The global marine battery market size was USD 583.4 million in 2020. The market is expected to grow from USD 676.2 million in 2021 to USD 2,055.8 million by 2028, exhibiting a CAGR of 17.05% during the forecast period. The rising focus on developing low emission solutions and increasing development of alternative energy resources is expected to propel market growth. Fortune Business Insights™ presents this information in its report titled “Marine Battery Market, 2021-2028.”

Marine battery is used extensively in marine applications to power the vehicle and lower emissions. The rising focus on developing low emission solutions and rising development of alternative energy resources are expected to boost the adoption of marine batteries globally. Rising emissions globally lead to the adoption of alternative resources that lower pollution. Furthermore, the dwindling lithium-ion resources are expected to attract consumers toward marine battery solutions, thereby fostering the industry’s progress in the coming years.

List of Key Players Profiled in the Report:

• Akasol AG (Germany)
• EnerSys (U.S.)
• Exide Industries Ltd. (India)
• Furukawa Battery Solutions Co. Ltd. (Japan)
• S. Yuasa Corporation (Japan)
• HBL Power Systems Ltd. (India)
• Johnson Controls International (Ireland)
• Leclanché SA (Switzerland)
• Saft Groupe S.A. (France)
• Siemens AG (Germany)
• Systems Sunlight SA (Greece)
• Toshiba Corporation (Japan)
• Wärtsilä Oyj Abp (Finland)

Segments

The marine battery industry is segmented by battery type, including lithium-ion, fuel cell, lead acid battery, nickel cadmium, and sodium-based. Capacity-wise, it is categorized into less than 100Ah, 100-250 Ah, and greater than 250 Ah. The market is bifurcated based on design, with a focus on solid-state battery and flow battery. Applications are classified into defense and commercial. The market is further divided into regions, including North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage

This market analysis report is a historical overview and comprehensive study on the current & future market of the industry. This business document puts forward an in-depth evaluation of each crucial aspect of the worldwide market that relates to the market size, market share, market growth factor, key vendors, revenue, top regions, industry trends, product demand, sales volume, capacity, cost structure, and expansion in the market. Smoothness maintained in research method and application of best tools and techniques makes this market research report an exceptional and credible.

Browse Summary

https://www.fortunebusinessinsights.com/marine-battery-market-106582

Drivers and Restraints

Strong Demand for Alternative Energy Resources and Maritime Infrastructure to Bolster Growth

Rising demand for alternative energy resources is expected to boost the adoption of marine battery. As per the Maritime Supply Chain Optimization’s study, world trade depends extensively on maritime transport. Furthermore, rising sea trade routes for nearly 90% of goods are expected to fuel the product adoption. Moreover, the rising demand for better maritime infrastructure and tourism is expected to bolster industry development. Also, the rising demand for better connectivity in the marine sector and the adoption of the products are likely to surge the product sales. These factors may drive the marine battery market growth.

However, high costs associated with the product, limited range, and capacity are expected to restrain the marine battery market growth.

Regional Insights

Presence of Several Marine Operators to Boost Market Growth in Europe

Europe is projected to dominate the marine battery market share due to the presence of several marine operators. The market in Europe was valued at USD 195.5 million in 2020 and is expected to gain a significant market share in the upcoming years. Further, competitors' procurement of advanced electric propulsions for future marine vessels is expected to fuel industry development.

In North America, the rising utilization of electric propulsion by NOAA, defense utilities, and other governmental and commercial applications is expected to foster industry growth. Further, the rising adoption of marine batteries for leisure boats is expected to boost market development during the pandemic.

In Asia Pacific, there is presence of major manufacturers such as Furukawa Battery Solutions, Korea Special Battery, Exide Industries Ltd., and Toshiba Corporation. These factors may propel market development.

Competitive Landscape

Companies Acquire Contracts to Boost Market Position

Prominent companies operating in the market acquired contracts to boost their market position. For example, Wartsila acquired a contract with Zero Emissions Services BV (ZES) to deliver Warsila's mobile battery container solutions in September 2021. This strategy may enable the company to boost its market position. Furthermore, companies adopt mergers, acquisitions, automated production techniques, and expansions to attract consumers, boost product sales, and achieve organizational goals.

Industry Development

• November 2021: Siemens Energy AS was selected by the National Oceanographic and Atmospheric Administration (NOAA) for the completion of a contract and equipping its research vehicles with integrated battery storage solutions, control systems, power, and electric propulsions.