Market Overview:
Marine battery market size Is Projected To Grow From USD 374 Million In 2021 To USD 19 Billion By 2030, At A CAGR Of 20% From 2021 To 2030.
The marine battery serves as the vessel's primary or backup power source, utilising chemical energy to power various applications like depth finders, start-stop, a windlass, illumination, and fish locators. Marine batteries are made of thicker plates and have a more durable design. These batteries are built for use on ships and vessels to withstand the vibration and pounding that can arise on any boat.
The growth in the seaborne trade and maritime tourism industry globally is driving the Marine battery market growth. Furthermore, the implementation of the Sulfur 2020 regulation by the IMO is fuelling the growth of the market.
Key Players:
As per the marine battery global market forecast report, the global key players are making collective efforts to the marketing growth. These key players are:
EnerSys (U.S.U.S.), East Penn Manufacturing Co. (U.S.U.S.), Exide Industries Limited (India), Ever Exceed Industrial Co., Ltd (China), G.S.G.S. Yuasa (Japan), Exide Technologies (U.S.U.S.), Korea Special Battery (South Korea), H.B.L. Power Systems Limited (India), Saft Groupe SA (France), Manbat Ltd (U.K.U.K.), Zibo Torch Energy (China), Systems Sunlight S.A.S.A. (Greece)
Market Segmentation:
The worldwide marine battery market size is segmented by propulsion type, application, and ship type.
By Application:
Marine Starting Service, Deep Cycle Service, and Dual-Purpose Service are the three application segments that make up the global market for marine batteries.
The marine starting service segment is expected to have the highest CAGR during the assessment period. Furthermore, these batteries are designed to deliver hundreds of amps of power to the initiating motor in a matter of seconds.
By Ship Type:
The global marine battery market size is bifurcated into defence and commercial segments based on ship type.
The commercial category led the global market in 2019, with a larger proportion of the marine battery market size. Furthermore, during the review period, the defence segment is expected to provide a greater growth rate.
By Propulsion Type:
The international marine battery market size has been divided into three propulsion types: fully electric, hybrid, and conventional.
The Fully Electric sector is expected to grow fastest over the projection period.
Regional Analysis:
Europe, Asia Pacific, Latin America, North America, the Middle East, and Africa worldwide marine battery market size.
The increased demand for electric propulsion naval boats among the US Navy for tactical tasks is boosting the growth of the marine battery market industry in North America. Furthermore, key marine battery manufacturers such as East Penn Manufacturing Co., EnerSys, and Exide Technologies are boosting market expansion in the North American regional market.
The Asia-Pacific regional market is expected to account for the greatest marine battery market size share in 2019 and the highest CAGR during the research period. Due to rising demand for improved and modern naval vessels and rising defence spending in China and India, this area is finding more leadership in the international market. Furthermore, due to Brazil's increased military expenditure for upgraded and new naval vessel procurement, the Latin American market boosts the marine battery market growth.
Industry news
The marine battery market size is predicted to rise due to factors such as a rapid growth for marine freight transportation vessels, the advantages of lithium-ion batteries against lead-acid batteries, and a rise in water recreational activities. Nevertheless, market growth is constrained by the restricted range and the capacity of fully electric ships and battery maintenance and protection. On the other hand, the rise in the use of hybrid and completely electric vessels and increased automation in marine transportation are expected to provide attractive potential possibilities for market participants. Because of its cost-effectiveness, marine transportation is one of the most popular forms of transportation, particularly for freight transportation. Seaborne trade has seen tremendous expansion in recent years.
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