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Marine Battery Market

Marine Battery Market by Battery Type (Lithium, Nickel Cadmium, Fuel Cell, Lead-acid), By Propulsion Type (Fully Electric, Hybrid, Conventional), By Sales Channel (OEM, Aftermarket), By Battery Design, By Application, and By Region | Global Market Forecast to 2022-2028

Report Id: SNS/A&D/1133 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Marine Battery Market SizeThe global marine battery market size was USD 375 million in 2021. The market is projected to grow from USD 525.1 million in 2021 to USD $1259.8 million in 2028 at a CAGR of 18.9% during the 2022-2028 period.

The marine battery acts as the vessel's primary or auxiliary power source, utilizing chemical energy to power various applications such as start–stop, illumination, a windlass, depth finders, and fish locators. Marine batteries are made of higher strength and feature heavier plates. These batteries are particularly built for use on ships or boats to withstand the vibration and pounding that can occur on any boat.

marine battery market Revenue Graph

MARKET DYNAMICS:

KEY DRIVERS:

  • The increasing maritime tourism industry

  • Growth in the seaborne trade 

  • Implementation of the I.M.O. sulfur 2020 regulation.

RESTRAINTS:

  • Marine batteries are more costly.

  • Automobile batteries demand increasing

OPPORTUNITIES:

  • High utilization of renewable energy for battery charging.

  • High use of hybrid propulsion technology.

CHALLENGES:

  •  Lack of Technical knowledge.

THE IMPACT OF COVID-19:

Most regional markets were badly affected by the Covid-19 pandemic in the first half of 2020. The worldwide market came to a standstill during the lockdown era, which hampered the expansion of the marine battery industry. Transportation and productivity have slowed as a movement has been constrained. This resulted in investor losses.

According to the marine battery market outlook, the unlock phase in the second half of 2022 has given the global market a boost. As a result, the global market is increasing market participants' confidence and adopting safety measures in order to produce significant Marine Battery Market revenue throughout the research period.

KEY MARKET PLAYER:

Wartsila, Akasol AG, Corvus Energy, Enchandia AB, Saft Total, Siemens, Leclanché SA, and other players.

SEGMENTATION:

By Propulsion Type:

The global marine battery market has been segregated into Hybrid, Fully Electric, and Conventional.

By Ship Type:

Based on ship type, the global marine battery market has been segregated into defence and commercial segments.

The commercial segment led the global market in 2022, accounting for a larger proportion of the marine battery market.

During the review period, the defense segment is projected to contribute a higher growth rate.

By Application:

Deep Cycle Service, Marine Starting Service, and Dual Purpose Service are the three segments of the worldwide marine battery market.

During the assessment period, the marine starting service segment is expected to have the highest CAGR.

These batteries are developed to provide hundred of amps of power to the starting motor in a matter of seconds.

KEY MARKET SEGMENT:

By Application

  • Commercial

  • Defense

  • Unmanned

By Battery Design

  • Solid-State Batteries

  • Flow Batteries

  • By Battery Function

  • Starting Batteries

  • Deep-Cycle Batteries

  • Dual-Purpose Batteries

By Battery Type

  • Lithium-Ion

  • Nickel Cadmium

  • Sodium Type

  • Lead-Acid Battery

  • Flooded

  • Gel

  • Fuel Cell

By Propulsion Type

  • Introduction

  • Fully Electric

  • Hybrid

  • Conventional

By Sales Channel

  • Introduction

  • Oem

  • Aftermarket

Marine Battery Market Segment Chart

REGIONAL ANALYSIS:

The North American market is fueling the growth of the maritime battery market due to the growing demand for electric-powered naval vessels in the Navy in the United States. In addition, the North American regional market is boosting market growth thanks to major marine battery manufacturers such as East Penn Manufacturing Co., EnerSys, and Exide Technologies. In 2019, the Asia-Pacific regional market was calculated as the market share for the largest batteries in the ocean and it was also predicted to account for the highest CAGR at the time of the study. The region is gaining more success in the global market due to the growing demand for advanced and new naval vessels and the growing cost of protection in China and India. In addition, the Latin American market is driving the growth of the marine battery market due to the increased cost of Brazil in purchasing advanced and new marine vessels. In addition, the Middle East and Africa are booming with market growth due to rising defense costs in Israel, the U.A.E., And Saudi Arabia.

REGIONAL COVERAGE:

North America

  • USA

  • Canada

  • Mexico

Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Marine Battery Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 375 Million
Market Size by 2028 US$ 1259.8 Million
CAGR CAGR of 18.9% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Battery Type (Lithium, Nickel Cadmium, Fuel Cell, Lead-acid)
• By Propulsion Type (Fully Electric, Hybrid, Conventional)
• By Sales Channel (OEM, Aftermarket)
• By Battery Design
• By Application
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Wartsila, Akasol AG, Corvus Energy, Enchandia AB, Saft Total, Siemens, Leclanché SA, and other players.
DRIVERS • The increasing maritime tourism industry
• Growth in the seaborne trade
• Implementation of the I.M.O. sulfur 2020 regulation.
RESTRAINTS • Marine batteries are more costly.
• Automobile batteries demand increasing


Frequently Asked Questions (FAQ) :

The sample for the Marine Battery Market  report is available on the website upon request. To obtain the sample report, you can also use the 24*7 chat support and direct call services.

According to SNS insiders, the Marine Battery Market size was USD 525.1 million  in 2021 and is expected to reach USD 1714.8 million by 2028 with a CAGR of  18.42% over the forecasted period.

Wartsila, Akasol AG, Corvus Energy, Enchandia AB, Saft Total, Siemens, and Leclanché SA

lack of Technical knowledge and Inadequate charging infrastructure With High initial capital expenditure

high utilization of renewable energy for battery charging and High use of hybrid propulsion technology.


Table of Contents:

 
1. Introduction
1.1 Market Definition 
1.2 Market Scope
1.3 Research Assumptions
 
2. Research Methodology
 
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
 
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Russia Ukraine War
 
5. Value Chain Analysis
 
6. Porter’s 5 forces model
 
7.  PEST Analysis
  
8. Marine Battery Market, By Application
8.1 Commercial
8.2 Defense
8.3 Unmanned

9. Marine Battery Market, By Battery Type
9.1 Lithium-Ion
9.2 Nickel Cadmium
9.3 Sodium Type
9.4 Lead-Acid Battery
9.5 Flooded
9.6 Gel
9.7 Fuel Cell

10. Marine Battery Market, By Battery Design
10.1 Solid-State Batteries
10.2 Flow Batteries
10.3 By Battery Function
10.4 Starting Batteries
10.5 Deep-Cycle Batteries
10.6 Dual-Purpose Batteries

11. Marine Battery Market, By Propulsion Type
11.1 Introduction
11.2 Fully Electric
11.3 Hybrid
11.4 Conventional

12. Marine Battery Market, By Sales Channel
12.1 Introduction
12.2 OEM
12.3 Aftermarket

13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2    Canada
13.2.3    Mexico
13.3    Europe
13.3.1    Germany
13.3.2    UK
13.3.3    France
13.3.4    Italy
13.3.5    Spain
13.3.6    The Netherlands
13.3.7    Rest of Europe
13.4    Asia-Pacific
13.4.1    Japan
13.4.2    South Korea
13.4.3    China
13.4.4    India
13.4.5    Australia
13.4.6    Rest of Asia-Pacific
13.5    The Middle East & Africa
13.5.1    Israel
13.5.2    UAE
13.5.3    South Africa
13.5.4    Rest
13.6    Latin America
13.6.1    Brazil
13.6.2    Argentina
13.6.3    Rest of Latin America

14. Company Profiles
14.1 HITACHI LTD.
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 AB VOLVO
14.3 CATTERPILLAR INC.
14.4 CNH INDUSTRIAL N.V
14.5 DEERE AND COMPANY
14.6 DOOSAN INFRACOE CO.LTD
14.7 J C BAMFORD EXCAVATORS. LTD.
14.8 KOMATSU LTD.
14.9 Liebherr-international AG
14.10 XCMG GROUP

15. Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share analysis
15.3 Recent Developments

16. Conclusion

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Secondary Research

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