Marine Battery Market
PUBLISHED: 2024 ID: SMRC27394
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Marine Battery Market

Marine Battery Market Forecasts to 2030 - Global Analysis by Ship Type (Commercial, Defense, Unmanned and Other Ship Types), Battery Function, Nominal Capacity, Propulsion Type, Battery Type, Application and By Geography

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4.5 (85 reviews)
Published: 2024 ID: SMRC27394

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Marine Battery Market is accounted for $1.28 billion in 2024 and is expected to reach $4.04 billion by 2030 growing at a CAGR of 21.1 % during the forecast period. A marine battery is a specialized rechargeable battery designed for use in boats and other watercraft. It provides power to start the engine and run various onboard electrical systems, such as lights, navigation equipment, and appliances. Unlike automotive batteries, marine batteries are built to withstand the harsh marine environment, including vibrations, humidity, and saltwater exposure. Deep cycle marine batteries are designed for prolonged energy use, while starting batteries deliver short bursts of high power to start the engine. 

Market Dynamics: 

Driver: 

Increased boat electrification

Increased boat electrification and hybrid vessels offer lower emissions, reduced fuel costs, and compliance with stricter environmental regulations. This transition boosts the demand for advanced marine batteries, particularly lithium-ion types, which provide high energy density and longer lifespan. Electrification is especially prominent in leisure boats, ferries, and small to mid-sized commercial vessels, further propelling market growth as industries seek sustainable maritime solutions.

Restraint:

Limited infrastructure

Limited infrastructure and their maintenance facilities at ports make it challenging for ship operators to transition from traditional fuel sources to battery-powered solutions. Additionally, the lack of standardized regulations and support for battery technology impedes investment in necessary infrastructure. As a result, potential users may hesitate to invest in marine batteries, fearing inadequate support and operational challenges. Without substantial infrastructure development, the growth of the marine battery market will remain constrained, delaying the shift toward sustainable maritime solutions.

Opportunity:

Sustainability trends

Sustainability trends are growing emphasis on reducing carbon emissions and enhancing energy efficiency has led to increased investment in hybrid marine vessels, which rely heavily on advanced battery technologies. Additionally, regulations promoting sustainable shipping practices and the adoption of renewable energy sources are driving demand for high-performance marine batteries. As stakeholders seek to meet environmental goals and enhance operational efficiency, innovative battery solutions are becoming essential, fostering growth and transformation of the market.

Threat:

Alternative energy source

Alternative energy sources, such as wind and solar power, become more efficient and cost-effective; some marine operators may opt for direct energy sources instead of investing in battery systems. Additionally, the infrastructure for renewable energy can lead to reduced reliance on batteries for energy storage. This shift may slow the growth of marine battery demand, particularly in sectors where alternative energy sources can be easily integrated, potentially impacting battery manufacturers and their market share.

Covid-19 Impact

The COVID-19 pandemic disrupted the marine battery market, causing delays in production, supply chain challenges, and reduced demand due to global shipping and transportation slowdowns. However, the market has since recovered, driven by the increased emphasis on clean energy and sustainability in marine transport. As the industry transitions toward electric and hybrid vessels to reduce carbon emissions, the demand for advanced marine batteries has surged, particularly in regions prioritizing green shipping initiatives.

The defense segment is expected to be the largest during the forecast period

The defense segment is estimated to have a lucrative growth, due to advanced energy storage solutions in naval operations. Modern naval fleets increasingly rely on electric and hybrid propulsion systems, necessitating high-performance marine batteries for submarines, drones, and surface vessels. Additionally, military investments in unmanned underwater vehicles (UUVs) and autonomous systems require cutting-edge battery technologies. As defense budgets prioritize modernization and sustainability, the market benefits from innovations and performance standards.

The hybrid segment is expected to have the highest CAGR during the forecast period

The hybrid segment is anticipated to witness the highest CAGR growth during the forecast period, due to increased adoption of electric propulsion systems in vessels. Additionally, hybrid systems, which combine traditional engines with battery power, offer operational flexibility and lower operational costs. The growing demand for sustainable marine solutions, driven by initiatives for cleaner oceans and reduced carbon footprints, is further accelerating the development of advanced marine batteries. 

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to increased demand for sustainable energy solutions in the maritime industry. Factors such as rising environmental concerns, stricter regulations on emissions, and advancements in battery technology are propelling the adoption of electric and hybrid vessels. Countries like China, Japan, and South Korea are leading the charge, investing in research and development for marine batteries. This market is expected to expand further as shipping companies seek eco-friendly alternatives to traditional fuel sources.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to advancements in battery technology, and a focus on sustainable energy solutions. Key players are innovating to enhance battery performance, longevity, and charging efficiency. The market is bolstered by rising recreational boating activities and stricter environmental regulations. Additionally, government initiatives promoting clean energy in maritime transport further support the adoption of marine batteries, making it a dynamic sector for investment and development.

Key players in the market

Some of the key players profiled in the Marine Battery Market include ABB Ltd., Akasol AG, CATL (Contemporary Amperex Technology Co. Ltd.), Corvus Energy, Echandia Marine AB, EnerSys, EST-Floattech, Exide Technologies, Furukawa Battery Co., Ltd., Kokam Co., Ltd., Leclanché SA, LG Chem Ltd., Lithium Werks BV, Northvolt AB, Saft Groupe S.A., Samsung SDI Co., Ltd., Siemens AG, Toshiba Corporation, Wärtsilä Corporation and XALT Energy.  

Key Developments:

In May 2024, ABB expanded electrification portfolio with acquisition of Siemens’ Wiring Accessories business. The acquisition broadens ABB’s market reach and complements its regional customer offering within smart buildings.

In February 2024, ABB announced an agreement to acquire SEAM Group, a major provider of energized asset management. The acquisition brought significant additional expertise to customers in the areas of predictive, preventive, and corrective maintenance.

In January 2024, ABB announced to acquire Canadian company Real Tech, a leading supplier of innovative optical sensor technology that enables real-time water monitoring. Through the acquisition, ABB expands its strong presence in the water segment and complement its product portfolio with optical technology critical for smart water management. 

Ship Types Covered:
• Commercial
• Defense
• Unmanned
• Other Ship Types  
       
Battery Functions Covered:
• Starting Batteries
• Deep-Cycle Batteries
• Dual Purpose Batteries
• Other Battery Functions          

Nominal Capacities Covered:
• < 100 AH
• 100 – 250 AH
• > 250 AH

Propulsion Types Covered:
• Conventional
• Hybrid
• Fully Electric
• Other Propulsion Types

Battery Types Covered:
• Lithium-ion Battery
• Lead-acid Battery
• Nickel-cadmium Battery
• Fuel Cells
• Other Battery Types

Applications Covered:
• Commercial Vessels
• Military Vessels
• Leisure & Recreational Boats
• Unmanned Underwater Vehicles (UUVs)
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary       
         
2 Preface        
 2.1 Abstract       
 2.2 Stake Holders      
 2.3 Research Scope      
 2.4 Research Methodology     
  2.4.1 Data Mining     
  2.4.2 Data Analysis     
  2.4.3 Data Validation     
  2.4.4 Research Approach     
 2.5 Research Sources      
  2.5.1 Primary Research Sources    
  2.5.2 Secondary Research Sources    
  2.5.3 Assumptions     
         
3 Market Trend Analysis      
 3.1 Introduction        
 3.2 Drivers         
 3.3 Restraints        
 3.4 Opportunities        
 3.5 Threats         
 3.6 Application Analysis       
 3.7 Emerging Markets        
 3.8 Impact of Covid-19 
         
4 Porters Five Force Analysis      
 4.1 Bargaining power of suppliers     
 4.2 Bargaining power of buyers     
 4.3 Threat of substitutes     
 4.4 Threat of new entrants     
 4.5 Competitive rivalry      
         
5 Global Marine Battery Market, By Ship Type    
 5.1 Introduction      
 5.2 Commercial      
 5.3 Defense       
 5.4 Unmanned      
 5.5 Other Ship Types      
         
6 Global Marine Battery Market, By Battery Function    
 6.1 Introduction      
 6.2 Starting Batteries      
 6.3 Deep-Cycle Batteries     
 6.4 Dual Purpose Batteries     
 6.5 Other Battery Functions     
         
7 Global Marine Battery Market, By Nominal Capacity   
 7.1 Introduction      
 7.2 < 100 AH       
 7.3 100 – 250 AH      
 7.4 > 250 AH       
         
8 Global Marine Battery Market, By Propulsion Type    
 8.1 Introduction      
 8.2 Conventional      
 8.3 Hybrid       
 8.4 Fully Electric      
 8.5 Other Propulsion Types     
         
9 Global Marine Battery Market, By Battery Type    
 9.1 Introduction      
 9.2 Lithium-ion Battery      
 9.3 Lead-acid Battery      
 9.4 Nickel-cadmium Battery     
 9.5 Fuel Cells      
 9.6 Other Battery Types      
         
10 Global Marine Battery Market, By Application    
 10.1 Introduction      
 10.2 Commercial Vessels     
  10.2.1 Cargo Ships     
  10.2.2 Container Ships     
 10.3 Military Vessels      
  10.3.1 Submarines     
  10.3.2 Naval Ships     
 10.4 Leisure & Recreational Boats     
  10.4.1 Yachts      
  10.4.2 Ferries      
 10.5 Unmanned Underwater Vehicles (UUVs)    
 10.6 Other Applications      
         
11 Global Marine Battery Market, By Geography    
 11.1 Introduction      
 11.2 North America      
  11.2.1 US      
  11.2.2 Canada      
  11.2.3 Mexico      
 11.3 Europe       
  11.3.1 Germany      
  11.3.2 UK      
  11.3.3 Italy      
  11.3.4 France      
  11.3.5 Spain      
  11.3.6 Rest of Europe     
 11.4 Asia Pacific      
  11.4.1 Japan      
  11.4.2 China      
  11.4.3 India      
  11.4.4 Australia      
  11.4.5 New Zealand     
  11.4.6 South Korea     
  11.4.7 Rest of Asia Pacific     
 11.5 South America      
  11.5.1 Argentina     
  11.5.2 Brazil      
  11.5.3 Chile      
  11.5.4 Rest of South America    
 11.6 Middle East & Africa     
  11.6.1 Saudi Arabia     
  11.6.2 UAE      
  11.6.3 Qatar      
  11.6.4 South Africa     
  11.6.5 Rest of Middle East & Africa    
         
12 Key Developments       
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures  
 12.2 Acquisitions & Mergers     
 12.3 New Product Launch     
 12.4 Expansions      
 12.5 Other Key Strategies     
         
13 Company Profiling       
 13.1 ABB Ltd.       
 13.2 Akasol AG      
 13.3 CATL (Contemporary Amperex Technology Co. Ltd.)   
 13.4 Corvus Energy      
 13.5 Echandia Marine AB      
 13.6 EnerSys       
 13.7 EST-Floattech      
 13.8 Exide Technologies      
 13.9 Furukawa Battery Co., Ltd.     
 13.10 Kokam Co., Ltd.      
 13.11 Leclanché SA      
 13.12 LG Chem Ltd.      
 13.13 Lithium Werks BV      
 13.14 Northvolt AB      
 13.15 Saft Groupe S.A.      
 13.16 Samsung SDI Co., Ltd.     
 13.17 Siemens AG      
 13.18 Toshiba Corporation     
 13.19 Wärtsilä Corporation     
 13.20 XALT Energy      
         
List of Tables        
1 Global Marine Battery Market Outlook, By Region (2022-2030) ($MN)  
2 Global Marine Battery Market Outlook, By Battery Function (2022-2030) ($MN) 
3 Global Marine Battery Market Outlook, By Starting Batteries (2022-2030) ($MN) 
4 Global Marine Battery Market Outlook, By Deep-Cycle Batteries (2022-2030) ($MN) 
5 Global Marine Battery Market Outlook, By Dual Purpose Batteries (2022-2030) ($MN)
6 Global Marine Battery Market Outlook, By Other Battery Functions (2022-2030) ($MN)
7 Global Marine Battery Market Outlook, By Nominal Capacity (2022-2030) ($MN) 
8 Global Marine Battery Market Outlook, By < 100 AH (2022-2030) ($MN)  
9 Global Marine Battery Market Outlook, By 100 – 250 AH (2022-2030) ($MN) 
10 Global Marine Battery Market Outlook, By > 250 AH (2022-2030) ($MN)  
11 Global Marine Battery Market Outlook, By Propulsion Type (2022-2030) ($MN) 
12 Global Marine Battery Market Outlook, By Conventional (2022-2030) ($MN) 
13 Global Marine Battery Market Outlook, By Hybrid (2022-2030) ($MN)  
14 Global Marine Battery Market Outlook, By Fully Electric (2022-2030) ($MN) 
15 Global Marine Battery Market Outlook, By Other Propulsion Types (2022-2030) ($MN)
16 Global Marine Battery Market Outlook, By Battery Type (2022-2030) ($MN) 
17 Global Marine Battery Market Outlook, By Lithium-ion Battery (2022-2030) ($MN) 
18 Global Marine Battery Market Outlook, By Lead-acid Battery (2022-2030) ($MN) 
19 Global Marine Battery Market Outlook, By Nickel-cadmium Battery (2022-2030) ($MN)
20 Global Marine Battery Market Outlook, By Fuel Cells (2022-2030) ($MN)  
21 Global Marine Battery Market Outlook, By Other Battery Types (2022-2030) ($MN) 
22 Global Marine Battery Market Outlook, By Application (2022-2030) ($MN) 
23 Global Marine Battery Market Outlook, By Commercial Vessels (2022-2030) ($MN) 
24 Global Marine Battery Market Outlook, By Cargo Ships (2022-2030) ($MN) 
25 Global Marine Battery Market Outlook, By Container Ships (2022-2030) ($MN) 
26 Global Marine Battery Market Outlook, By Military Vessels (2022-2030) ($MN) 
27 Global Marine Battery Market Outlook, By Submarines (2022-2030) ($MN) 
28 Global Marine Battery Market Outlook, By Naval Ships (2022-2030) ($MN) 
29 Global Marine Battery Market Outlook, By Leisure & Recreational Boats (2022-2030) ($MN)
30 Global Marine Battery Market Outlook, By Yachts (2022-2030) ($MN)  
31 Global Marine Battery Market Outlook, By Ferries (2022-2030) ($MN)  
32 Global Marine Battery Market Outlook, By Unmanned Underwater Vehicles (UUVs) (2022-2030) ($MN)
33 Global Marine Battery Market Outlook, By Other Applications (2022-2030) ($MN) 
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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