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

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15 May, 2023, 22:00 ET

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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

Restraints

Opportunities

Challenges

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 Type7.1 Introduction7.2 Commercial7.2.1 Passenger Vessels7.2.1.1 Yachts7.2.1.1.1 Use Solar Power to Charge Batteries7.2.1.2 Ferries7.2.1.2.1 High Adoption of Electric Ferries in North America and Europe7.2.1.3 Cruise Ships7.2.1.3.1 Increased Adoption of Hybrid-Electric Propulsion Technology7.2.2 Cargo Vessels7.2.2.1 Container Vessels7.2.2.1.1 First to Adopt Fully Electric Setup7.2.2.2 Bulk Carriers7.2.2.2.1 Fitted with Hybrid-Electric Propulsion Systems due to Constraints Faced by Pure Battery Systems7.2.2.3 Tankers7.2.2.3.1 Improved Energy and Battery Systems7.2.2.4 Gas Tankers7.2.2.4.1 Transitioning to Sustainable Mode of Propulsion7.2.2.5 Dry Cargo Ships7.2.2.5.1 Increased Demand to Handle Cargo Volume7.2.2.6 Barges7.2.2.6.1 Development of Battery-Driven Barges for Emission-Free Sailing7.2.3 Others7.2.3.1 Fishing Vessels7.2.3.1.1 Fuel Consumption of Fully Electric Fishing Vessels Reduced by 80%7.2.3.2 Tugs and Workboats7.2.3.2.1 Electrification to Significantly Reduce Emissions at Ports7.2.3.3 Research Vessels7.2.3.3.1 Market for Retrofitting Research Vessels Larger Than Newbuilds7.2.3.4 Dredgers7.2.3.4.1 Increasing Adoption of Electric Systems to Reduce Emissions7.3 Defense7.3.1 Destroyers7.3.1.1 Integration of Electric Propulsive Destroyers by Navies7.3.2 Frigates7.3.2.1 Plans by Naval Forces to Install Hybrid Propulsion Systems for Frigates7.3.3 Corvettes7.3.3.1 High Reliance of Defense Forces on All-Electric Propulsion Corvettes7.3.4 Amphibious Ships7.3.4.1 Naval Forces to Use Amphibious Ships with Hybrid Propulsion7.3.5 Offshore Support Vessels (Osvs)7.3.5.1 Available in Hybrid and Electric Propulsion Setup7.3.6 Minesweepers7.3.6.1 Designed to Remove or Detonate Naval Mines7.3.7 Missile-Carrying Boats and Supply Boats7.3.7.1 Wider Adoption in Developing Countries7.3.8 Submarines7.3.8.1 Development of Electric Propulsion Systems7.4 Unmanned7.4.1 Remotely Operated Vehicles (Rovs)7.4.1.1 Utilized for Offshore Exploration and Security Checks7.4.2 Autonomous Underwater Vehicles (Auvs)7.4.2.1 Provide More Accurate Data due to Better Payload Capacity

8 Marine Battery Market, by Battery Function8.1 Introduction8.2 Starting Batteries8.2.1 Provide Quick and Powerful Energy8.3 Deep-Cycle Batteries8.3.1 Support Longer Voyages for Large Ships8.4 Dual Purpose Batteries8.4.1 Preferred by Small-Sized Vessels

9 Marine Battery Market, by Nominal Capacity9.1 Introduction9.2 <_00 />9.2.1 Used in Inland Ferries9.3 100-250 Ah9.3.1 Operates Dry Cargo Vessels and Barges9.4 >250 Ah9.4.1 Higher Demand due to Rise in Seafaring Vessels Globally

10 Marine Battery Market, by Propulsion Type10.1 Introduction10.2 Fully Electric10.2.1 High Energy Storage in Batteries and Optimized Power Control10.3 Hybrid10.3.1 Reduces Nox and Sox Emissions10.4 Conventional10.4.1 Retrofitting Hybrid-Electric Propulsion to Reduce Greenhouse Emissions

11 Marine Battery Market, by Ship Power11.1 Introduction11.2 <_5 />11.2.1 Equipped in Yachts11.3 75-150 Kw11.3.1 More Demand for Fully Electric Ferries11.4 150-745 Kw11.4.1 Large Retrofit Potential for Cargo Vessels in 150-745 Kw Range11.5 740-7,560 Kw11.5.1 Help Reduce Fuel Consumption11.6 >7,560 Kw11.6.1 Expected to Have Smallest Market

12 Marine Battery Market, by Battery Design12.1 Introduction12.2 Solid State12.2.1 Higher Energy Density and Safety Against Fire Hazards12.3 Liquid/Gel-Based12.3.1 Enables Safer Battery Servicing

13 Marine Battery Market, by Battery Type13.1 Introduction13.2 Lithium13.2.1 Long Life Cycle and High Power Storage13.3 Lead-Acid13.3.1 Durable, Easily Recyclable, Cost-Effective, and Simple to Charge13.3.2 Flooded13.3.3 Gel13.3.4 Agm13.4 Nickel Cadmium13.4.1 Used in Emergency Lighting, Backup Systems, Secondary Power, and Other Similar Applications13.5 Sodium-Ion13.5.1 High Energy Density and Low Charging Time13.6 Fuel Cells13.6.1 Alternative Technology to Lithium-Ion and Lead-Acid Batteries13.6.2 Hydrogen-Based13.6.3 Ammonia-Based13.6.4 Oxide-Based13.6.5 Carbon-Based

14 Marine Battery Market, by Sales Channel14.1 Introduction14.2 Oem14.2.1 Hybrid Technology Used for Sustainable Expedition14.3 Aftermarket14.3.1 Retrofitting with Batteries to Reduce Dependency on Conventional Propulsion

15 Marine Battery Market, by Energy Density15.1 Introduction15.2 <_00 />15.2.1 Used for Secondary and Emergency Power Applications15.3 100-500 Wh/Kg15.3.1 Used for Primary Power Storage and Propulsion15.4 >500 Wh/Kg15.4.1 Used for Applications Like Propulsion

16 Regional Analysis

17 Competitive Landscape

18 Company Profiles

19 Appendix

Companies Mentioned

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

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