Marine Battery Market is Forecasted to Reach US$ 0.5 billion in 2027, Says Stratview Research

The global marine battery market is projected to witness a growth rate of 3.4% annually from 2022 to 2027, with an anticipated size of US$ 0.5 billion by 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global marine battery market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3038/marine-battery-market.html#form

Report Highlights:
Market Size in 2027: US$ 0.5 billion
Growth (CAGR): 3.4% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Marine Battery Market:
The global marine battery market is segmented based on battery type, application type, and region.

Based on battery type - The marine battery market is segmented into lead-acid batteries, lithium-ion batteries, and nickel-cadmium batteries. Despite a major setback (decline of >9%) in 2019-20, lithium-ion is expected to remain the fastest-growing battery type in the market during the forecast period due to the numerous benefits offered by li-ion technology such as high energy density, low self-discharge, and low to minimal maintenance. Lead-acid battery, on the other hand, was the segment with the highest sales in 2021. Lead-acid batteries are best suited for onboard auxiliary services and cranking diesel engines.

Based on the application type - The market is segmented into cargo & offshore vessels, work boats & ferries, and others. Cargo & offshore vessels are expected to remain the key demand generator of the market during the forecast period. Offshore supply and drilling vessels necessitate special high-power batteries, and all customers face stringent regulations and increasing performance expectations. This is an opportunity for battery suppliers to enter the market with innovative solutions. Furthermore, an increase in global trade agreements is expected to drive the cargo vessel demand, ultimately driving the demand for batteries in this segment.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/3038/marine-battery-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest and fastest-growing market for marine batteries during the forecast period. This growth outlook is majorly attributed to the following-
The region is quite vulnerable to high-tension border conflicts and terror threats.
• This region has a dominant presence in the cargo and offshore vessel segments. China is a dominant player in the region, and it alone produces more than 90% of the world's shipping containers.
• North America is also likely to create sizeable opportunities in the coming five years, driven by an expected increase in shipbuilding and a growing vessel fleet in the USA.

Marine Battery Market Drivers:

Some of the key drivers listed in the report are given below.
• Driven by the ongoing transition in the marine industry from fossil fuels to electric power to eliminate pollution and become a zero-emission industry.

Top Companies in the Marine Battery Market:
Stratview Research has identified the following companies as the top market players.
• Banner Batteries
• Camel Group Co., Ltd.
• East Penn Manufacturing Co.
• EnerSys
• Exide Technologies, LLC
• GS Yuasa Corporation
• Leoch International Technology Ltd.
• Shandong Sacred Sun Power Sources Co., Ltd.
• Toshiba Corporation
• Trojan Battery Company, LLC

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Marine Battery Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Battery Market: https://www.stratviewresearch.com/3019/battery-market.html
• Lithium-Ion Battery Market: https://www.stratviewresearch.com/1154/lithium-ion-battery-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.