Marine Battery Market Size & Share Analysis with Industry Overview, CAGR, Trends, Scope, Demand, Opportunity
Overview
Marine batteries are designed specifically for a boat with heavier plates and robust construction to withstand the vibration and pound that can occur on any power boat.
According to the research report published by Polaris Market Research, the Global Marine Battery Market Size Is Expected To Reach USD 1,563.5 Million By 2030, at a CAGR of 19.9% during the forecast period.
The demand for advanced marine batteries in commercial applications is increasing during the assessment period because of several factors, such as implementing the IMO Sulfur 2020 Regulation, the increasing maritime tourism industry, and rising sea-borne trade. The defense ship type includes corvettes, destroyers, offshore support vessels, frigates, submarines, and aircraft carriers. Additionally, the demand for high-performance marine batteries is projected to grow due to growing military spending on advanced and new combat vessel development.
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Marine Battery Market: Growth Drivers
Growing environmental regulations to propel the market
A marine battery provides backup power to the safety equipment, power trolling motor, and several other electronic components and systems. With growing environmental regulations on air and water pollution regarding NOx, SOx, and CO2 emissions, the manufacturers are focused on obtaining new technologies to reduce emissions and increase marine battery efficiency.
Growing demand for transportation through marine is increasing the need for more reliable and efficient power backup batteries for safety and trouble-free operations of the watercraft in case of power failure. Growing public attraction towards water sports activities is anticipated to increase the demand for marine batteries globally. The increasing need for new technologies with growing profitability and emission of less pollution is expected to contribute to the growth of the global marine battery market over the forecast period.
Geographic Overview: Marine Battery Market
Growing work on R&D to expand the product lines to drive the market
In terms of geography, Europe had the highest share. The manufacturing landscape of Europe and marine battery manufacturers impact the region's growth. Some of the market's top firms, such as Wartsila, Akasol AG, Enchandia AB, Saft Total, and Leclanché SA, and the growing demand for electric boats. These companies are working on R&D to broaden their product lines and build electric ships with technologically enhanced systems, subsystems, and other components.
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Marine Battery Market: Report Segmentation
Insight By Application
Extensive usage of marine batteries in passenger transportation boats to push the market
Based on application, the commercial segment was the most significant revenue contributor in the global market and is anticipated to retain its dominance in the foreseen period. Low-cost shipping, passenger transportation boats, ro-ro boats, and barges use marine batteries. They are also visible recently on leisure boats.
Key Players
Some of the major players operating in the global marine battery market include East Penn Manufacturing Co., EnerSys, EverExceed Industrial Co. Ltd., Exide Industries Limited, Exide Technologies, G.S.G.S. Yuasa, H.B.L. Power Systems Limited, Korea Special Battery, Manbat Ltd, Saft Groupe SA, Shield Batteries Limited, Staab Battery Mfg. Co., Inc., Systems Sunlight S.A., and Zibo Torch Energy.
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Recent Developments
In September 2019, Corvus Energy received a contract from AIDA Cruises (Germany) to supply a battery package for its cruise vessels. Under this contract, Corvus Energy will provide a 10MWh energy storage system for the AIDAperla ship by 2020.
Marine Battery Market: By Type Outlook
· Lithium-Ion
· Nickel Cadmium
· Sodium
· Fuel Cell
· Flooded
· Gel
· Lead-acid
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Marine Battery Market: By Application Outlook
· Commercial
· Defense
· Unmanned
Marine Battery Market: By Design Outlook
· Solid-State Batteries
· Flow Batteries
Marine Battery Market: By Function Outlook
· Starting Batteries
· Deep-Cycle Batteries
· Dual-Purpose Batteries
Marine Battery Market: By Region Outlook
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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