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.” The usage of marine batteries has become increasingly prevalent in marine applications as they help power vessels and reduce emissions. The growing emphasis on creating low-emission solutions and developing alternative energy sources is anticipated to drive the global adoption of marine batteries. The escalation of emissions worldwide has led to an uptake in alternative resources that reduce pollution. Additionally, the depletion of lithium-ion resources is expected to draw consumers towards marine battery solutions, which will further drive the industry's growth in the years to come. 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) Browse Summary https://www.fortunebusinessinsights.com/marine-battery-market-106582 Segments By battery, the market is segmented into lithium-ion, fuel cell, lead acid battery, nickel cadmium, and sodium-based. As per capacity, it is classified into less than 100Ah, 100-250 Ah, and greater than 250 Ah. On the basis of design, it is bifurcated into a solid-state battery and flow battery. Based on application, it is classified into defense and commercial. Regionally, it is clubbed into North America, Europe, Asia Pacific, and the Rest of the World. Report Coverage The market report presents a comprehensive analysis of the latest trends and top segments in the industry. It offers an in-depth discussion of the factors driving and hindering market growth, as well as the impact of COVID-19 on the market. Moreover, the report evaluates the regional advancements and the tactics implemented by major players in the market. Drivers and Restraints Strong Demand for Alternative Energy Resources and Maritime Infrastructure to Bolster Growth The marine battery market is anticipated to experience growth due to an increasing demand for alternative energy resources. According to a study by Maritime Supply Chain Optimization, maritime transport plays a significant role in global trade. In addition, the growth of sea trade, which accounts for almost 90% of goods, is expected to further drive the adoption of marine batteries. Moreover, the industry's progress is expected to be supported by a growing demand for improved maritime infrastructure and tourism. Additionally, the rising need for enhanced connectivity in the marine sector and increased adoption of marine batteries are likely to contribute to an increase in product sales. These factors are expected to propel the growth of the marine battery market. 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.