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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:
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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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