Global Marine Battery Market Report 2023: Rising Demand for Electric and Hybrid Passenger Vessels Bolsters Growth

DUBLIN, May 15, 2023 /PRNewswire/ -- The "Global Marine Battery Market by Ship Type (Commercial, Defense, Unmanned), Sales Channel (OEM, Aftermarket), Battery Function, Nominal Capacity, Propulsion Type, Ship Power, Battery Design, Battery Type, Energy Density and Region - Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

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.

The increase in global commercial operations and the surge in alternative propulsion systems in marine vessels are the primary factors driving the growth of the Marine Battery market. Furthermore, the demand for advanced battery systems onboard marine vessel is boosting the adoption of Marine Battery, which reduces harmful emissions and decreases end-user operating and maintenance costs.

Dual Purpose Battery segment is expected to account for the largest share in 2022

Based on Battery Function, the dual-purpose battery segment is projected to lead the Marine Battery market during the forecast period. Dual purpose batteries are suitable for applications requiring strong cranking power and low amp cycle service to meet the extended auxiliary power needs of electrical accessories. These batteries can tolerate deep discharge rates that cannot be handled by starting batteries. Although they have a lower storage capacity, small-sized vessels prefer dual-purpose batteries for operations. A rise in the number of small-sized vessels across the globe will lead to the demand for dual-purpose batteries during the forecast period.

The Lithium battery segment is projected to dominate the market share in the By BatteryType segment during the forecast period

Based on Battery Type, the lithium battery segment is projected to dominate the market share during the forecast period. The market is further segmented into lead-acid, nickel cadmium, sodium-ion and fuel-cells. The growth of lithium batteries is influenced by the rapidly increasing adoption of light-weight and high-energy density lithium batteries and energy storage systems that offer low operational cost per kWh and can be fitted as per any configuration, unlike sealed lead-acid batteries. With increasing modernization of fleets with hybrid and fully electric propulsion systems the lithium battery segment is set to witness a significant growth during the forecasted period.

The Liquid/Gel based battery is projected to dominate market share in the battery design segment during the forecast period

Based on Battery Design, the liquid/gel based battery segment is projected to dominate the market share in 2030, growing at a CAGR of 14.1% from 2022 to 2030. Enhanced safety features of liquid/gel based battery systems such as anti-corrosion, prevention of gas leakages and evaporation are some of the factors that will increase the adoption rates of liquid/gel-based batteries during the forecasted period.

The OEM segment is projected to lead Marine Battery market during the forecast period

Based on Sales Channel, the OEM segment is projected to lead the Marine Battery market during the forecast period. The OEM section of the market is driven by the continuous fleet expansion projects of numerous end users, including commercial passenger vessels, as well as cargoes, oil tankers and military operators. Several ship manufacturers and merchant vessel owners are expanding their fleets by investing in fully-electric propulsion systems.

Europe is expected to account for the largest market 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 presence of major players, OEMs, and component manufacturers are some of the factors projected to drive the European marine battery market. Additionally, the growing need for sustainable marine vessels, through hybrid and fully electric propulsion systems for civil and commercial purposes, for increased distances of freight travel and trade operations, are factors affecting market expansion in the region.

Market Dynamics

Drivers

• Implementation of Sulphur 2020 Rule
• Rising Demand for Electric and Hybrid Passenger Vessels
• Increased Global Seaborne Trade
• Growing Maritime Tourism Industry
• Development of Lithium Batteries

Restraints

• Long Downtime During Retrofitting
• Limited Range and Capacity of Fully Electric Ships

Opportunities

• Potential for Marine Battery Manufacturers
• Potential for Battery Charging
• Hybrid Propulsion Technology for Large Ships

Challenges

• Inadequate Charging Infrastructure
• High Initial Capital Expenditure

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Marine Battery Market, by Ship Type
7.1 Introduction
7.2 Commercial
7.2.1 Passenger Vessels
7.2.1.1 Yachts
7.2.1.1.1 Use Solar Power to Charge Batteries
7.2.1.2 Ferries
7.2.1.2.1 High Adoption of Electric Ferries in North America and Europe
7.2.1.3 Cruise Ships
7.2.1.3.1 Increased Adoption of Hybrid-Electric Propulsion Technology
7.2.2 Cargo Vessels
7.2.2.1 Container Vessels
7.2.2.1.1 First to Adopt Fully Electric Setup
7.2.2.2 Bulk Carriers
7.2.2.2.1 Fitted with Hybrid-Electric Propulsion Systems due to Constraints Faced by Pure Battery Systems
7.2.2.3 Tankers
7.2.2.3.1 Improved Energy and Battery Systems
7.2.2.4 Gas Tankers
7.2.2.4.1 Transitioning to Sustainable Mode of Propulsion
7.2.2.5 Dry Cargo Ships
7.2.2.5.1 Increased Demand to Handle Cargo Volume
7.2.2.6 Barges
7.2.2.6.1 Development of Battery-Driven Barges for Emission-Free Sailing
7.2.3 Others
7.2.3.1 Fishing Vessels
7.2.3.1.1 Fuel Consumption of Fully Electric Fishing Vessels Reduced by 80%
7.2.3.2 Tugs and Workboats
7.2.3.2.1 Electrification to Significantly Reduce Emissions at Ports
7.2.3.3 Research Vessels
7.2.3.3.1 Market for Retrofitting Research Vessels Larger Than Newbuilds
7.2.3.4 Dredgers
7.2.3.4.1 Increasing Adoption of Electric Systems to Reduce Emissions
7.3 Defense
7.3.1 Destroyers
7.3.1.1 Integration of Electric Propulsive Destroyers by Navies
7.3.2 Frigates
7.3.2.1 Plans by Naval Forces to Install Hybrid Propulsion Systems for Frigates
7.3.3 Corvettes
7.3.3.1 High Reliance of Defense Forces on All-Electric Propulsion Corvettes
7.3.4 Amphibious Ships
7.3.4.1 Naval Forces to Use Amphibious Ships with Hybrid Propulsion
7.3.5 Offshore Support Vessels (Osvs)
7.3.5.1 Available in Hybrid and Electric Propulsion Setup
7.3.6 Minesweepers
7.3.6.1 Designed to Remove or Detonate Naval Mines
7.3.7 Missile-Carrying Boats and Supply Boats
7.3.7.1 Wider Adoption in Developing Countries
7.3.8 Submarines
7.3.8.1 Development of Electric Propulsion Systems
7.4 Unmanned
7.4.1 Remotely Operated Vehicles (Rovs)
7.4.1.1 Utilized for Offshore Exploration and Security Checks
7.4.2 Autonomous Underwater Vehicles (Auvs)
7.4.2.1 Provide More Accurate Data due to Better Payload Capacity

8 Marine Battery Market, by Battery Function
8.1 Introduction
8.2 Starting Batteries
8.2.1 Provide Quick and Powerful Energy
8.3 Deep-Cycle Batteries
8.3.1 Support Longer Voyages for Large Ships
8.4 Dual Purpose Batteries
8.4.1 Preferred by Small-Sized Vessels

9 Marine Battery Market, by Nominal Capacity
9.1 Introduction
9.2 <_00 />9.2.1 Used in Inland Ferries
9.3 100-250 Ah
9.3.1 Operates Dry Cargo Vessels and Barges
9.4 >250 Ah
9.4.1 Higher Demand due to Rise in Seafaring Vessels Globally

10 Marine Battery Market, by Propulsion Type
10.1 Introduction
10.2 Fully Electric
10.2.1 High Energy Storage in Batteries and Optimized Power Control
10.3 Hybrid
10.3.1 Reduces Nox and Sox Emissions
10.4 Conventional
10.4.1 Retrofitting Hybrid-Electric Propulsion to Reduce Greenhouse Emissions

11 Marine Battery Market, by Ship Power
11.1 Introduction
11.2 <_5 />11.2.1 Equipped in Yachts
11.3 75-150 Kw
11.3.1 More Demand for Fully Electric Ferries
11.4 150-745 Kw
11.4.1 Large Retrofit Potential for Cargo Vessels in 150-745 Kw Range
11.5 740-7,560 Kw
11.5.1 Help Reduce Fuel Consumption
11.6 >7,560 Kw
11.6.1 Expected to Have Smallest Market

12 Marine Battery Market, by Battery Design
12.1 Introduction
12.2 Solid State
12.2.1 Higher Energy Density and Safety Against Fire Hazards
12.3 Liquid/Gel-Based
12.3.1 Enables Safer Battery Servicing

13 Marine Battery Market, by Battery Type
13.1 Introduction
13.2 Lithium
13.2.1 Long Life Cycle and High Power Storage
13.3 Lead-Acid
13.3.1 Durable, Easily Recyclable, Cost-Effective, and Simple to Charge
13.3.2 Flooded
13.3.3 Gel
13.3.4 Agm
13.4 Nickel Cadmium
13.4.1 Used in Emergency Lighting, Backup Systems, Secondary Power, and Other Similar Applications
13.5 Sodium-Ion
13.5.1 High Energy Density and Low Charging Time
13.6 Fuel Cells
13.6.1 Alternative Technology to Lithium-Ion and Lead-Acid Batteries
13.6.2 Hydrogen-Based
13.6.3 Ammonia-Based
13.6.4 Oxide-Based
13.6.5 Carbon-Based

14 Marine Battery Market, by Sales Channel
14.1 Introduction
14.2 Oem
14.2.1 Hybrid Technology Used for Sustainable Expedition
14.3 Aftermarket
14.3.1 Retrofitting with Batteries to Reduce Dependency on Conventional Propulsion

15 Marine Battery Market, by Energy Density
15.1 Introduction
15.2 <_00 />15.2.1 Used for Secondary and Emergency Power Applications
15.3 100-500 Wh/Kg
15.3.1 Used for Primary Power Storage and Propulsion
15.4 >500 Wh/Kg
15.4.1 Used for Applications Like Propulsion

16 Regional Analysis

17 Competitive Landscape

18 Company Profiles

19 Appendix

Companies Mentioned

• Corvus Energy
• East Penn Manufacturing
• Echandia Marine Ab
• Ecobat Battery Technologies
• Enersys
• Est-Floattech
• Everexceed Industrial Co., Ltd.
• Exide Technologies
• Forsee Power
• Furukawa Battery Co., Ltd.
• Kokam Co., Ltd.
• Korea Special Battery Co., Ltd.
• Leclanche Sa
• Lifeline Batteries
• Lithium Werks
• Optima Batteries
• Powertech Systems
• Saft
• Sensata Technologies, Inc.
• Shift Clean Energy
• Siemens
• Sonnenschein
• Toshiba Corporation
• Us Battery Mfg. Co.
• Xalt Energy

For more information about this report visit https://www.researchandmarkets.com/r/1hj34j

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