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), Leclanché SA (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.Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier 1 - 35%; Tier 2 - 45%; and Tier 3 - 20%
- By Designation: C Level - 35%; Directors - 25%; and Others - 40%
- By Region: North America - 20%; Europe - 40%; Asia Pacific - 20%; Rest of the Worlds - 20%
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.Key benefits of buying this report:
This report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall marine battery market and its subsegments. The report covers the entire ecosystem of the marine battery market . It will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.The report provides insights on the following pointers:
- 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), Leclanché SA (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US) among others in the marine battery market.
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Marine Battery Market, by Function
8 Marine Battery Market, by Power
9 Marine Battery Market, by Capacity
10 Marine Battery Market, by Design
11 Marine Battery Market, by Form
12 Marine Battery Market, by Propulsion
13 Marine Battery Market, by Sales
14 Marine Battery Market, by Type
15 Marine Battery Market, by Vessel Type
16 Marine Battery Market, by Region
17 Competitive Landscape
18 Company Profiles
19 Appendix
List of Figures
Companies Mentioned
- Siemens Energy
- Leclanché SA
- 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.
- Echandia Ab
- Forsee Power
- Est-Floattech
- Lithiumwerks
- Lifeline
- Everexceed Industrial Co. Ltd.
- US Battery
- Solaredge
- Freudenberg E-Power Systems
- Sonnenschein
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 293 |
Published | December 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 882.3 Million |
Forecasted Market Value ( USD | $ 1500 Million |
Compound Annual Growth Rate | 9.3% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |