Marine Battery Market Size, Share and Trends

Report Code AS 7669
Published in Dec, 2024, By MarketsandMarkets™
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Marine Battery Market by Type (Lithium, Sodium-ion, Nickel Cadmium, Lead-acid, Fuel-cell), Vessel Type (Commercial, Defense, Unmanned Maritime Vehicles) Function, Capacity, Propulsion, Power, Design, Form, Sales, Regions, Global Forecast to 2030

 

Marine Battery Market Size, Share & Trends

The marine battery market is projected to grow from USD 882.3 million in 2024 to USD 1,506.0 million by 2030, at a CAGR of 9.3 % from 2024 to 2030. The Volume of Lithium battery type is projected to grow from 5,43,635 (Units) in 2024 to 9,41,918 (Units) in 2030. Marine battery market industry is experiencing rapid expansion as the maritime industry transitions towards more sustainable and energy-efficient solutions playing a fundamental role in the hybrid, fully electric, and fuel cell propulsion systems by allowing vessels to operate on zero or negligible emissions. Moreover, developments in battery management systems (BMS) improve operational efficiency, safety, and performance. Demand for hybrid and electric ships, mainly across Europe and North America, tends to drive the market growth since both public and private sectors in the region invest in green maritime technologies. This chapter discusses the market dynamics, such as drivers, restraints, opportunities, and challenges related to the marine battery market, and how these factors are expected to influence the growth of the key market players, including Siemens Energy (Germany), Leclanché SA (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US).

Marine Battery Market

Attractive Opportunities in the Marine Battery Market

EUROPE

Market growth can be attributed to significant R&D investments in advanced Battery technology.

By vessel type, the commercial segment is projected to reach USD 989.9 million by 2030, with a CAGR of 8.7%.

Contracts, agreements, and product launches would offer lucrative opportunities for market players in the next five years.

Prismatic segment is projected to hold the highest market share due to its compact design and efficient space utilization, which are critical in the maritime sector where space is limited.

The adoption of service robotics in the aerospace & defense, automotive, and manufacturing industries is projected to drive the market.

Global Marine Battery Market Dynamics

DRIVER: Rising fuel costs and operational efficiency needs

Traditional marine fuels such as diesel and gasoline are very cost-prohibitive for ship operators, whether commercial or recreational vessels. Although fuel prices are very volatile, more affordable alternatives are developing like the marine batteries. Marine battery systems, integrated into electric and hybrid propulsion systems, seem to provide a notable advantage over dependence on expensive fuels. The ability of batteries to supply marine vessels with a form of stored energy can significantly reduce the consumption of fuel, as it is sourced from renewable sources such as wind and solar vessels as fuel prices are escalating and environmental regulations are becoming more stringent. Fully electric boats from firm X Shore in Sweden have also been developed for the recreational boating industry. This vessels provide an eco-friendly and economically attractive alternative to fuel-based boats, with a very long operational range and reduced overall cost of ownership for consumers. The trend toward operational efficiency in the maritime industryfor the marine vessels is expected to continue propelling an upward trend for battery-powered vessels as fuel prices are escalating and environmental regulations are becoming more stringent.

RESTRAINTS: High initial capital requirements

One of the key restraints in the growth of the marine battery market is the high initial capital requirements although the long-term savings and environmental benefits of operating from marine batteries are clear. High-performance lithium-ion and solid-state batteries, for instance, are enormous expenses. These batteries are consequently pretty expensive to manufacture with the high-density cell, the sophisticated systems of battery management, and the integration of renewable energy sources. The higher capital investments are a significant hurdle for smaller vessel operators, especially in the commercial sector, where profitability is usually relatively thin, and for recreational boat owners who cannot support investments. Also the need for charging stations, and the integration of sophisticated propulsion systems adds to the overall cost of installation of the marine batteries. Governments and industry players are working towards defeating these restraints through incentives, subsidies, and technological advancements to reduce costs over time. However, the significant capital expenditure on marine batteries remains to be a point that can delay its successful adoption, especially in regions or sectors more sensitive to price shifts. Also the capital expenditure to retrofit ship is a sizeable amount as it is a time consuming and expensive task.

 

OPPORTUNITY: Electrification of short-range vessels

The electrification of short-range vessels represents one of the opportunity for the marine battery market, promoted by environmental and regulatory concerns and by continuous improvement in battery technology. Vessels that operate within a relatively predictable space and cover limited distances, such as ferries, passenger boats, and coastal service vessels, are excellent candidates for using battery or hybrid propulsion systems. Marine vessels which are operating in places with strict emission regulations, such as European ports or urban waterways, where zero-emission operations are increasingly taken into consideration. Electrifying short-distance vessels provides several benefits. Battery-powered vessels produce no direct emissions and therefore entail significant improvements in air quality and noise abatement in sensitive environments. The market potential for electrifying short-range vessels is huge; a number of countries and regions are offering subsidies, tax breaks, and research funding that encourage the adoption of green technologies. Moreover, advances in battery technology, including enhanced energy density, faster charging cycles, and more prolonged lifetimes, are making electrification increasingly viable and economical. As demand for environmentally friendly, low-emission transportation grows, electrification of short-range vessels represents an obvious opportunity for marine battery manufacturers to capture greater shares of the market to fulfill future emissions reduction pledges in the maritime sector.

CHALLENGE: Energy Density Limitationss

Energy density limits the marine battery market significantly, mainly if a long-range application or high-power requirement exists in marine vessel. It refers to the amount of energy which a battery could store versus its weight and volume. The significance of energy density is the ability to supply the energy source needed for vessels for a vast distance in marine applications. While lithium-ion batteries have made huge strides in terms of energy density, their energy content per unit weight or volume still is behind traditional fuels for marine operations such as diesel or gasoline. This constraint pushes up the usage of fully electric vessels in long voyages, where the range of current battery technologies may not be enough to make it practical without a very significant increase in the size and weight of the batteries. More frequent and faster recharging stations are required to overcome these challenge, by investing more in infrastructure. While research on advanced battery technologies, such as solid-state batteries, may continue to advance energy density, current limitations appear to be a significant gap before widespread adoption can occur, especially for long-duration or heavy-duty marine applications.

Global Marine Battery Market Ecosystem Analysis

Key players of the marine battery market are designers, manufacturers, and suppliers of innovative battery technologies to shipbuilders, defense agencies, and government organizations. The manufacturers dominating the marine battery market are Siemens Energy (Germany), Leclanché SA (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US) in innovative solutions in lithium-ion and more advanced technologies. These companies are playing a significant role in the design, production, and integration of battery systems for all types of marine vessels, such as electric ships, hybrid vessels, and other marine vessels.

Top Companies in Marine Battery Market
 

Based on design, the Solid state segment is expected to have the highest CAGR during the forecast period

Based on design, the Solid state segment is expected to have highest CAGR during the forecast period. The solid state is anticipated to grow at a largest CAGR, because of its higher safety, higher energy density, and better performance than traditional liquid electrolyte batteries. The risks associated with leakage and thermal runaway with solid-state batteries are eliminated, and thus these batteries will prove to be highly reliable in maritime applications. The compact form factor and higher energy efficiency of solid state batteries makes them attractive for vessels that require optimized space and long-duration operations.

Solid-state batteries have the ability to accommodate zero-emission technologies and survive in the harsh maritime environment, increasing focus on sustainable and advanced propulsion systems. With the maritime industry increasingly endorsing zero-emission technologies and striving for compliance with strict environmental regulations, solid-state batteries deliver the right solutions for power storage in electric and hybrid vessels. In addition, the capability of solid-state batteries to be used in heavy-duty applications over extended periods, as well as the resistance against severe marine conditions such as saltwater corrosion and extreme temperatures, positions this design battery at the forefront for sustainable propulsion systems in the maritime sector in the years ahead. Because of the continuous improvement in solid-state battery technology, this segment is going to play important part in shaping the course of green and efficient operations in the maritime industry.

Based on type, the Lithium segment will be having the highest market share during the forecast period

Based on type, the Lithium segment is expected to have the highest market share during the forecast period 2024 to 2030. Lithium batteries are expected to contribute the maximum market share due to its superior performance characteristics and its wide applicability in all types of vessels. The lithium battery offers various advantages like high energy density, long cycle life, and faster charging capabilities which are beneficial for modern marine applications. These batteries are much lighter and more compact than the traditional lead-acid batteries which helps optimize space and weight of the vessel. Their ability to deliver consistent and reliable power over extended periods also makes them suitable for both hybrid and fully electric propulsion systems. Also various other factors have speeded up the adoption of lithium batteries, including ever-tightening environmental standards and a greater focus on reducing greenhouse gas emissions. Many short-range and mid-range vessels, such as ferries, passenger boats, and recreational crafts, have adopted electric or hybrid propulsion systems powered by lithium batteries to meet zero-emission requirements. Lithium batteries are increasingly used as auxiliary power sources in large vessels, where they complement essential systems and reduce dependency on traditional diesel generators. Lithium batteries have safety features such as thermal management systems and BMS, which improve their reliability for marine vessels in challenging marine environments. Lithium marine batteries are likely to be in high demand because of the need for cleaner and more efficient marine propulsion and power systems as the industry continues to focus on sustainability and energy efficiency..

The Europe Region is Estimated to Have the Highest Market Share in 2024

Europe is expected to account for the largest share of the marine battery market in 2024 because of the commitment to sustainability and stringent environment regulations in the region. Advanced shipbuilding industry in the region, along with increasing adoption of hybrid and electric propulsion systems in ferries, offshore support vessels, and pleasure boats is also creating demand for marine batteries. Besides this, government aid, R and D funding as well as an already established infrastructure to integrate with renewable energy sources make Europe a global leader in the marine battery market. Key maritime countries in Europe like Norway, Germany, and the Netherlands are increasing the green shipping corridors, electrifying their fleets-those with ferries, cargo ships, and offshore support vessels. Advanced shipbuilding industries combined with investments in R&D and government incentives ensure such innovations in marine battery technology. The Europe region has a high coordination among governments, private stakeholders, and technology providers drives the Europe's ranking. The region's focus on innovation and technological advancement, through supporting both the public and private sectors drives the development of next-generation marine batteries, including solid-state and high-capacity lithium-ion batteries in marine vessels.

LARGEST MARKET SHARE IN 2024-2030
DENMARK FASTER-GROWING MARKET IN REGION
Marine Battery Market Size and Share

Recent Developments of Marine Battery Market

  • In September, 2024 Leclanché SA (Switzerland) launched the XN50, which is the world’s first lithium-ion battery cell utilizing Echion Technologies’ XNO a niobium-based anode material. The product XN50 boasts an impressive cycle life of over 10,000 cycles, making it well-suited for demanding, heavy-duty applications across the rail, marine, and mining industries. This new technology helps to enhance battery durability and performance in sectors requiring long-lasting energy storage solutions.
  • In August 2024, Corvus Energy and Wärtsilä(Finland) collaborated to develop the world’s largest battery electric ship a 130-meter ferry which is designed to accommodate 2,100 passengers and crew, along with 225 cars. This marine vessel will be powered by an impressive 40 MWh battery system and the delivery of this vessels is scheduled for the end of 2024.
  • In March 2024, Corvus Energy (Canada) secured a contract to supply a battery energy storage system for the Magellan Discoverer. It will be the first hybrid diesel-electric vessel to be built in South America. Corvus Energy is contracted to provide its Orca Energy Storage system, enabling zero-emission operation for the vessel. This battery system will be used into ABB’s comprehensive power plant delivery for the ship for enhancement of its environmental performance and operational efficiency.
  • In November 2023, Shift (Canada) and Garden Reach Shipbuilders & Engineers Ltd (GRSE)(Kolkata) collaborated together with Seatech Solutions International (Singapore) and the American Bureau of Shipping (ABS) stating that they will be developing the innovative E-VOLT 50, a 50-ton bollard pull electric tug. This project will significantly help reduce carbon emissions, enhancing operational efficiency in marine vessels.
  • In January 2024, Furukawa Electric Co., Ltd. (Japan) announced a new share subscription agreement which have involved investment of approx. 10 million pounds in Tokamak Energy Ltd. (UK). The aim of this agreement is to accelerate the advancement of commercial fusion energy.

Key Market Players

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Scope of the Report

Report Attribute Details
Market size available for years 2020–2030
Base year considered 2023
Forecast period 2024–2030
Forecast units Value (USD)
Segments Covered By vessel type, function, capacity, propulsion, power, design, type, sales, form
Regions covered North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America

Key Questions Addressed by the Report

What is the current size of the marine battery market?
The marine battery market is projected to grow from USD 882.3 million in 2024 to USD 1,506.0 million by 2030, at a CAGR of 9.3 % from 2024 to 2030.
Who are the winners in the marine battery market?
Siemens Energy (Germany), Leclanché SA (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US).
What are some of the technological advancements in the market?
  • Next Generation Solid-state Battery Technology: Next Generation Solid-state Battery Technology is a revolutionary innovation in the maritime energy industry, pertaining to high safety, efficiency, and energy density. Solid electrolytes replace liquids, thus preventing leakage risks, fire hazards, and thermal runaway. Next Generation Solid-state battery technology batteries are more compact and durable, and they are also very suitable for marine environments that place enormous demands on products. This batteries have a greater energy capacity which is useful for longer voyages and supporting hybrid as well as pure battery propulsion systems, which align with the industry's step toward emissionless operation. As research and development advance, such batteries are slated to dramatically alter maritime energy storage, providing sustainable and reliable power solutions for modern vessels.
  • Advanced Battery Management Systems: Advanced Battery Management Systems are utilized in marine vessels for enhancing the performance, safety, and lifespan of all the marine batteries. This Advanced Battery Management System monitor all parameters like voltage, temperature, current, and state of charge in real-time when it comes to the operation of battery packs. Overcharging, overheating, and deep discharging could cause quite a number of faults to arise in the battery. Advanced BMS controls and optimizes the hybrid or electrical vessels' energy supply and demand, allowing the reduction of operational costs and improving reliability in hybrid and electrical vessels. Advanced BMS technology can support the maritime industry's shift towards sustainable and high-performance energy solutions through predictive maintenance, faults detection, and seamless integration with onboard systems.
What are the factors driving the growth of the market?
  • Growth in Electric and Hybrid Marine Vessels
  • Advances in Battery Technology
  • Stringent Environmental Regulations
  • Increasing Trend Towards Decarbonization and Renewable Energy Integration
Which region is expected to hold highest market share in the marine battery market?
Marine battery market in the Europe region is estimated to hold the largest market share of nearly 45% of the total market in 2024

 

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
18
RESEARCH METHODOLOGY
20
EXECUTIVE SUMMARY
26
PREMIUM INSIGHTS
30
MARKET OVERVIEW
35
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    RESTRAINTS
    OPPORTUNITIES
    CHALLENGES
  • 5.3 PRICING ANALYSIS
    AVERAGE SELLING PRICE TREND BY BATTERY TYPE
    MARINE BATTERY PRICING BY VESSEL TYPE
    AVERAGE SELLING PRICE OF MARINE BATTERIES, BY REGION
    PRICING INSIGHTS FOR LITHIUM-ION BATTERY BY 2030
  • 5.4 VALUE CHAIN ANALYSIS
    RESEARCH & DEVELOPMENT
    EQUIPMENT AND MANUFACTURING
    CONFIGURATION
    SYSTEM INTEGRATION
    END USER
  • 5.5 ECOSYSTEM ANALYSIS
    PROMINENT COMPANIES
    PRIVATE AND SMALL ENTERPRISES
    END USERS
  • 5.6 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    ADJACENT TECHNOLOGIES
    COMPLIMENTARY TECHNOLOGIES
  • 5.7 DISRUPTION IMPACTING MARINE BATTERY MARKET
    REVENUE SHIFT & NEW REVENUE POCKETS FOR MARINE BATTERY MANUFACTURERS
  • 5.8 TRADE ANALYSIS
    IMPORT SCENARIO
    EXPORT SCENARIO
  • 5.9 REGULATORY LANDSCAPE
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • 5.10 CASE STUDY ANALYSIS
  • 5.11 KEY STAKEHOLDERS & BUYING CRITERIA
    KEY STAKEHOLDERS IN THE BUYING PROCESS
    BUYING CRITERIA
  • 5.12 KEY CONFERENCES & EVENTS IN 2024-2025
  • 5.13 INVESTMENT & FUNDING SCENARIO
  • 5.14 MARINE VESSELS OPERATIONAL DATA
    MARINE VESSELS VOLUME, BY TYPE
    MARINE ELECTRIC VESSELS VOLUME, BY TYPE
  • 5.15 MARINE BATTERIES SALES DATA
    OEM SALES
    AFTERMARKET SALES
  • 5.16 MACROECONOMIC OUTLOOK
    INTRODUCTION
    NORTH AMERICA
    EUROPE
    ASIA PACIFIC
    MIDDLE EAST & AFRICA
    LATIN AMERICA
  • 5.17 TECHNOLOGY ROADMAP (TRM)
    EVOLUTION OF BATTERY TYPE
    ROADMAP FOR NEXT-GEN BATTERY TECHNOLOGIES
  • 5.18 TOTAL COST OF OWNERSHIP (TCO)
    INTRODUCTION
    RESEARCH AND DEVELOPMENT COST
    MANUFACTURING COST
    IMPLEMENTATION COST
    AFTERMARKET COST
    RECYCLING AND DISPOSAL COST
  • 5.19 BUSINESS MODELS
  • 5.20 BILL OF MATERIALS
    INTRODUCTION
    BATTERY MATERIALS
    BATTERY COMPONENTS
  • 5.21 IMPACT OF AI/GEN AI
    ADOPTION OF AI IN THE MARINE INDUSTRY
    IMPACT OF AI ON MARINE INDUSTRY: USE CASES
    IMPACT OF AI ON THE MARINE BATTERY
  • 5.22 EVOLUTION OF MARINE BATTERY PACKING FORM
    EXISTING BATTERY PACKING FORM
    FUTURE OF BATTERY PACKING FORM
    INSIGHTS ON BATTERY PACKING FORM
INDUSTRY TRENDS
49
  • 6.1 INTRODUCTION
  • 6.2 TECHNOLOGY TRENDS FOR MARINE BATTERY MARKET
  • 6.3 IMPACT OF MEGATRENDS
  • 6.4 PATENT ANALYSIS
  • 6.5 FUTURISTIC TECHNOLOGY OPTIONS FOR MARINE BATTERY
  • 6.6 INSIGHTS ON MARINE BATTERY ECOSYSTEM
    INTRODUCTION
    END USER PREFERENCES FOR BATTERY TECHNOLOGIES
    POWER CONSUMPTION SPECS FOR DIFFERENT VESSEL TYPES
    CAPACITY VS. BATTERY POWER ADOPTION TRENDS
    COMPARISON OF VARIOUS BATTERY FORM FACTORS
    PROS-CONS FOR BATTERY DESIGNS
    KEY BATTERY FUNCTION REQUIREMENTS FOR VESSEL TYPES
    DEMAND FOR BATTERY TYPES BASED ON PROPULSION NEEDS
MARINE BATTERY MARKET, BY TYPE
65
  • 7.1 INTRODUCTION
  • 7.2 LITHIUM-ION
  • 7.3 LEAD-ACID
  • 7.4 NICKEL CADMIUM
  • 7.5 SODIUM ION
  • 7.6 FUEL CELL
MARINE BATTERY MARKET, BY POWER
69
  • 8.1 INTRODUCTION
  • 8.2 <75 KW
  • 8.3 75–150 KW
  • 8.4 150–745 KW
  • 8.5 745–7,560 KW
  • 8.6 >7,560 KW
MARINE BATTERY MARKET, BY CAPACITY
74
  • 9.1 INTRODUCTION
  • 9.2 < 100 AH
  • 9.3 100–250 AH
  • 9.4 >250 AH
    MARINE BATTERY MARKET, BY FORM
MARINE BATTERY MARKET, BY FORM
81
  • 10.1 INTRODUCTION
  • 10.2 PRISMATIC
  • 10.3 CYLINDRICAL
  • 10.4 POUCH
MARINE BATTERY MARKET, BY DESIGN
90
  • 11.1 INTRODUCTION
  • 11.2 SOLID STATE
  • 11.3 LIQUID/GEL-BASED
MARINE BATTERY MARKET, BY FUNCTION
35
  • 12.1 INTRODUCTION
  • 12.2 STARTING BATTERIES
  • 12.3 DEEP-CYCLE BATTERIES
  • 12.4 DUAL-PURPOSE BATTERIES
MARINE BATTERY MARKET, BY PROPULSION
100
  • 13.1 INTRODUCTION
  • 13.2 FULLY ELECTRIC
  • 13.3 HYBRID
  • 13.4 CONVENTIONAL
MARINE BATTERY MARKET, BY SALES
106
  • 14.1 INTRODUCTION
  • 14.2 OEM
  • 14.3 AFTERMARKET
MARINE BATTERY MARKET, BY VESSEL
115
  • 15.1 INTRODUCTION
  • 15.2 COMMERCIAL VESSELS
    PASSENGER VESSELS
    - YACHTS
    - FERRIES
    - CRUISE SHIPS
    CARGO VESSELS
    - CONTAINER VESSELS
    - BULK CARRIER
    - TANKERS
    - GAS TANKERS
    - DRY CARGO SHIP
    - BARGES
    OTHER VESSELS
    - FISHING VESSELS
    - TUGS & WORKBOATS
    - RESEARCH VESSELS
    - DREDGERS
  • 15.3 DEFENSE VESSELS
    DESTROYERS
    FRIGATES
    CORVETTES
    AMPHIBIOUS SHIPS
    OFFSHORE SUPPORT VESSEL (OSV)
    MINESWEEPERS
    MISSILE CARRYING BOATS & SUPPLY BOATS
    SUBMARINES
  • 15.4 UNMANNED MARITIME VEHICLES (UMV)
    UNMANNED UNDERWATER VEHICLE (UUV)
    UNMANNED SURFACE VEHICLE (USV)
MARINE BATTERY MARKET, BY REGION
140
  • 16.1 INTRODUCTION
  • 16.2 NORTH AMERICA
    PESTLE ANALYSIS: NORTH AMERICA
    US
    CANADA
  • 16.3 EUROPE
    PESTLE ANALYSIS: EUROPE
    UK
    SWEDEN
    NETHERLANDS
    NORWAY
    DENMARK
    REST OF EUROPE
  • 16.4 ASIA PACIFIC
    PESTLE ANALYSIS: ASIA PACIFIC
    CHINA
    INDIA
    JAPAN
    SOUTH KOREA
    REST OF ASIA PACIFIC
  • 16.5 MIDDLE EAST & AFRICA
    PESTLE ANALYSIS: MIDDLE EAST & AFRICA
    TURKEY
    AFRICA
    REST OF MIDDLE EAST & AFRICA
  • 16.6 LATIN AMERICA
    PESTLE ANALYSIS: LATIN AMERICA
    BRAZIL
    MEXICO
COMPETITIVE LANDSCAPES
175
  • 17.1 INTRODUCTION
  • 17.2 KEY PLAYERS STRATEGIES/RIGHTS TO WIN
  • 17.3 MARKET SHARE ANALYSIS OF LEADING PLAYERS, 2023
  • 17.4 REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS, 2023
  • 17.5 COMPETITIVE OVERVIEW
  • 17.6 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT: KEY PLAYERS, 2023
  • 17.7 COMPANY EVALUATION MATRIX: START-UP/SME, 2023
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
  • 17.8 BRAND/PRODUCT COMPARISON
  • 17.9 COMPETITIVE SCENARIO
    PRODUCT LAUNCHES
    DEALS
    OTHERS
COMPANY PROFILES
194
  • 18.1 INTRODUCTION
  • 18.2 KEY PLAYERS
    SIEMENS ENERGY
    LECLANCHÉ SA
    SAFT
    CORVUS ENERGY
    SHIFT
    SENSATA TECHNOLOGIES, INC.
    POWERTECH SYSTEMS
    THE FURUKAWA BATTERY CO., LTD.
    TOSHIBA CORPORATION
    EAST PENN MANUFACTURING COMPANY
    ENERSYS
    KOREA SPECIAL BATTERY CO., LTD.
    CLARIOS
    EXIDE TECHNOLOGIES
    SHENZHEN MANLY BATTERY CO., LTD.
  • 18.3 OTHER KEY PLAYERS
    ECHANDIA AB
    ZHEJIANG GBS ENERGY CO. LTD
    EST-FLOATTECH
    LITHIUMWERKS
    LIFELINE
    EVEREXCEED INDUSTRIAL CO., LTD.
    US BATTERY
    SOLAREDGE
    FREUDENBERG E-POWER SYSTEMS
    SONNENSCHEIN

The research study conducted on the marine battery market involved the extensive use of secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg, and Factiva, to identify and collect relevant information. Primary sources included industry experts from the market as well as suppliers, manufacturers, solution providers, technology developers, alliances, and organizations related to all segments of the value chain of this industry. In-depth interviews of various primary respondents, including key industry participants, subject matter experts (SMEs), industry consultants, and C-level executives, were conducted to obtain and verify critical qualitative and quantitative information pertaining to the market as well as assess the growth prospects of the market. A deductive approach, also known as the bottom-up approach combined with the top-down approach, was used to forecast the market size of different market segments.

Secondary Research

The share of companies in the marine battery market was determined based on secondary data made available through paid and unpaid sources and an analysis of the product portfolios of major companies. These companies were rated based on their performance and quality. These data points were further validated by primary sources. Secondary sources for this research study included corporate filings, such as annual reports, investor presentations, and financial statements from trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated by primary respondents.

Primary Research

Extensive primary research was conducted after obtaining information about the current scenario of the marine battery market through secondary research. Several primary interviews were conducted with market experts from both, the demand and supply sides across different regions. This primary data was collected through questionnaires, emails, and telephonic interviews.

Marine Battery Market Size, and Share

Note: Tiers of companies are based on their revenue in 2023. Tier 1: company revenue greater than USD 1 billion; tier 2: company revenue between USD 100 million and USD 1 billion; and tier 3: company revenue less than USD 100 million.

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Market Size Estimation

The top-down and bottom-up approaches were used to estimate and validate the size of the marine battery market. The research methodology used to estimate the market size includes the following details.

Key players in the market were identified through secondary research, and their market share was determined through primary and secondary research. This included a study of the annual and financial reports of top market players and extensive interviews with industry stakeholders such as CEOs, technical advisors, military experts, marine vessel maintenance professionals, and SMEs of leading companies operating in the marine battery market.

All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data on the marine battery market. This data was consolidated, enhanced with detailed inputs, analyzed by MarketsandMarkets, and presented in this report.

Marine Battery Market : Top-Down and Bottom-Up Approach

Marine Battery Market Top Down and Bottom Up Approach

Data Triangulation

After arriving at the overall size of the marine battery market from the estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the marine battery market size was validated using the top-down and bottom-up approaches.

Market Definition

The marine battery market refers to the development of batteries specifically designed for use in marine environments. A marine battery is an energy device that converts chemical energy into electrical energy through electrochemical reactions. It consists of one or more electrochemical cells with terminals that provide power to various systems on vessels, including propulsion, navigation, and auxiliary equipment. Available in chemistry like lithium-ion, lead-acid, and fuel cells, marine batteries are built to withstand harsh marine conditions, offering different capacities to match vessel sizes and requirements, which is important in supporting sustainable maritime operations, with applications in fully electric ships such as deep-cycle batteries mainly used for propulsion, hybrid ships use dual-purpose batteries in the auxiliary system such as starting, lighting, etc. and fuel-powered vessels adoption of starter batteries to assist during engine ignition.

Key Stakeholders

  • Marine Battery Suppliers
  • Marine Battery Component Manufacturers
  • Marine Battery Manufacturers
  • Technology Support Providers
  • Marine Battery Solution Providers
  • Regulatory Bodies
  • Defense Forces
  • Ship Operators
  • System Integrators

Report Objectives

  • To define, describe, segment, and forecast the size of the marine battery Market based on vessel type, function, capacity, propulsion, power, design, type, sales, form and region.
  • To forecast sizes of various segments of the market with respect to six major regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and Latin America, along with major countries in each of these regions.
  • To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe.
  • To identify industry trends, market trends, and technology trends that are currently prevailing in the market.
  • To provide an overview of the regulatory landscape with respect to drone regulations across regions.
  • To analyze micro markets with respect to individual growth trends, prospects, and their contribution to the overall market.
  • To analyze opportunities in the market for stakeholders by identifying key market trends.
  • To profile key market players and comprehensively analyze their market shares and core competencies.
  • To analyze the degree of competition in the market by identifying key growth strategies, such as acquisitions, product launches, contracts, and partnerships, adopted by leading market players.
  • To identify detailed financial positions, key products, and unique selling points of leading companies in the market.
  • To provide a detailed competitive landscape of the market, along with market ranking analysis, market share analysis, and revenue analysis of key players.

Available Customizations

Along with the market data, MarketsandMarkets offers customizations as per the specific needs of companies. The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the market segments at country-level

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
 

Previous Versions of this Report

Marine Battery Market by Ship Type (Commercial, Defense, Unmanned), Sales Channel (OEM, Aftermarket), Battery Function, Nominal Capacity, Propulsion Type, Ship Power, Battery Design, Battery Type, Energy Density and Region - Global Forecast to 2030

Report Code AS 7669
Published in Feb, 2023, By MarketsandMarkets™

Marine Battery Market by Battery Type (Lithium, Nickel Cadmium, Fuel Cell, Lead-acid), Propulsion Type (Fully Electric, Hybrid, Conventional), Ship Type, Sales Channel, Nominal Capacity, Battery Design, Battery Function, & Region - Global Forecast to 2030

Report Code AS 7669
Published in Nov, 2021, By MarketsandMarkets™

Marine Battery Market by Battery Type (Lithium, Nickel Cadmium, Fuel Cell, Lead-acid), Propulsion Type (Fully Electric, Hybrid, Conventional), Ship Type, Sales Channel, Nominal Capacity, Battery Design, Battery Function, & Region - Global Forecast to 2030

Report Code AS 7669
Published in May, 2020, By MarketsandMarkets™

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Growth opportunities and latent adjacency in Marine Battery Market

Nick

Sep, 2022

Writing my bachelors degree within valuation. The company I am valuing is Corvus Energy, this report would to huge help. .

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