CHICAGO, Feb. 17, 2023 /PRNewswire/ -- The Marine Battery market size is projected to grow from USD 527 Million in 2022 to USD 2,056 Million by 2030, at a CAGR of 18.6 % from 2022 to 2030 according to a new report by MarketsandMarkets. The anticipated growth in demand for hybrid and fully-electric vessels is driving market expansion.
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Browse in-depth TOC on "Marine Battery Market"
210 - Tables
57 - Figures
236 - Pages
Commercial Segment is expected to account for the largest share in 2022
Based on Ship Type, Commercial segment is projected to lead the Marine Battery market during the forecast period. The adoption of hybrid and electrical systems to replace conventional propulsion systems in order to reduce the carbon and sulfur emissions from the marine vessels is driving the marine battery market. Manufacturers must respond to increasing industry demand to minimize greenhouse gas emissions. With this in mind, new commercial ship construction is expected to create 40% less carbon dioxide emissions by 2040.
The Lithium Battery segment is projected to dominate market share in the system segment during the forecast period
Based on Battery Type, the lithium battery segment is projected to dominate the market share during the forecast period. Hybrid and fully electric vessels rely on lithium batteries as a prime power source. These batteries have a long lifecycle and high power storage capacity in terms of charge/discharge efficiency and low maintenance needs. They offer the highest specific energy of commercially available batteries, relatively high cycle life, and highest energy density of commercially available batteries. Other market alternatives to lithium-ion are often unable to deliver the same level of energy density or cycle life. Different materials and chemistries in the electrodes and electrolyte, as well as production processes and related materials, can be found in lithium-ion batteries.
The OEM segment is projected to dominate market share in the system segment during the forecast period
Based on Sales Channel, the OEM segment is projected to dominate the market share during the forecast period. The constantly growing global trade and tourism and the increasing quantity of deliveries delivered to meet demand both have an impact on rising production rates of marine batteries. The upcoming laws that aim to adopt sustainable practices in marine vessel operations are expected to be the driving reason behind fleet modernization initiatives, which will further fuel the growth of the marine battery market.
The Fully Electric Propulsion segment projected to lead Marine Battery market during the forecast period
Based on Propulsion Type, the fully electric segment is projected to lead the Marine Battery market during the forecast period. The market is further segmented into conventional, hybrid, and fully-electric propulsion system. Electric propulsion reduces the requirement for a huge distance between the diesel engine and the propeller shafts and rudders, resulting in a significant reduction in overall mechanical equipment weight, higher tank capacity, and enhanced ship navigation efficiency. It helps in significantly reducing the overall emissions of fuel generated by a marine vessel.
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Europe is expected to account for the largest share in 2022
The Marine Battery market industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. Europe accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The market for Marine Battery is expected to benefit from rising global trade operations, hybridization and electrification of marine vessels while the escalation of global geopolitical rifts is driving the race for superiority in terms of military capabilities, as evidenced by increased defense expenditure and divestments in the modernization of various defense vessels by countries. Furthermore, increased investment in R&D by major players and OEMs to manufacture superior energy storage systems to meet future sustainable and operational requirements will drive the market.
Major players operating in the marine battery market include Corvus Energy (Norway), Leclanché S.A. (Switzerland), Siemens AG (Germany), Saft SA (France) and Shift Clean Energy (Canada).
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