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Global Marine Battery Market to Reach USD 969.59 Million by 2026, Aided by Growing Use of Fully Electric and Hybrid Ships

According to a new report by EMR titled, ‘Global Marine Battery Market Report and Forecast 2021-2026’, the global market for marine battery attained a value of about USD 392.45 million in 2020. The industry is further expected to grow at a CAGR of 16.27% in the forecast period of 2021-2026 to reach a value of approximately USD 969.59 million by 2026.

Europe holds a significant share of the marine battery industry owing to the growing use of fully electric and hybrid ships. The growing awareness regarding greenhouse emissions for cargo ships is increasing the deployment of marine batteries, which is fuelling the industry growth. As marine batteries, such as lithium and fuel cell are durable, they are increasingly deployed in vessels, which is augmenting the market growth. The introduction of various stringent regulations implemented by the European Union (EU) and various governments is further surging the use of marine batteries owing to their environmental friendliness, which is providing impetus to the industry growth. In addition, the rapid electrification of vessels to increase energy efficiency is propelling the market growth, hence significantly contributing to the market growth of marine battery.

Toshiba Corporation (TYO: 6502), one of the leading companies in the market, announced in March 2020 that its SCiB lithium-ion battery modules and components won approval for use in marine vessels from Nippon Kaiji Kyokai. The company is an international ship classification society to promote the protection of the marine environment. SCiB is charged by utilising renewable energy sources to allow the system to power on-board equipment, which makes the battery contribute to the protection of the global environment as well as the marine. The certification makes the battery exempt from tests required for storage battery system components. Moreover, the battery has also been selected for an electric propulsion system for coastal trading vessels, ships, as well as wide ranges of vessels. Such developments are increasing the deployment of marine batteries, which is positively impacting the growth of the market.

Market Analysis by Application, Battery Design, Battery Function, Battery Type, Nominal Capacity, Propulsion Type, Sales Channel, Ship Power, Ship Range, and Region:

  • The market, on the basis of application, can be divided into commercial and defence.
  • Based on battery design, the industry can be divided into solid-state batteries and flow batteries.
  • The major battery functions of marine battery include starting batteries, deep-cycle batteries, and dual-purpose batteries.
  • By battery types, the market is segmented into lithium, lead-acid battery, and fuel cell.
  • On the basis of nominal capacity, the market is divided into <100AH, 100-250AH, and >250AH.
  • The market, on the basis of propulsion type, can be broadly categorised into fully electric, hybrid, conventional, and ship autonomy.
  • The major sales channel of marine battery are OEM and aftermarket.
  • Based on ship power, the market is classified into <75 KW, 75-150 KW, 150-745 KW, 740-7560 KW, and >7560 KW.
  • On the basis of ship range, the market is segregated into <50 Km, 50-100 Km, 100-1000 Km, and >1000 Km.
  • The regional markets for marine battery include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising demand for lithium batteries owing to their compact size, lightweight, and energy-efficiency is augmenting the market growth of marine battery.
  • The market is being driven by the growing demand for passenger vessels with low vibration, noise, and emission, which is leading to a surge in the deployment of fully electronic propulsions.
  • The growing demand for alternatives to conventional fuels is increasing the deployment of marine batteries, which is invigorating the market growth.
  • The rising use of fully electric ships for short distances owing to their cost-effectiveness and fuel-efficiency is augmenting the growth of the marine battery industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for marine battery for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the applications, battery designs, battery functions, battery types, nominal capacities, propulsion types, sales channels, ship powers, ship ranges, and major regions of marine battery.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global marine battery market are Siemens AG, Corvus Energy, Leclanché Sa, Toshiba Corporation, and Powertech Systems, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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