Marine Battery Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The Marine Battery market 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 global rise in sea-borne trade is likely to drive growth in the Marine Battery market across many categories. Furthermore, the demand for hybrid and fully electric maritime vessels is boosting the adoption of battery systems, which are aimed at reducing carbon and sulfur emissions and decreases operating and maintenance costs for end users, as compared to conventional fuel-propulsion systems.

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Based on Ship Type, the commercial segment is expected to dominate market share during the forecast period on account of hybrid and fully electrical propulsion systems that are being adopted to replace conventional propulsion on the account of rising environmental concerns and focusing on reducing fuel and operational costs.
Based on Battery Function, the Dual-Purpose segment of the Marine Battery market dominates market share because of their ability to meet the requirements of high cranking power and low-ampere cycles with respect to many electrical accessories on-board a marine vessel. They are a popular choice of battery amongst smaller vessels for carrying out their operations.

Based on Nominal Capacity, the less than 100 AH segment is projected to lead the market share during the forecast period. This is owing to the significant share of these batteries in small-sized marine vessels, where they serve the purpose as starting batteries. These batteries can be recharged easily and thus are a popular choice for small boats/vessels and inland ferries.

Based on Propulsion Type, the fully electric segment is projected to have the highest CAGR during the forecasted period. The continuous fleet expansion initiatives in terms of fully electric-driven ships positively affects the environment as the inclusion of high energy storage in batteries and optimized power control can reduce fuel consumption, maintenance, and emissions. The growth of the fully electric segment can be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several manufacturers are jointly investing in the manufacturing of ships adhering to the IMO 2020 rule.

Based on Ship Power, the 150-745 kW segment is expected to have the larger market share during the forecast period owing to lower cost of retrofitting the vessels, such as small inland cargo vessels, medium-sized passenger ferries and container vessels, to hybrid-propulsion systems. This will lead the marine battery market at a CAGR of 19.0% from 2022-2030.

By Battery Design, the liquid/gel-based battery segment is expected to lead the marine battery market during the forecast period owing to Liquid/gel-based batteries can increase their energy output (kWh) without increasing their power output (kWh), which helps vessel operators in saving high costs on long-duration (multi-hour) sailing. These batteries have simpler monitoring and controls and less degradation, which increases their reliability and durability.

Based on Battery Type, the Lithium battery segment is expected to account for the major market share of the marine battery system owing to have a long lifecycle and high-power storage capacity in terms of charge/discharge efficiency and low maintenance needs. In the future, lithium batteries are expected to be preferred over diesel fuel by ship owners/operators to meet emission restrictions and cost reduction targets.

By Sales Channel, the OEM segment is expected to lead the market for marine batteries during the forecasted period because compared to operating on marine gas oil, the conventional fuel source, an all-electric vessel offers a significant reduction in emissions of CO2 by at least 15%. The extent of hybridization will determine the effect of emissions reduction on a hybrid vessel. In comparison to the OEM market, various shipowners and builders employ hybrid technology in their ships used for long travel routes.

By Energy Density, the greater than 500 WH/Kg segment is expected to lead the marine battery market, as these batteries are capable of delivering a large amount of power and are generally deployed for the purpose of propulsion on-board a vessel.

Based on Region, Europe accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the demand for ships with hybrid propulsion in the region. Increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the marine battery market in Europe.

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Major players operating in the marine battery market include Corvus Energy (Norway), Leclanché S.A. (Switzerland), Siemens AG (Germany), Saft SA (France) and Shift Clean Energy (Canada). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.

News also Covered: https://finance.yahoo.com/news/marine-battery-market-worth-2-163000947.html

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This release was published on openPR.