Global Marine Lithium-ion Battery Market Share Likely to Reach at a CAGR of 16% By 2033

12V Segment held the Largest Share of the Marine Lithium-ion Battery Market in 2021

The Global Marine Lithium-ion Battery Market was estimated at USD 215 million in 2022 and is anticipated to reach around USD 821 million by 2032, growing at a CAGR of roughly 16% between 2022 and 2030.

CMI research report offers a 360-degree view of the Marine Lithium-ion Battery market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Marine Lithium-ion Battery market.

Marine Lithium-ion Battery Market: Overview

Technology based on lithium iron phosphate offers numerous advantages in terms of volume, weight, and longevity. These requirements are necessary for a catamaran, sailing ship, or boat. Lithium-ion service batteries are roughly twice as lighter as marine, boat, and yacht applications as conventional AGM batteries. They are also two times smaller. They are indisputable assets for habitable space, navigability, boat performance, and other nautical applications.

Browse the full “Marine Lithium-ion Battery Market Size, Trends and Insights By Type (12 V, 24 V, 36 V, 48 V, 60 V, 72 V, Others), By Application (Fishing Boats, Luxury Yachts, Cargo Ships, Military Ships, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/marine-lithium-ion-battery-market/

Growth Factors

For workboats, offshore support, cruise ships, ferries, and cargo ships, marine lithium-ion batteries can be employed. They are more energy-efficient, last longer than many lead-acid batteries, are lighter, and take up less space.

Lithium-ion batteries can deliver a higher proportion of their nominal capacity than lead-acid batteries without reducing their useful life. For the majority of the discharge cycle, they retain voltage. With an increasing reliance on lithium batteries and energy storage as power sources, more and more ships are converting to hybrid or entirely electric propulsion.

The technique has demonstrated its reliability and sturdiness. There are now more hybrid and fully electric ships in the marine sector than ever before. According to estimates, almost all commercial ships will eventually incorporate some form of energy storage into their electrical infrastructure, and lithium-ion batteries are quickly rising in popularity among ship owners. Throughout the forecast period, these factors will contribute to the marine lithium-ion battery market growth.

• As of July 2019, 356 all-electric or hybrid vessels were either in use or under construction, according to DNV GL, a quality assurance and risk management service provider to the marine industry. By the same month, 318 liquefied natural gas (LNG) ships were in service or on order.

The market is also subject to various limitations. The greatest danger posed by using lithium-ion batteries is thermal runaway. The battery cell will experience an exothermic reaction if it is damaged or exposed to extreme heat, which will result in an increase in heat. Due to the larger batteries needed for ship operations than for cars or aeroplanes, this issue is more common in marine contexts.

People coming into contact with the battery during delivery is highly likely. When a lithium battery fails, explosive gas can also be released, especially when there is water present. Due to the fact that ship battery systems are frequently located indoors, the risk of an explosion is considerably raised. Water and lithium can combine to form highly explosive hydrogen.

Segmental Overview

The market for Marine Lithium-ion batteries is segmented into type and application. Based on type, the market for marine lithium-ion batteries may be segmented into 12V, 24V, 36V, 48V, 60V, 72V, and other voltages. It is projected that the 12V segment will dominate the market in 2021. When depleted to 95% or more, a deep cycle lithium battery maintains a voltage between 12.5V and 13.4V.

The voltage then rapidly decreases. Other marine batteries, like the lead-acid battery, an alternative to the lithium battery, see their voltage drop from 13 volts to under 11.5 volts as the current rises. Once fully charged, the marine battery keeps itself charged by maintaining a relatively low voltage, often 13.2 to 13.4 volts. The battery will “burn out” at higher voltages, and the electrolyte will evaporate, thus reducing battery life.

Regional Overview

Given the enormous expansion in tourism, entertainment, and leisure activities, Europe is a key region for growth in the global marine lithium-ion battery industry during the projection period. Europe’s marine lithium-ion battery market is anticipated to develop at the greatest rate during the projected period. One of the most important elements influencing the demand for hybrid ships in the area is the growth of the European shipbuilding sector.

Additional reasons boosting the expansion of the European marine battery industry include the rise in investments in ship electrification and the restructuring of shipbuilding firms. According to the European Commission, with more than 150 shipyards and more than 120,000 employees, Europe is home to the world’s largest shipbuilding market.

Report Scope

Competitive Landscape/ Key Players Insights

The competitive landscape of the Marine Lithium-ion Battery industry gives information about the competitors. The company’s financials, revenue generated, market potential, investment in R&D, global presence, new market initiatives, production capacities, production sites and facilities, company strengths and weaknesses, product release, product width and breadth, and application dominance are among the details that are included. The data points mentioned above only pertain to the companies’ market focus on Ferulic Acids.

• 2022: At METSTRADE 2022, Electric Fuel will display a variety of marine lithium-ion batteries. Rechargeable batteries offer the best replacement option for the most demanding marine applications for conventional batteries. The METSTRADE 2022 trade show will be held in Amsterdam, Netherlands, from November 15–17, 2022. It will feature a full line of marine-grade smart batteries from Electric Fuel, a well-known manufacturer of professional high-performance batteries. These batteries offer the best alternative to conventional batteries.

Some of the prominent players

• Corvus Energy
• Spear Power Systems
• EST-Floattech
• Forsee Power
• Akasol
• XALT Energy
• EVE Battery
• Saft
• Lithium Werks
• Gotion High-tech Co Ltd
• Toshiba Corporation
• Siemens
• CATL
• Furukawa Battery
• Others

The global Marine Lithium-ion Battery market is segmented as follows:

By Type

• 12 V
• 24 V
• 36 V
• 48 V
• 60 V
• 72 V
• Others

By Application

• Fishing Boats
• Luxury Yachts
• Cargo Ships
• Military Ships
• Others

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America