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 445.87 million in 2022. The market is projected to grow from USD 445.87 million in 2022 to USD 1781 million in 2030 at a CAGR of 18.9% during the 2023-2030 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.
The increasing maritime tourism industry
Growth in the seaborne trade
Implementation of the I.M.O. sulfur 2020 regulation.
Marine batteries are more costly.
Automobile batteries demand increasing
High utilization of renewable energy for battery charging.
High use of hybrid propulsion technology.
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.
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.
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 Battery Design
By Battery Function
By Battery Type
By Propulsion Type
By Sales Channel
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 445.87 Million|
|Market Size by 2030||US$ 1781 Million|
|CAGR||CAGR of 18.9% From 2023 to 2030|
|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:
1.1 Market Definition
1.2 Market Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
184.108.40.206 United Kingdom
220.127.116.11 South Korea
18.104.22.168 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Marine Battery Market, By Application
9. Marine Battery Market, By Battery Type
9.2 Nickel Cadmium
9.3 Sodium Type
9.4 Lead-Acid Battery
9.7 Fuel Cell
10. Marine Battery Market, By Battery Design
10.1 Solid-State Batteries
10.2 Flow Batteries
11. Marine Battery Market, By Battery Function
11.1 Starting Batteries
11.2 Deep-Cycle Batteries
11.3 Dual-Purpose Batteries
12. Marine Battery Market, By Propulsion Type
12.2 Fully Electric
13. Marine Battery Market, By Sales Channel
14. Regional Analysis
14.2 North America
14.3.6 The Netherlands
14.3.7 Rest of Europe
14.4.2 South Korea
14.4.6 Rest of Asia-Pacific
14.5 The Middle East & Africa
14.5.3 South Africa
14.6 Latin America
14.6.3 Rest of Latin America
15. Company Profiles
15.1 HITACHI LTD.
15.1.2 Products/ Services Offered
15.1.3 SWOT Analysis
15.1.4 The SNS view
15.2 AB VOLVO
15.3 CATTERPILLAR INC.
15.4 CNH INDUSTRIAL N.V
15.5 DEERE AND COMPANY
15.6 DOOSAN INFRACOE CO.LTD
15.7 J C BAMFORD EXCAVATORS. LTD.
15.8 KOMATSU LTD.
15.9 Liebherr-international AG
15.10 XCMG GROUP
16. Competitive Landscape
16.1 Competitive Benchmark
16.2 Market Share analysis
16.3 Recent Developments
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