Global Marine Battery Market- Market Overview:

The global marine battery market is expected to grow from USD 456 million in 2022 to USD 1934.7 million by 2030, at a CAGR of 19.8% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing demand for electrifying ships.

In the marine industry, marine batteries serve as the primary or auxiliary power source, which powers various applications like starting and stopping the vessel, lighting, fish locators, etc. Marine batteries have robust construction and stronger plates, and are designed to withstand the vibration and pounding that can occur onboard a vessel or ship. In addition to providing energy to the electrical system of the boat and cranking the engines, marine batteries energize the sound system, pumps, and lighting of the boat. The marine battery market is growing due to a number of factors, including an increase in sea-based trade across the world, the growth of the maritime tourism industry, and the conversion of propulsion systems in passenger vessels. With the long-term goal of becoming a zero-emission industry, the industry is currently in a transitional phase, diverging from fossil fuels with alternative technologies and fuels. Marine industry leaders are turning to electric power to solve waterway problems. Electric motors can reduce pollution caused by internal combustion engines, as well as energy consumption and emissions. Moreover, Electric vessels are less expensive to operate than diesel or gas-powered vessels, and their propulsion system is more efficient compared to the other methods. Therefore, the market's growth is driven by the increasing demand for electrified systems due to their efficiency.

Sample Request: - Global Marine Battery Market

Market Dynamics:

Drivers:                          

• Rising use of hybrid technology

As a result of the development of marine electric propulsion, alternative fuels, such as fuel cells, are used on small vessels, including ferries and cruise ships. This opens up a market opportunity for marine batteries and leads to their use on larger ships as well. A hybrid mode consists of diesel and electric power in many systems, providing opportunities for the growth of the market.

Restraints:

• High cost

Market growth is predicted to be hindered by safety concerns relating to storage and transport of spent batteries and high costs associated with battery-powered ships. Moreover, lithium-ion batteries are expected to age and have issues with overheating, which will pose challenges to the market.

Opportunities:

• Rising marine-tourism

There is a growing demand for fully electric ships in the marine battery market. Other market trends include rising maritime tourism and an increase in the demand for marine freight transportation. As well as lithium battery demand, improvements in marine infrastructure and connectivity and technological advancements in marine batteries are also expected to boost market growth in the Projection period.

Challenges:

• Covid-19 pandemic outbreak

Shipping was affected during the lockdown as production was halted to prevent infection by the virus, which resulted in significant stress for the shipping industry. As a result, the shipping industry suffered from hindrances and irregular breakdowns, resulting in operational failure due to the inability to maintain vessels and a decrease in vessel availability.

Segmentation Analysis:

The global marine battery market has been segmented based on battery type, application, and regions.

By Battery Type

The battery type segment includes nickel-cadmium batteries, lead-acid batteries and lithium-ion batteries. The lithium-ion batteries segment led the largest share of the global marine battery market with a market share of around 41% in 2022 Li-ion batteries are expected to remain the fastest-growing battery type during the Projection period due to their high energy density, low self-discharge, and easy maintenance. A lead-acid battery, on the other hand, has the highest sales in 2021, as it is the best choice for onboard auxiliary services and diesel engine cranking.

By Application

The application segment includes work boats & ferries, cargo & offshore vessels and others. The cargo & offshore led the largest share of the global marine battery market with a market share of around 49% in 2022. During the Projection period, cargo and offshore vessels will continue to be the main demand generators. Offshore supply vessels and drilling vessels require high-power batteries, and all customers face strict regulations and increased performance expectations. Innovating solutions can help battery manufacturers enter the market. The cargo vessel sector is expected to grow as a result of trade agreements, thereby driving batteries demand.

Global Marine Battery Market - Sales Analysis.

The sale of marine battery expanded at a CAGR of 19.3% from 2016 to 2022.

According to the ITF transport outlook by the Organisation for Economic Co-operation and Development, 70% of all freight will be transported by sea by 2030, a significant increase in demand for seaborne trade. Due to an increase in traffic congestion in trade lanes in the Indian and Pacific Oceans, marine freight transportation has increased, which is boosting the market growth.

In addition to reducing marine pollution, governments are taking steps to prevent pollution on land. For instance, the International Convention on the Prevention of Ship Pollution aims to reduce emissions from marine diesel engines and their fuels.

The adoption of electronic ships has been driven by policy support in recent years, as well as by lowering stakeholder risks and encouraging producers to build electronic ships in large numbers.

Thus, owing to the aforementioned factors, the global marine battery market is expected to grow at a CAGR of 19.8% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the marine battery market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The European region dominated the marine battery market and held a 39.1% share of the market revenue in 2022.

• The European region witnessed a major share. A large share of the marine battery market revenue will be generated in 2021 in Europe, owing to rapid technological development for developing advanced electric ships. The region's market is also driven by the development of manufacturing industries, commercial and defense sectors, and maritime industries. Moreover, this market is experiencing growth due to the rapid development of autonomous electric vessels in the region.
• Asia Pacific is anticipated to experience significant growth during the predicted period. In the Asia-Pacific region, the marine battery industry is expanding rapidly due to numerous factors, such as the increasing demand for electric propulsion types, rising awareness of solid-state batteries, and the growing need for large ships' range and power in developed nations. There is a dominant presence in the cargo and offshore vessel segments in this region.

Global Marine Battery Market - Country Analysis:

• Germany

Germany's marine battery market size was valued at USD 53.48 million in 2022 and is expected to reach USD 231.49 million by 2030, at a CAGR of 20.1% from 2023 to 2030.

In order to encourage tourism, government in the country is building coastal cities, and as a result of increased tourist activity, the demand for powerboats has increased, including jet skis, yachts, and other small boats. It is expected that this trend will persist in the future. It is predicted that powerboat batteries will grow rapidly during the Projection period.

• China

China’s marine battery market size was valued at USD 34.38 million in 2022 and is expected to reach USD 147.8 million by 2030, at a CAGR of 20% from 2023 to 2030.

During the Projection period, China is the largest producer and market for marine batteries in Asia Pacific. A massive increase in production and consumer spending from manufacturing drive the growth of the market, with additional positive pressure coming from government energy regulations. China is the leading producer and market for batteries in the Asia Pacific region.

• India

India's marine battery market size was valued at USD 26.44 million in 2022 and is expected to reach USD 112.9 million by 2030, at a CAGR of 19.9% from 2023 to 2030.

Marine batteries are becoming increasingly popular due to the increased demand for hybrid and electric passenger ships. The potential for marine batteries to be used on passenger vessels is high compared to other vessels. Hybrid energy storage systems and electrification of ships are proving more profitable.

Key Industry Players Analysis:  

To increase their market position in the global marine battery market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

• Saft
• EverExceed
• Korea Special Battery
• East Penn Manufacturing
• HBL
• Manbat Ltd
• Zibro Torch Energy
• Systems Sunlight SA
• GS Yuasa
• Exide Technologies
• EnerSys
• Exide Industries

Latest Development:

• In February 2021, Wartsila formed a strategic partnership with SAACKE, enhancing the company's capabilities to provide cutting-edge technology solutions to shipyards and ship owners.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	19.8%
Market Size	456 million in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Battery Type, By Application, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	Saft, EverExceed, Korea Special Battery, East Penn Manufacturing, HBL, Manbat Ltd, Zibro Torch Energy, Systems Sunlight SA, GS Yuasa, Exide Technologies, EnerSys, and Exide Industries.
By Battery Type	Nickel-Cadmium Batteries Lead-acid Batteries Lithium-Ion Batteries
By Application	Work Boats & Ferries Cargo & Offshore Vessels Others
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Marine Battery Market by Battery Type:

• Nickel-Cadmium Batteries
• Lead-acid Batteries
• Lithium-Ion Batteries

Global Marine Battery Market by Application:

• Work Boats & Ferries
• Cargo & Offshore Vessels
• Others

Global Marine Battery Market by Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia

Political Factors- The marine battery market was impacted by the country's recent level of political stability. Furthermore, high-ranking government officials may be forced to resign or be impeached due to the honesty of the politicians and their propensity to commit crimes of corruption. the laws that the country enforces, especially those that deal with business, like contract law, because they outline what is and isn't allowed to be done. For instance, some countries prohibit alcohol or have strict regulations that must be followed, while other governments have bloated bureaucracies that discourage business.

Economic Factors- Whether the market is now organised as a monopoly, oligopoly, or anything more akin to a system of perfect competition. Depending on the country's GDP growth rate, will likely expand in the near future at a varying pace. The amount that people are willing to invest and borrow is influenced by the country's interest rates. Higher rates would encourage greater investment, which would boost GDP. The country's exchange rate would have an effect on profitability, particularly if it engaged in international trade.

Social Factors- The population's age and gender distribution significantly affects whether or not a certain product may be marketed to them. Because makeup is predominantly marketed to women, targeting a demographic that is mostly male would result in fewer people being reached than targeting a group that is mostly female. It would be hard to promote a premium product to the broader public if the majority of individuals belonged to a lower class; instead, they would have to concentrate on extremely specialised niche markets. Therefore, the distribution of classes throughout the population is vital. Due to the differences in the educational backgrounds of marketers and the target market, it could be difficult to effectively relate to and draw in the target market.

Technological Factors- opponents' aforementioned technological developments and breakthroughs. The degree of adoption of a new technology, as well as how quickly it is developing and displacing sales from competitors in the business in question, must all be closely monitored. This would be the level of urgency required to effectively react to the creation, either by matching the technology or developing a unique replacement. How quickly will the technology be adopted by additional companies in the market, leading them to copy its technological features or procedures? How much the fundamental characteristics of the product might change or advance as technology develops? If this improvement is drastic, other companies in the industry will be more negatively impacted.

Environmental Factors-  The ability to move materials and the finished product may be significantly impacted by the weather at this time. In the event of an unexpected monsoon, this would then affect when the finished product would be delivered. Climate change would cause some goods to lose all of their value. In the case of textiles, warm winter gear has a substantially smaller market in countries where the winter has become quite mild as a result of global warming. Businesses with high rubbish production may face legal restrictions on their environmental practises.

Legal Factors- As was already stated, the goal of intellectual property laws and other data protection legislation is to protect the ideas and patents of companies who solely profit from the information. The system will lose its competitive edge and is very likely to fail if there is a risk of data theft. Anti-discrimination rules passed by the government are meant to protect employees and ensure that everyone is treated fairly and given the same opportunities, regardless of gender, age, handicap, race, religion, or sexual orientation. Health and safety laws were formed as a result of witnessing the horrifying conditions that people had to work in during and immediately after the industrial revolution.

1. Introduction
   • 1. Objectives of the Study
   • 2. Market Definition
   • 3. Research Scope
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
   • 1. Porter’s Five Forces Analysis
   • 2. Value Chain Analysis
   • 3. Top Investment Pockets
     • 3.1. Market Attractiveness Analysis By Battery Type
     • 3.2. Market Attractiveness Analysis By Application
     • 3.3. Market Attractiveness Analysis By Region
   • 4. Industry Trends
5. Market Dynamics
   • 1. Market Evaluation
   • 2. Drivers
     • 2.1. Rising use of hybrid technology
   • 3. Restraints
     • 3.1. High cost
   • 4. Opportunities
     • 4.1. Rising marine-tourism
   • 5. Challenges
     • 5.1. Covid-19 pandemic outbreak

6. Global Marine Battery Market Analysis and Projection, By Battery Type
   • 1. Segment Overview
   • 2. Nickel-Cadmium Batteries
   • 3. Lead-acid Batteries
   • 4. Lithium-Ion Batteries
7. Global Marine Battery Market Analysis and Projection, By Application
   • 1. Segment Overview
   • 2. Work Boats & Ferries
   • 3. Cargo & Offshore Vessels
   • 4. Others
8. Global Marine Battery Market Analysis and Projection, By Regional Analysis
   • 1. Segment Overview
   • 2. North America
     • 2.1. U.S.
     • 2.2. Canada
     • 2.3. Mexico
   • 3. Europe
     • 3.1. Germany
     • 3.2. France
     • 3.3. U.K.
     • 3.4. Italy
     • 3.5. Spain
   • 4. Asia-Pacific
     • 4.1. Japan
     • 4.2. China
     • 4.3. India
   • 5. South America
     • 5.1. Brazil
   • 6. Middle East and Africa
     • 6.1. UAE
     • 6.2. South Africa

9. Global Marine Battery Market-Competitive Landscape
   • 1. Overview
   • 2. Market Share of Key Players in the Marine Battery Market
     • 2.1. Global Company Market Share
     • 2.2. North America Company Market Share
     • 2.3. Europe Company Market Share
     • 2.4. APAC Company Market Share
   • 3. Competitive Situations and Trends
     • 3.1. Technology Launches and Developments
     • 3.2. Partnerships, Collaborations, and Agreements
     • 3.3. Mergers & Acquisitions
     • 3.4. Expansions

10. Company Profiles
    • Saft
      • 1.1. Business Overview
      • 1.2. Company Snapshot
      • 1.3. Company Market Share Analysis
      • 1.4. Company Technology Portfolio
      • 1.5. Recent Developments
      • 1.6. SWOT Analysis
    • EverExceed
      • 2.1. Business Overview
      • 2.2. Company Snapshot
      • 2.3. Company Market Share Analysis
      • 2.4. Company Technology Portfolio
      • 2.5. Recent Developments
      • 2.6. SWOT Analysis
    • Korea Special Battery
      • 3.1. Business Overview
      • 3.2. Company Snapshot
      • 3.3. Company Market Share Analysis
      • 3.4. Company Technology Portfolio
      • 3.5. Recent Developments
      • 3.6. SWOT Analysis
    • East Penn Manufacturing
      • 4.1. Business Overview
      • 4.2. Company Snapshot
      • 4.3. Company Market Share Analysis
      • 4.4. Company Technology Portfolio
      • 4.5. Recent Developments
      • 4.6. SWOT Analysis
    • HBL
      • 5.1. Business Overview
      • 5.2. Company Snapshot
      • 5.3. Company Market Share Analysis
      • 5.4. Company Technology Portfolio
      • 5.5. Recent Developments
      • 5.6. SWOT Analysis
    • Manbat Ltd
      • 6.1. Business Overview
      • 6.2. Company Snapshot
      • 6.3. Company Market Share Analysis
      • 6.4. Company Technology Portfolio
      • 6.5. Recent Developments
      • 6.6. SWOT Analysis
    • Zibro Torch Energy
      • 7.1. Business Overview
      • 7.2. Company Snapshot
      • 7.3. Company Market Share Analysis
      • 7.4. Company Technology Portfolio
      • 7.5. Recent Developments
      • 7.6. SWOT Analysis
    • Systems Sunlight SA
      • 8.1. Business Overview
      • 8.2. Company Snapshot
      • 8.3. Company Market Share Analysis
      • 8.4. Company Technology Portfolio
      • 8.5. Recent Developments
      • 8.6. SWOT Analysis
    • GS Yuasa
      • 9.1. Business Overview
      • 9.2. Company Snapshot
      • 9.3. Company Market Share Analysis
      • 9.4. Company Technology Portfolio
      • 9.5. Recent Developments
      • 9.6. SWOT Analysis
    • Exide Technologies
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • EnerSys
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • Exide Industries
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis

List of Table

1. Global Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
2. Global Nickel-Cadmium Batteries, Marine Battery Market, By Region, 2023–2030 (USD Million)
3. Global Lead-acid Batteries, Marine Battery Market, By Region, 2023–2030 (USD Million)
4. Global Lithium-Ion Batteries, Marine Battery Market, By Region, 2023–2030 (USD Million)
5. Global Marine Battery Market, By Application, 2023–2030 (USD Million)
6. Global Work Boats & Ferries, Marine Battery Market, By Region, 2023–2030 (USD Million)
7. Global Cargo & Offshore Vessels, Marine Battery Market, By Region, 2023–2030 (USD Million)
8. Global Others, Marine Battery Market, By Region, 2023–2030 (USD Million)
9. Global Marine Battery Market, By Region, 2023–2030 (USD Million)
10. North America Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
11. North America Marine Battery Market, By Application, 2023–2030 (USD Million)
12. USA Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
13. USA Marine Battery Market, By Application, 2023–2030 (USD Million)
14. Canada Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
15. Canada Marine Battery Market, By Application, 2023–2030 (USD Million)
16. Mexico Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
17. Mexico Marine Battery Market, By Application, 2023–2030 (USD Million)
18. Europe Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
19. Europe Marine Battery Market, By Application, 2023–2030 (USD Million)
20. Germany Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
21. Germany Marine Battery Market, By Application, 2023–2030 (USD Million)
22. France Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
23. France Marine Battery Market, By Application, 2023–2030 (USD Million)
24. UK Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
25. UK Marine Battery Market, By Application, 2023–2030 (USD Million)
26. Italy Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
27. Italy Marine Battery Market, By Application, 2023–2030 (USD Million)
28. Spain Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
29. Spain Marine Battery Market, By Application, 2023–2030 (USD Million)
30. Asia Pacific Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
31. Asia Pacific Marine Battery Market, By Application, 2023–2030 (USD Million)
32. Japan Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
33. Japan Marine Battery Market, By Application, 2023–2030 (USD Million)
34. China Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
35. China Marine Battery Market, By Application, 2023–2030 (USD Million)
36. India Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
37. India Marine Battery Market, By Application, 2023–2030 (USD Million)
38. South America Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
39. South America Marine Battery Market, By Application, 2023–2030 (USD Million)
40. Brazil Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
41. Brazil Marine Battery Market, By Application, 2023–2030 (USD Million)
42. Middle East and Africa Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
43. Middle East and Africa Marine Battery Market, By Application, 2023–2030 (USD Million)
44. UAE Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
45. UAE Marine Battery Market, By Application, 2023–2030 (USD Million)
46. South Africa Marine Battery Market, By Battery Type, 2023–2030 (USD Million)
47. South Africa Marine Battery Market, By Application, 2023–2030 (USD Million)

List of Figures 

1. Global Marine Battery Market Segmentation
2. Marine Battery Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Marine Battery Market Attractiveness Analysis By Battery Type
9. Global Marine Battery Market Attractiveness Analysis By Application
10. Global Marine Battery Market Attractiveness Analysis By Region
11. Global Marine Battery Market: Dynamics
12. Global Marine Battery Market Share By Battery Type (2023 & 2030)
13. Global Marine Battery Market Share By Application (2023 & 2030)
14. Global Marine Battery Market Share by Regions (2023 & 2030)
15. Global Marine Battery Market Share by Company (2021)