Marine Battery Market Size Predicted to Reach $ 1,563.5 Million By 2030
The global marine battery market size is expected to reach USD 1,563.5 million by 2030, according to a new study by Polaris Market Research. The report “Marine Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Lithium-Ion, Nickel Cadmium, Sodium, Fuel Cell, Flooded, Gel, Lead-acid); By Application (Commercial, Defense, Unmanned); By Design (Solid-State Batteries, Flow Batteries); By Function; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
“According to the research report published by Polaris Market Research, The global marine battery market was valued at USD 348.2 million in 2021 and is expected to grow at a CAGR of 19.9% during the forecast period.”
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The global sea cell industry is being driven by the growing maritime tourism, the adoption of the I.M.O. sulfur 2020 rule, and the increase of seaborne trade. The Indian Ministry of Commerce and Industry has formed the Marine Products Export Development Authority as a statutory entity to encourage sea products from India.
Based on the type, the lithium-ion segment accounted for the leading share in the industry in 2021. Lithium-ion sea batteries are highly effective, lighter, and last 10 times longer than lead-acid batteries. Lithium batteries are an excellent choice for maritime applications since they offer these benefits. With the continued growth of commercial vessels across the industry, the demand for powered vessels is also growing. A rechargeable batteries ship contributes towards more ecologically friendly maritime operations and greater efficiency and reliability.
Top Market Players
- East Penn Manufacturing Co.
- EverExceed Industrial Co. Ltd.
- Exide Industries Limited
- S.G.S. Yuasa
- Exide Technologies
- B.L. Power Systems Limited
- Korea Special Battery
- Saft Groupe SA
- Manbat Ltd
- Shield Batteries Limited
- Systems Sunlight S.A.
- Staab Battery Mfg. Co. Inc.
- Zibo Torch Energy
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The marine battery market has observed extensive developments in the last few decades, supported by factors such as the growing market demand for electric and hybrid passenger vessels and the launch of a marine battery. For instance, in November 2021, at the METSTRADE 2021 event, Electric Fuel introduced 48 V high-energy Li-ion marine batteries. Denmark has around 52 operational ferries, as per Siemens, a global hybrid and fully electric ship propulsion and energy storage system. Of those, 39 ferries can be more productive following battery-driven/electric propulsion transformation. Denmark has a target to be fossil-fuel-free by 2050.
Polaris Market Research has segmented the marine battery market report based on type, application, design, function, and region:
Marine Battery, Type Outlook (Revenue – USD Million, 2018 – 2030)
- Nickel Cadmium
- Fuel Cell
Marine Battery, Application Outlook (Revenue – USD Million, 2018 – 2030)
Marine Battery, Design Outlook (Revenue – USD Million, 2018 – 2030)
- Solid-State Batteries
- Flow Batteries
Marine Battery, Function Outlook (Revenue – USD Million, 2018 – 2030)
- Starting Batteries
- Deep-Cycle Batteries
- Dual-Purpose Batteries
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