Press release
Battery Pack for Marine Hybrid & Electric Propulsion Market to Expand at 8.7% CAGR, Hitting $2.4 Bn by 2034
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Analyst Viewpoint
The shift towards cleaner energy sources is a major trend influencing the maritime industry. As the sector transitions from traditional fuels to electric and hybrid marine systems, battery packs are becoming essential for propulsion, navigation, and onboard systems. This shift is primarily driven by the need to reduce greenhouse gas emissions and comply with stringent environmental regulations.
Governments worldwide are tightening emission controls, which has further accelerated the demand for marine battery packs. Electric and hybrid vessels, powered by these battery systems, offer a sustainable solution for the future of marine transportation.
Market Drivers
Electrification of the Marine Sector: Growing concerns about carbon emissions and the environment have led to the widespread adoption of electric propulsion systems. In 2022, international shipping was responsible for around 2% of global CO2 emissions. The marine industry aims to reduce this by 15% by 2030 in accordance with the Paris Agreement, making electric propulsion a promising solution.
Stringent Emission Regulations: Regulatory frameworks such as the IMO's Tier III and CARB's emission standards are placing immense pressure on maritime operators to reduce their carbon footprints. These regulations have propelled the growth of battery-powered vessels, particularly for short-range operations and in environmentally sensitive areas.
Environmental Benefits of Marine Battery Systems
Battery packs for marine propulsion help reduce emissions and promote sustainability. Electric propulsion systems reduce fuel consumption and eliminate exhaust gases. They are well-suited for high-powered vessels, providing both economic and environmental benefits. Renewable energy sources, shore connection systems, and Battery Energy Storage Systems (BESS) integrated with battery-powered vessels offer a pathway to decarbonization.
Key Industry Developments
Cochin Shipyard Limited received an international order in May 2024 for the construction of a hybrid service operation vessel (SOV) for North Star Shipping, reflecting the growing trend of battery-powered vessels.
Rolls-Royce Plc launched the world's first LNG tugboat powered by a hybrid system in May 2024, utilizing 904 kilowatt hours of battery capacity, showcasing the industry's focus on hybrid-electric solutions.
Regional Outlook
Asia Pacific dominated the market in 2023, with significant growth expected throughout the forecast period. The region's focus on deploying hybrid vessels, such as the Ecomar plug-in hybrid launched in India, is driving this growth. Similarly, Europe is witnessing increased investment in hybrid-electric vessels, as seen with NAV Engineering & Technology's plans for a hybrid-electric fleet for offshore windfarm operations.
Key Players and Strategies
Leading companies in this market are focusing on developing high-density energy storage solutions at lower costs. Key players include Corvus Energy, Eco Marine Power, Rolls-Royce plc, NIDEC CORPORATION, and RELiON Batteries. These companies are enhancing their product portfolios to meet the rising demand for hybrid and electric vessels while complying with environmental regulations.
In March 2024, Corvus Energy secured a contract to supply battery systems for the Magellan Discoverer, South America's first hybrid diesel-electric vessel, demonstrating the global adoption of hybrid propulsion technology.
Conclusion
The battery pack for marine hybrid and full electric propulsion market is set to experience significant growth as the marine industry embraces cleaner energy alternatives. Driven by electrification, stringent regulations, and advances in battery technology, this market will play a crucial role in the future of sustainable marine transportation.
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