(MENAFN- GlobeNewsWire - Nasdaq) Surging Demand for Hybrid and Electric Vessels Fuels 9.3% CAGR in Marine Battery IndustryDublin, Jan. 13, 2025 (GLOBE NEWSWIRE) -- The "Marine Battery market by Type, Vessel Type Function, Capacity, Propulsion, Power, Design, Form, Sales, Regions, Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The marine battery market is projected to grow from USD 882.3 million to USD 1.50 billion, at a CAGR of 9.3% during the forecast period from 2024 to 2030.
The marine battery market is experiencing growth due to factors such as technological advancements, and stringent environmental regulations. Siemens Energy (Germany), Leclanche (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US) are some of the leading players operating in the marine battery market.
The Commercial segment to account for highest market share in the marine battery market during the forecast period.
The marine battery market has been segmented into commercial, defense, Unmanned Underwater Vehicles and Unmanned Surface Vehicles based on ship type. The commercial segment is projected to grow at highest market share during the forecast period 2024 to 2030. The adoption of sustainable propulsion systems in cargo ships, tankers, and passenger vessels is rising fast. The growth here is due to strict environmental regulations such as IMO 2020, which sets up the requirement for lesser emissions and fuel consumption. Commercial ships frequently sails in the Emission Controlled Zones and seek hybrid or fully electric solutions to maintain compliance with these regulations. Additionally, increasing investments in electrifying ferries, cruise ships, and offshore support vessels to enhance operational efficiency and reduce operating costs further support the demand for marine batteries in this segment.
The Dual-Purpose batteries segment to account for highest CAGR in the marine battery market during the forecast period.
The marine battery has been segmented into Starting Batteries, Deep-cycle Batteries, and Dual-Purpose Batteries based on function . The dual-purpose segment is expected to hold the highest CAGR from 2024 to 2030 based on their versatility in providing both starting power and deep-cycle capabilities, making it suitable for a myriad of maritime applications. Due to strong demand for reliable engine starting and consistent power for onboard systems such as navigation, lighting, and auxiliary equipment, dual purpose batteries are best suited for such vessels. In addition, dual-purpose batteries reduce the requirement for separate battery systems, thereby optimizing space and cost for operators. With the increasing demand in hybrid propulsion systems and advanced marine technologies, the use of dual-purpose batteries is gaining popularity within the maritime industry due to their efficiency, durability, and flexibility to meet varied functional requirements.
The European market is estimated to hold the highest market share.
European market due to a series of severe environmental regulations, government incentives, and many more stringent sustainability initiatives in the maritime sector have driven the growth of marine battery market. Europe has been on the lead to enforce zero-emission transportation through initiatives like the European Green Deal and strict IMO 2020 laws enforcing a great deal of reduction in greenhouse gas emissions from ships. Countries such as Norway, the Netherlands, and Sweden, for instance, are embracing new technologies to make their fleet electrified, and more specifically in ferries and short-range vessels, as battery systems would be most efficient there. Strong infrastructure exists, including charging stations and a widespread network of ports with sustainable energy sources.
Siemens Energy (Germany), Leclanche (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US) are some of the leading players operating in the marine battery market .
Research Coverage
The study covers the marine battery market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on propulsion, capacity, operation and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their solutions and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
The report provides insights on the following:
Analysis of key drivers and factors, such as increasing consumer preference for high-quality marine battery services, rising global traffic need that could contribute to an increase in marine battery market. Market Development: Comprehensive information about lucrative markets - the report analyses the aircraft cabin interiors market across varied regions Market Diversification: Exhaustive information about new solutions, untapped geographies, recent developments, and investments in aircraft cabin interiors market Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens Energy (Germany), Leclanche (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US) among others in the marine battery market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $882.3 Million |
| Forecasted Market Value (USD) by 2029 | $1500 Million |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
Attractive Opportunities for Players in Marine Battery Market Marine Battery Market, by Vessel Type Marine Battery Market, by Type Marine Battery Market, by Function Marine Battery Market, by Sales Marine Battery Market, by Propulsion Marine Battery Market, by Capacity Marine Battery Market, by Form Marine Battery Market, by Design Marine Battery Market, by Power Marine Battery Market, by Country
Market Dynamics
Drivers
Rising Fuel Costs and Need for Operational Efficiency Growth in Demand for Electric and Hybrid Marine Vessels Advances in Battery Technology Stringent Environmental Regulations Increasing Trend Toward Decarbonization and Renewable Energy Integration
Restraints
High Initial Capital Requirements Inadequate Charging Infrastructure Limited Recycling and Disposal Solutions
Opportunities
Hybrid Propulsion Systems Electrification of Short-Range Vessels Rapid Innovations and Technological Advancements
Challenges
Energy Density Limitations Supply Chain Constraints and Raw Material Shortage
Use Case Analysis
Nishishiba Electric Developed Japan's First Hybrid Freight Coaster, Utashima, Utilizing Lithium-Ion Batteries for Propulsion Leclanche Provided Hybrid Energy Storage System Featuring Lithium-Ion Batteries for Propulsion Damen Shipyards Group Integrated SCIB as Power Source for Its Electric Ferry, Damen Ferry 2306E3
Industry Trends
Technology Trends Next-Generation Solid-State Battery Technology Hybrid and Integrated Energy Systems Advanced Battery Management Systems Recyclable and Eco-Friendly Batteries
Impact of Mega Trends Advanced Materials and Manufacturing Big Data Analytics Sustainability Initiatives Artificial Intelligence
Supply Chain Analysis Patent Analysis Insights on Marine Battery Ecosystem
End-user Preferences on Battery Technologies Dual-Purpose Innovations to Enhance Market Penetration Transitioning from Lithium to Next-Generation Batteries Collaboration as a Catalyst for Growth Lifecycle Integration to Maximize ROI Region-Wise Adoption Strategies
Power Consumption Specifications for Different Vessel Types Capacity vs. Battery Power Adoption Trends Positive Correlation in Sustained Energy Delivery Inverse Correlation in High-Power Systems Capacity Supporting Power Efficiency Trade-Off Correlation in Hybrid Systems Application-Dependent Correlation
Pros and Cons of Battery Designs Key Battery Function Requirements for Vessel Types Demand for Battery Types Based on Propulsion Needs
Company Profiles
Key Players
Siemens Energy Leclanche Corvus Energy Toshiba Corporation Enersys Shift Saft Sensata Technologies, Inc. Powertech Systems The Furukawa Battery Co. Ltd. East Penn Manufacturing Company Korea Special Battery Co. Ltd. (KSB) Clarios Exide Technologies Shenzhen Manly Battery Co. Ltd.
Other Players
Echandia Forsee Power Est-Floattech Lithiumwerks Lifeline Everexceed Industrial Co. Ltd. US Battery Solaredge Freudenberg E-Power Systems Sonnenschein
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