Marine Battery Market Forecasts to 2028 - Global Analysis By Ship Type, By Battery Function, By Nominal Capacity, By Propulsion Type, By Ship Power, By Battery Design, By Battery Type, By Energy Density, By Sales Channel and By Geography

According to Stratistics MRC, the Global Marine Battery Market is accounted for $0.45 billion in 2022 and is expected to reach $1.53 billion by 2028 growing at a CAGR of 22.5% during the forecast period. The marine battery serves as the primary or secondary power source for the boat and uses chemical energy to operate a variety of devices like illumination, a windlass, depth finders, and fish finders. Marine batteries are well-made and contain heavier plate material. These batteries are made specifically to resist the shaking and pounding that can occur on any boat and are intended for usage on ships or vessels.

According to the Organisation for Economic Co-operation and Development (OECD), ocean shipping is the major transport mode for global trade, around 90% of traded goods are carried by sea, which is likely to supplement the growth curve of the market

Market Dynamics:

Driver:

Rising maritime tourism and need for better marine infrastructure and connectivity

The growth of the marine industries, which is anticipated to generate significant revenues for developing and developed countries and is primarily dependent upon marine and coastal tourism, is mainly driven by the high demand for maritime tourism and the need for better marine infrastructure and connectivity. Increased maritime and coastal tourism depends heavily on improved infrastructure and connectivity. Governments all over the world optimise their seaborne economic policies to offer marine tourism that is friendly to the environment and has improved connectivity to various ports.

Restraint:

High initial cost, limit of capacity and range by battery powered vessels

Due to the installation of essential storage capacity and battery size, which restricts the range of the electric propelled vessels, electric propulsion systems have higher initial costs than traditional propulsion systems. Because of the greater range and capacity of traditional marine fuels and propulsion systems, battery technology in the marine sector has a long way to go before being mature. Moreover, corrosion is a major cause of failure for electronic components, which requires the use of specialist coatings, treatment, and highly skilled personnel.

Opportunity:

Increase in maritime trade

According to a study on maritime supply chain optimisation, marine transportation is critical to global trade. 90% of all commodities are traded via maritime routes. Due to the ongoing COVID-19 pandemic, the U.S.-China trade war, and the palpable churning of geoeconomics and geopolitics, seaborne trade has been severely impacted. During the predicted period, these variables will require governments all over the world to evaluate, reorganise, and deploy alternative marine power and propulsion technologies. It is projected that a different global supply chain would increase the number of ships operating globally and update the fleet of ships in operation.

Threat:

Insufficient charging infrastructure

The marine battery sector is experiencing significant obstacles due to inadequate port charging infrastructure. Larger ships have more difficulty storing energy or powering their systems than smaller ships. For large ships to receive a consistent power supply, multiple cables are needed. Installing 15-20 heavy cables is neither time-efficient nor practical, especially for ships that are berthed for short periods of time. Vessels need additional infrastructure both onshore (port side) and onboard. Voltage, frequency, and earthing needs for vessels are not fulfilled by electrical power supplied by onshore systems.

COVID-19 Impact:

The COVID-19's impact on the marine battery market is unpredictable, and it is anticipated that it will be in effect for a period of time. Because of the COVID-19 outbreak, most of 2020 and a small portion of 2021 witnessed strict lockdowns and export and import bans on commodities that were necessary for producing raw materials. This caused the availability of crucial raw materials for marine batteries to suddenly decline. Boat and engine manufacturers suffered significant losses in the first and second quarters of 2020 as a result of the COVID-19 pandemic's disruption of supply chains and production schedules. Furthermore, a widespread lockdown compelled facilities that built parts to partially or completely shut down operations.

The commercial segment is expected to be the largest during the forecast period

Throughout the forecast period, the commercial segment is expected to grow at a robust pace. The increase in maritime tourism, adjustments to government policies to enhance the seaborne economy, replacement of the existing fleet's propulsion system with electric propulsion under IMO 2020's ECAS, and an increase in demand for marine services across commercial sectors like deep-sea mining, energy and infrastructure, oil, and gas are all credited with driving the market growth. Also, the business sector has witnessed a considerable increase in the usefulness of battery technology, which is expected to continue during the projected period.

The Lithium segment is expected to have the highest CAGR during the forecast period

Because of the expanding maritime traffic and rising demand for commercial vessels with electric propulsion, the lithium-ion battery segment is anticipated to increase substantially during the projected period. In comparison to lead-acid batteries, these marine batteries are lighter, more effective, and have a lifespan that can be increased by up to ten times. The batteries offer a variety of benefits, including longer run durations, increased safety, higher discharge rates, and reduced maintenance. Between 3000 and 5000 cycles can be found during the life of a lithium marine battery. However, these batteries are smaller, lighter, and have a higher storage capacity.

Region with largest share:

Throughout the anticipated period, the market will expand substantially in North America as the growth of battery-powered marine vessels for commercial, governmental, and defence utilities, as well as high demand for these batteries across North America for leisure boats and recreational applications, are driving the development of the market. Additionally, government agencies like NOAA are increasingly adopting electric propulsion.

Region with highest CAGR:

Due to its large number of commercial marine vessel operators, market participants, and extensive supply chain network, Europe will experience the highest CAGR worldwide throughout the projection period. The acquisition of cutting-edge electric propulsion systems for forthcoming marine boats from industry participants like Wartsila, Akasol AG, Echandia AB, Siemens, Leclanche SA, and others. The market is expanding as a result of the expansion of maritime tourism and the use of electric propulsion in a variety of marine applications.

Key players in the market:

Some of the key players in Marine Battery market include: Toshiba Corporation, Siemens, Everexceed Industrial Co., Ltd, Lifeline Batteries Inc., Spear Power Systems, Exide Industries Ltd, Akasol AG, Furukawa Battery Solutions Co. Ltd., G.S. Yuasa Corporation, HBL Power Systems Ltd, Johnson Controls International, Systems Sunlight SA and BorgWarner Inc..

Key Developments:

In October 2022, ABS signed a cooperation agreement with Contemporary Amperex Technology Co., Limited (CATL) to work together and research lithium battery propulsion for next-generation vessels. Under the agreement, the two companies would carry out research on the technical standards for battery-powered vessels, which includes key safety-related technologies such as the charging system, power battery compartment layout, propulsion system, and fire control.

In January 2022, Vision Marine Technologies entered a partnership with Octillion Power Systems, a battery supplier, to develop a custom high-voltage 35 kW battery pack exclusively for use in the recreational boating market.

In September 2021, Wartsila was awarded a contract by Zero Emissions Services BV (ZES) to deliver Warsila's mobile battery container solution to enable the Netherland's inland waterway vessels.

Ship Types Covered:

• Commercial
• Defense
• Unmanned

Battery Functions Covered:

• Dual Purpose Batteries
• Deep Cycle Batteries
• Starting Batteries

Nominal Capacities Covered:

• <100 AH
• 100-250 AH
• >250 AH

Propulsion Types Covered:

• Conventional
• Hybrid
• Fully Electric

Ship Powers Covered:

• <75 KW
• 75-150 KW
• 150-745 KW
• 740-7,560 KW
• >7,560 KW

Battery Designs Covered:

• Liquid/Gel Based
• Solid State

Battery Types Covered:

• Lead Acid
• Lithium
• Nickel Cadmium
• Fuel Cells
• Sodium ION

Energy Densities Covered:

• <100 WH/KG
• 100-500 WH/KG
• >500 WH/KG

Sales Channels Covered:

• Aftermarket
• Original Equipment Manufacturer (OEM)

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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