Marine Battery Market is Forecasted to Reach US$ 615 Million in 2030, Says Stratview Research

The global marine battery market is projected to witness a growth rate of 3.3% annually from 2024 to 2030 with an anticipated size of US$ 615 million by 2030, 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://stratviewresearch.com/Request-Sample/3038/marine-battery-market.html#form

Report Highlights:
Market Size in 2030: US$ 615 million
Growth (CAGR): 3.3% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
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, lithium-ion, and nickel-cadmium batteries. Lead-acid battery is expected to maintain their dominance in the market, while lithium-ion battery is projected to experience the fastest growth among all battery types. Lithium-ion batteries excel in the market owing to their numerous advantages, including high energy density, low self-discharge rates, and minimal maintenance requirements. Meanwhile, lead-acid batteries stood out as the best-selling segment in 2021. These batteries are particularly well-suited for applications like onboard auxiliary services and cranking diesel engines, where their reliability and cost-effectiveness make them a preferred choice.

Based on application type - The market is segmented into cargo & offshore vessels, work boats & ferries, and other application types. Cargo & offshore vessels remain the biggest demand generator for marine batteries. Workboats & ferries, in the post-pandemic market developments, are likely to make the fastest recovery. Cargo and offshore vessels are projected to remain key drivers of demand in the marine battery market during the forecast period. Offshore supply and drilling vessels require specialized high-power batteries to meet the challenges of demanding operations and strict regulatory standards. These factors create opportunities for battery suppliers to innovate and deliver advanced solutions tailored to this segment.

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

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific will remain the biggest market for marine batteries in the years to come. This growth outlook is majorly attributed to the following-

• This region has a dominant presence in the cargo and offshore vessel segments.
• China is a dominant regional player, producing over 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.

• Industry's ongoing transition 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.
• Exide Technologies, LLC
• Toshiba Corporation
• EnerSys
• Leoch International Technology Ltd.
• Camel Group Co., Ltd.
• Banner Battery
• Shandong Sacred Sun Power Sources Co., ltd.
• East Penn Manufacturing Co.
• Trojan Battery Company, LLC
• GS Yuasa Corporation

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://stratviewresearch.com/3019/battery-market.html
• Lithium-Ion Battery Market: https://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.