The global marine battery market was valued at USD 676.2 million in 2021 and is expected to reach USD 3296.81 billion by 2031, growing at a CAGR of 17.05% during the forecast period. Despite the impact of COVID-19, the market experienced significant growth in 2020 and is projected to continue growing after the pandemic.
Marine battery is used extensively in marine applications to power the vehicle and lower emissions. The rising focus on developing low emission solutions and rising development of alternative energy resources are expected to boost the adoption of marine batteries globally. Rising emissions globally lead to the adoption of alternative resources that lower pollution. Furthermore, the dwindling lithium-ion resources are expected to attract consumers toward marine battery solutions, thereby fostering the industry’s progress in the coming years.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/marine-battery-market-106582
Segmentation
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.
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)
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.