PORTLAND, Ore., Feb. 15, 2022 — Allied Market Research published a report, titled, “Marine Battery Market by Battery Type, Ship Type, Function, Nominal Capacity, Sales Channel, and Battery Density: Global Opportunity Analysis and Industry Forecast, 2021–2030”. According to the report, the global marine battery industry generated $0.309 billion in 2020, and is anticipated to generate $1.9 billion by 2030, witnessing a CAGR of 20.5% from 2021 to 2030.
Prime determinants of growth
Rise in demand for marine freight transportation vessels, advantage of lithium-ion battery over lead-acid batteries, and increase in water sports & leisure activities drive the growth of the global marine battery market. However, limited range and capacity of fully electric ships and maintenance & protection of batteries hinder the market growth. On the other hand, surge in automation in marine transportation and rise in adoption of hybrid & fully electric vessels present new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global marine battery market. Owing to the implementation of lockdown, the production facilities of batteries were closed and the supply chain was disrupted, which in turn, led to sudden fall in the availability of raw materials for marine batteries. However, the market is going to recover soon as marine battery manufacturers are focusing on protecting their staff, operations, and supply networks in order to establish new methods of working.
The lead acid segment to maintain its leadership status throughout the forecast period
Based on battery type, the lead acid segment held the highest market share in 2020, accounting for nearly half of the global marine battery market, and is estimated to maintain its leadership status throughout the forecast period. Metal bolts are extensively used in construction & automotive industry, owing to its increasing use in electric and hybrid ships. Moreover, the lithium segment is projected to manifest the highest CAGR of 22.5% from 2021 to 2030, as its widely used across all marine vessels owing to its cost effectiveness
The commercial segment to maintain its lead position during the forecast period
Based on ship type, the commercial segment accounted for the largest share in 2020, contributing to more than three-fourths of the global marine battery market, and is projected to maintain its lead position during the forecast period. This is due to increase in water sport activities and rise in demand for marine transportation across the globe. However, the defense segment is expected to portray the largest CAGR of 24.9% from 2021 to 2030, owing to increasing demand naval force modernization across the globe.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global marine battery market. Increase in use of automated technology in marine vessels is propelling the growth of marine battery market in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 22.1% during the forecast period, owing to increasing shipbuilding industry and increasing use of electric ships in the region.
Leading Market Players
Akasol AG EnerSys Toshiba Corporation Siemens Leclanché SA Saft Echandia AB EverExceed Industrial Co, Lifeline Batteries Inc Spear Power Systems
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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