Marine Battery Market Size to Surpass US$ 2120.8 Million by 2030 | The Brainy Insights

The rapid technological growth for developing advanced electric ships propelled the demand for marine battery market.

/EIN News/ -- Newark, Aug. 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global marine battery market is expected to grow from USD 393 million in 2021 to USD 2120.8 million by 2030, at a CAGR of 20.6% during the forecast period 2022-2030.

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The marine battery is a primary power source for passenger vessels and other ships in the marine industry. The battery utilizes chemical energy to provide power to various applications such as lighting, start-stop, depth finders, a windlass, and fish locators. Marine batteries are equipped with heavier plates and have robust construction. The marine batteries are specifically designed for vessels and ships to sustain pounding and vibration that usually occurs onboard any boat. Marine transportation is widely growing owing to its cost-effectiveness as an efficient mode of transportation, especially for freight transportation. There has been a significant rise in the seaborne trade in recent years. For instance, the volume of international seaborne trade reached 10.7 billion tons, according to the United Nations Conference on Trade and Development (UNCTAD) held in 2020. Furthermore, marine transportation is expected to grow and transport most goods over long distances during the forecast period. According to the ITF transport outlook by the Organisation for Economic Co-operation and Development (OECD), 70% of total freight will be transported by marine transport by 2030.

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Competitive Strategy

To enhance their market position in the global marine battery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

● In February 2021, Wärtsilä signed a strategic partnership agreement with SAACKE, a Germany-based global supplier of marine firing plants for seagoing vessels, offshore plants, and LNG tankers.

Market Growth & Trends

The rising demand for passenger and hybrid vessels drives the market's growth. Furthermore, the operational cost of electric vessels is lower when compared to the diesel-run vessel. This is anticipated to drive the demand for electric ships, which leads to rising demand for marine batteries to operate these electric ships. However, the limited capacity and range of fully electric ships hinder the market's growth. Electric vessels can only travel a shorter distance and 80 km on a single charge. This is a restraint to the market growth. At present, small vessels such as cruise ships and ferries run on hybrid propulsion technology. But with the development of alternative fuels such as fuel cells and marine electric propulsion technology, manufacturers have a massive opportunity to work on electric propulsion systems for larger ships. This provides an opportunity for the market's growth during the forecast period.

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Key Findings

● In 2021, the lithium-ion battery segment dominated the market with the largest market share of 36% and market revenue of 141.4 million.

The battery type segment is divided into lithium-ion, lead-acid, fuel cell, and others. In 2021, the lithium-ion segment dominated the market with the largest market share of 36% and market revenue of 141.4 million. Lithium-Ion batteries offer more reliability and efficiency, propelling the segment's growth.

● In 2021, the 75–150 KW segment accounted for the largest share of the market, with 29% and a market revenue of 113.9 million.

The ship power segment is divided into <75 KW, 75–150 KW, 150–745 KW, 745–7,560 KW, and >7,560 KW. In 2021, the 75–150 KW segment accounted for the largest share of the market, with 29% and a market revenue of 113.9 million. The rising demand for medium-size passenger ships drives the segment's growth.

● In 2021, the commercial segment accounted for the largest share of the market, with 82% and a market revenue of 322.2 million.

The application segment is divided into commercial and defense. In 2021, the commercial segment accounted for the largest share of the market, with 82% and market revenue of 322.2 million. Commercial vessels can be used for various jobs, which drives the segment's growth.

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Regional Segment Analysis of the Marine Battery Market

● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, Europe emerged as the largest market for the global marine battery market, with a market share of around 39.4% and 154.8 million of the market revenue in 2021. The ship manufacturing companies and operators in the region are shifting toward the production of emission-free transportation to keep up with the International Maritime Organization 2020 (IMO 2020) mandate, which enforces maximum sulfur content of 0.5% in marine fuels. Owing to this, there is a rapid increase in the region's marine battery market growth.

Key players operating in the global marine battery market are:

● Wartsila
● Akashi AG
● Corvus Energy
● Enchandia AB
● Saft Total
● Siemens
● Leclanche SA
● EnerSys
● Echandia AB
● Spear Power Systems

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global marine battery market based on the below-mentioned segments:

Global Marine Battery Market by Product Type:

● Lithium-ion
● Lead-acid
● Fuel Cell
● Others

Global Marine Battery Market by Ship Power:

● <75 KW
● 75–150 KW
● 150–745 KW
● 745–7,560 KW
● >7,560 KW

Global Marine Battery Market by Application:

● Commercial
● Defense

About the report:

The global marine battery market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

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