritime Supply Chain Optimization’s study, world trade depends extensively on maritime transport. Furthermore, rising sea trade routes for nearly 90% of goods are expected to fuel the product adoption. Moreover, the rising demand for better maritime infrastructure and tourism is expected to bolster industry development. Also, the rising demand for better connectivity in the marine sector and the adoption of the products are likely to surge the product sales. These factors may drive the marine battery market growth.

However, high costs associated with the product, limited range, and capacity are expected to restrain the market growth.

Regional Insights

Presence of Several Marine Operators to Boost Market Growth in Europe

Europe is projected to dominate the marine battery market share due to the presence of several marine operators. The market in Europe was valued at USD 195.5 million in 2020 and is expected to gain a significant market share in the upcoming years. Further, competitors' procurement of advanced electric propulsions for future marine vessels is expected to fuel industry development.

In North America, the rising utilization of electric propulsion by NOAA, defense utilities, and other governmental and commercial applications is expected to foster industry growth. Further, the rising adoption of marine batteries for leisure boats is expected to boost market development during the pandemic.

In Asia Pacific, there is presence of major manufacturers such as Furukawa Battery Solutions, Korea Special Battery, Exide Industries Ltd., and Toshiba Corporation. These factors may propel market development.

Competitive Landscape

Companies Acquire Contracts to Boost Market Position

Prominent companies operating in the market acquired contracts to boost their market position. For example, Wartsila acquired a contract with Zero Emissions Services BV (ZES) to deliver Warsila's mobile battery container solutions in September 2021. This strategy may enable the company to boost its market position. Furthermore, companies adopt mergers, acquisitions, automated production techniques, and expansions to attract consumers, boost product sales, and achieve organizational goals.

Industry Development

• November 2021: Siemens Energy AS was selected by the National Oceanographic and Atmospheric Administration (NOAA) for the completion of a contract and equipping its research vehicles with integrated battery storage solutions, control systems, power, and electric propulsions.