Press release
Battery Pack Market for Marine Hybrid & Electric Propulsion to Reach USD 2.4 Billion by 2034, Growing at 8.7% CAGR
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Analysts' Viewpoint
Increasing electrification in the marine industry is significantly driving the demand for battery packs. The marine sector is undergoing a major transformation, moving towards hybrid and full electric propulsion to meet global emission reduction targets. Advanced energy storage solutions with improved energy density and reduced costs are pivotal in ensuring reliable power for propulsion, navigation, and onboard systems. Moreover, the adoption of stringent emission regulations is compelling shipowners to invest in cleaner, battery-powered solutions, thus propelling market growth.
Market Introduction
Battery packs are essential energy storage systems for marine hybrid and full electric propulsion vessels. These packs power electric propulsion systems, reduce fuel consumption, and lower carbon emissions, making them vital for environmentally sustainable maritime operations. By integrating renewable energy sources, shore connection systems, and Battery Energy Storage Systems (BESS), marine operators can achieve significant reductions in emissions while ensuring efficient vessel performance. Battery packs are particularly suited for short-range operations and are increasingly being deployed in tugboats, offshore support vessels (OSVs), ferries, defense vessels, yachts, and cruise ships.
Key Market Drivers
Rise in Electrification of the Marine Sector
Sustainable Propulsion: As environmental concerns mount, shipowners are shifting toward electric and hybrid propulsion systems powered by advanced battery packs.
Emission Reductions: Battery-powered vessels help lower fuel consumption and reduce carbon emissions, aligning with global initiatives like the Paris Agreement.
Implementation of Stringent Emission Regulations
Regulatory Compliance: Governments worldwide are tightening emission standards (e.g., IMO Tier III, EEDI), which is driving the adoption of battery pack solutions in the marine sector.
Environmental Sustainability: Enhanced regulatory frameworks are encouraging the development of eco-friendly, low-emission vessels, thereby increasing market demand.
Regional Outlook
Asia Pacific
Asia Pacific dominated the battery pack for marine hybrid & full electric propulsion market in 2023, driven by robust investments in hybrid vessel construction and the region's aggressive push toward renewable energy. Countries such as China and India are at the forefront, with major players launching projects to develop hybrid-electric vessels. In January 2024, AtoB@C Shipping, a Sweden-based subsidiary of ESL Shipping, announced the launch of Ecomar, a plug-in hybrid vessel in India, reinforcing the region's leading position in this market.
Europe and North America
In Europe, increasing investments in hybrid-electric vessels by companies like NAV Engineering & Technology, and in North America, advanced marine propulsion solutions are bolstering market growth. These regions continue to pursue sustainable energy solutions while maintaining high safety and efficiency standards.
Analysis of Key Players
Key players in the battery pack for marine hybrid & full electric propulsion market are focusing on developing integrated power control solutions that combine traditional diesel gensets with battery power.
Leading companies include:
Corvus Energy
Eco Marine Power
Rolls-Royce plc
NIDEC CORPORATION
RELiON Batteries
These companies are being profiled based on their product portfolios, business strategies, regional presence, and recent technological advancements to enhance energy density and reduce costs in marine battery systems.
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Key Developments
May 2024: JMS Sunshine, the world's first LNG tug powered by a hybrid system featuring mtu gas engines, went into operation in Singapore. The tugboat, built by Rolls-Royce Plc, is equipped with a battery capacity of 904 kWh, meeting demanding operational requirements.
March 2024: Corvus Energy received a contract to provide a battery energy storage system onboard the Magellan Discoverer, the first hybrid diesel-electric vessel constructed in South America, further reinforcing the market's growth momentum.
Market Segmentation
By Power Rating:
Up to 1 MW
1-2 MW
2.1 MW-3.5 MW
Above 3.5 MW
By RPM:
0 RPM-1000 RPM
1001 RPM-2500 RPM
Above 2500 RPM
By Propulsion Type:
Hybrid
Full Electric
By Vessel Type:
Tugboats & OSVs
Ferries
Defense Vessels
Yachts
Cruise Ships
Others
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
By Country (Select):
North America: U.S., Canada
Europe: Germany, U.K., France, Italy, Russia & CIS
Asia Pacific: Japan, China, India, ASEAN
Others: Brazil, Mexico, South Africa, GCC
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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