Market Outlook:

The marine battery market size is poised to reach USD 832.23 Million by 2024, with a projected escalation to USD 1,512.21 Million by 2032, reflecting a compound annual growth rate (CAGR) of 9.3% during the forecast period (2024-2032). 

Due to the maritime industry moving towards more sustainable and energy efficient solutions that play a basic role in hybrid, fully electric, and fuel cell propulsion systems by enabling vessels to operate on zero or negligible emissions, the marine battery market industry is growing rapidly. Demand for hybrid and electric ships is the main driver of the market growth in Europe and North America. Advances in marine battery technology have boosted the rate of adoption for alternative propulsion and power sources. More and more commercial passenger ships, leisure boats, ferries, and submarines are using this kind of battery tech for fully electric and hybrid engines, which has made them run way better. Since lithium sources are running low and there's all this political drama over them, companies are feeling the heat to find other power sources, like sodium-ion batteries, which work kind of like lithium-ion marine batteries.

Market Dynamics:

Driver:

Diesel and gasoline are expensive for ship operators to use, whether commercial or recreational. Marine batteries are an affordable alternative to fuel. Sweden's X Shore has developed fully electric boats for the recreational boating industry. The vessel offers an eco-friendly and economically attractive alternative to fuel-based boats, with a long operational range and reduced overall cost of ownership for consumers. The trend toward operational efficiency in the maritime industry for the marine vessels is expected to continue propelling an upward trend for battery-powered vessels as fuel prices are increasing and environmental regulations are becoming more stringent. There is a great demand for maritime tourism, and we really have to up the marine infrastructure and connectivity. That is, in my view, one of the key reasons why the marine industries are gaining momentum; they will raise a lot of money for developing and developed countries, especially in terms of marine and coastal tourism. Super important: having better infrastructure and connectivity boosts maritime and coastal tourism. Governments around the world are tweaking their seaborne economy policies to boost eco-friendly marine tourism and improve connections between different ports. These things are expected to drive market growth from 2024 to 2032.

Restraint:

The huge expenses are for the high- performance batteries. The high density cell, complex battery management systems, and the input from renewable energy sources have resulted in these batteries becoming relatively costly to make. Higher capital investments are one of the reasons that smaller vessel operators and recreational boat owners cannot support them. The installation cost of the marine batteries is increased by charging stations. Installation costs are increased by the integration of sophisticated propulsion systems. Incentives, subsidies, and technological developments are being used to lower the costs over time. The capital investment in marine batteries is one of the things that can slow down its successful adoption, particularly in regions that are more sensitive to price shifts. The time consuming and expensive task of retrofitting a ship is a large amount of capital expenditure.

Opportunity:

Opportunities for the marine battery market include the electrification of short-range vessels motivated by concerns for the environment and regulatory requirements, as well as advancement in the battery technology. Ferries, passenger boats, and coastal service vessels can be good candidates for a battery or hybrid propulsion system since they operate in reasonably predictable space and distances covered are limited. Vessel electrification at short distances has many advantages. Battery vessels have no direct emissions and, therefore, provide significant air quality and noise abatement benefits in sensitive environments. Vessels operating in ports or urban waterways are increasingly considering zero emission when stringent regulations apply, as in European ports. Huge is the potential in the market for short-range vessel electrification since almost every country and region provides a level of subsidy, tax breaks, and funding that promotes research to actually encourage the deployment of green technologies. Much better technology for better battery- enhanced energy density, faster charging cycle longer lifetime-is really making this increasingly viable and economical. You know, for marine battery makers to get a bigger slice of market share and hit those future emissions-reduction goals in the shipping world, electrifying short-range boats definitely helps to buttress with people who are wanting more eco-friendly, low-emitting ways to get around.

Key Players:

• Akasol AG (Germany)
• EnerSys (U.S.)
• Exide Industries Ltd. (India)
• Furukawa Battery Solutions Co. Ltd. (Japan)
• G.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)

Recent Development:

• In September 2021, Wartsila won a contract with Zero Emissions Services BV (ZES) to provide Wartsila's mobile battery container thing for the inland waterway boats operating in the Netherlands.

• In May 2021: Maersk Supply Service has chosen Wartsila to retrofit its fleet of vessels with the Wartsila HY Module, a containerised hybrid battery solution and battery energy storage system.

Segment Insights:

By Design

During the forecast period, the largest share in the market has been attributed to the flow battery segment with increased utility of electric propulsion for numerous applications, an increasing commercial vessel fleet, and worldwide increases in maritime tourism. Despite being an expensive affair at its beginning stage, the utility of commercial marine vessel fleet operators to operate with electric propulsion is their utmost need. Thus, solid-state battery, despite it having high market growth, holds a significant portion. Due to a huge demand for its marine applications, longer range, and much lesser risk than flow batteries, it is the fastest-growing segment of the forecast period. They have primarily become revenue-generating factors for market players.

By Application

The commercial segment will be growing the fastest in the forecast period after the above years. The market due to this major reason is coming from the surge in maritime tourism, governmental policies tweaking sometimes to promote the seaborne economy, modern updates in propulsion systems for the prevailing fleets with electric propulsion because of IMO 2020's ECAS, and higher demand in developing commercial segments like deep-sea mining, energy infrastructures, oil, and gas sectors. Also, the usage of battery technology in the corporate world has been pretty high and seems to be going high into the future. With an increase in programs of defense shipping building in various regions, a surge in the utility of marine batteries used in naval vessels by naval shipyards of government as well as commercial, growth in defense budgets in China, India, the U.S., and the UAE during COVID-19, the defence segment is expected to register significant growth. The growth in the utility of marine-type batteries in submarines by defense organizations and forces is expected to grow the market share of this segment in the forecast period.

Regional Insights:

Europe is the largest and fastest-growing market share in the world, which reached USD 0.42 billion in 2023 and remained there during the forecast period. This is primarily because there are loads of commercial marine vessel operators and market players, plus a huge supply chain network over there. Companies like Wartsila, Akasol AG, Echandia AB, Siemens, Leclanche SA, among others would be the major players in the market for advanced electric propulsion in the next-generation vessel. Penetration of maritime tourism with the option of electric propulsion in the most diversified forms is significantly influencing growth in the market. On the other hand, exceptional growth is going to happen in the North American region during the forecast period. More and more government organizations, such as NOAA, are now getting into electric propulsion. We're seeing a lot of battery-powered boats pop up for commercial and defense use. Huge demand for these batteries in North America for leisure boats and recreational stuff is going to drive the market growth. The Asia Pacific market is looking at some moderate growth thanks to marine battery manufacturers like Toshiba Corporation, Exide Industries Ltd., Korea Special Battery, Furukawa Battery Solutions, and a few others. These companies are really driving the market growth in the Asia Pacific. The rest of the world, like Latin America and the Middle East & Africa, is going to see some decent growth as more commercial marine vessels come into play during the forecast period.

Segmentation:

By Battery

• Lithium-ion
• Fuel Cell
• Lead-Acid Battery
• Nickel-Cadmium
• Sodium-based

By Capacity

• Less than 100Ah
• 100-250Ah
• Greater than 250 Ah

By Design

• Solid-state Battery
• Flow Battery

By Application

• Defense
• Commercial

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America   

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Marine Battery market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Marine Battery market.

3. Leading company profiles reveal details of key Marine Battery market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Marine Battery market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Marine Battery Market?

• The Growing Focus on Sustainable Maritime Operations are the major factors driving the growth of the Global Marine Battery Market

2) What would be the CAGR of the Global Marine Battery Market over the forecast period?

• The Global Marine Battery Market is poised to grow at a CAGR of 9.3% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Marine Battery Market in the future?

• The Europe region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Marine Battery Market?

• Akasol AG (Germany), EnerSys (U.S.), Exide Industries Ltd. (India), Furukawa Battery Solutions Co. Ltd. (Japan), G.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), Others.

5) What are the segments in the Global Marine Battery Market?

• By Battery, By Capacity, By Design, By Application are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Marine Battery Market in 2032?

The estimated revenue for the Global Marine Battery Market in 2032 is USD 1,512.21 Million.