Marine Battery Market by Application and Geography - Forecast and Analysis 2022-2026

The marine battery market share is expected to increase to USD 604.14 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 18.19%.

This marine battery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers marine battery market segmentation by application (commercial and defense) and geography (Europe, North America, APAC, Middle East and Africa, and South America). The marine battery market report also offers information on several market vendors, including BorgWarner Inc., Corvus Energy, Echandia Marine AB, EnerSys, EST Floattech BV, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Forsee Power, Freudenberg FST GmbH, HBL Power Systems Ltd., Kokam Co. Ltd., Leclanche SA, Lifeline Batteries Inc., Saft Groupe SAS, Siemens AG, Spear Power Systems, Sterling PlanB Energy Systems, The Furukawa Battery Co. Ltd., Toshiba Corp., and U.S. Battery Manufacturing Co. among others.

What will the Marine Battery Market Size be During the Forecast Period?

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Marine Battery Market: Key Drivers, Trends, and Challenges

The rising demand for lithium batteries is notably driving the marine battery market growth, although factors such as the limitation of capacity and range of fully electric ships may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine battery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Marine Battery Market Driver

One of the key factors driving the global marine battery market growth is the rising demand for lithium batteries as they are perfect for deployment in vessels to increase their functionality and energy efficiency because of their lightweight and small size. Additionally, a rise in the use of lithium batteries in commercial vessels is fueling the market expansion due to the rising cost-efficiency of these batteries driven by improvements in manufacturing techniques. They are increasingly being used because of their minimal maintenance requirements and quick response times, which are further driving the global marine battery market expansion. Moreover, the demand for passenger ships with little vibration, noise, and pollution to improve the customer experience will drive the demand for entirely electronic propulsions, which will fuel the growth of the market during the forecast period.

Key Marine Battery Market Trend

Growing demand for fully electric ships is one of the key marine battery market trends that is expected to impact the industry positively in the forecast period. This is attributed to the rising establishment of strict restrictions by various international organizations to reduce increasing pollution levels. To manage the rising levels of sulfur dioxide, IMO launched IMO 2020, which restricts emission control from fuels to 0.50% mass by mass. The demand for marine batteries is rising due to the increased use of fully electric ships for short voyages, which is boosting market expansion. The utilization of hybrid vessels is growing along with the cost-effectiveness of marine batteries. Additionally, the simplicity of installation offered by innovative marine batteries is accelerating their adoption, which is driving the market growth. Such factors will boost market growth in the coming years.

Key Marine Battery Market Challenge

One of the key challenges to the global marine battery market growth is the limitation of capacity and range of fully electric ships. On average, these ships can sail 80 kilometers on a single charge. The Ellen ferry, which runs in Denmark, is the largest entirely electric passenger ship and has a roundtrip distance of 22 nautical miles. By incorporating diesel engines that can charge batteries and power the ship when more electricity is needed or when batteries are low, hybrid ships can partially relieve this constraint. The concept of a zero-emission shipping and transport industry is still a challenge. The first entirely electric cargo ship in China has a range of 80 kilometers and a capacity of 2,200 tones. Approximately, 200,000 container loads of cargo can be transported aboard a large container ship. It is estimated that the engine itself weighs 2,300 tones. The amount of cargo that an electric ship can pull is significantly greater than the engine capacity of a diesel ship, which will hinder the growth of the market during the forecast period.

This marine battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global marine battery market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the marine battery market during the forecast period.

Who are the Major Marine Battery Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• BorgWarner Inc.
• Corvus Energy
• Echandia Marine AB
• EnerSys
• EST Floattech BV
• EverExceed Industrial Co. Ltd.
• Exide Industries Ltd.
• Forsee Power
• Freudenberg FST GmbH
• HBL Power Systems Ltd.
• Kokam Co. Ltd.
• Leclanche SA
• Lifeline Batteries Inc.
• Saft Groupe SAS
• Siemens AG
• Spear Power Systems
• Sterling PlanB Energy Systems
• The Furukawa Battery Co. Ltd.
• Toshiba Corp.
• U.S. Battery Manufacturing Co.

 

This statistical study of the marine battery market encompasses successful business strategies deployed by the key vendors. The marine battery market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.

Product Insights and News

• BorgWarner Inc. - The company offers marine batteries under the subsidiary Akasol AG.
• Corvus Energy - Under the unified segment, the company offers zero-emission solutions for all segments in the maritime industry.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The marine battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Marine Battery Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the marine battery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Marine Battery Market?

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52% of the market's growth will originate from Europe during the forecast period. Norway and Germany are the key markets for marine batteries in Europe. Market growth in this region will be faster than the growth of the market in other regions.

The significant advancements in fuel cell-powered autonomous electric vessels and remotely operated electric boats will facilitate the marine battery market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic had an adverse impact on the region in 2020. However, with progressing vaccination drives in the first half of 2021, there has been a rise in tourism and recreational sporting activities in the region. The demand for marine batteries from the commercial segment also increased as operations resumed. Such factors are expected to further foster the growth of the regional marine battery market during the forecast period.

What are the Revenue-generating Application Segments in the Marine Battery Market?

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The marine battery market share growth in the commercial segment will be significant during the forecast period. Lithium batteries are getting more affordable due to improvements in manufacturing techniques, which are leading to an increase in their use in commercial vessels. The increase in maritime tourism, modifications in government policies to enhance the seaborne economy, and the replacement of the existing fleet's propulsion system with electric propulsion drive the segment growth. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the marine battery market size and actionable market insights on post COVID-19 impact on each segment.

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Marine Battery Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 18.19%
Market growth 2022-2026	$ 604.14 million
Market structure	Fragmented
YoY growth (%)	12.78
Regional analysis	Europe, North America, APAC, Middle East and Africa, and South America
Performing market contribution	Europe at 52%
Key consumer countries	US, China, Japan, Norway, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	BorgWarner Inc., Corvus Energy, Echandia Marine AB, EnerSys, EST Floattech BV, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Forsee Power, Freudenberg FST GmbH, HBL Power Systems Ltd., Kokam Co. Ltd., Leclanche SA, Lifeline Batteries Inc., Saft Groupe SAS, Siemens AG, Spear Power Systems, Sterling PlanB Energy Systems, The Furukawa Battery Co. Ltd., Toshiba Corp., and U.S. Battery Manufacturing Co.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Marine Battery Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive marine battery market growth during the next five years
• Precise estimation of the marine battery market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the marine battery industry across Europe, North America, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of marine battery market vendors

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