Marine Battery Market Size, Trends and Insights By Battery Type (Lithium-ion, Fuel Cell, Lead-acid, Others), By Power Output (>7,560 kW, 745–7,560 KW, 150-745 kW, 75-150 kW, <75 kW), By Application (Commercial, Defense), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Wartsila
- Corvus Energy
- Akashi AG
- Enchandia AB
- Others
Reports Description
The increased use of electric and hybrid passenger vessels drives the market’s growth.
According to Custom Market Insights (CMI), The Global Marine Battery Market Size was valued at USD 370 million in 2021 and is expected to reach USD 456 million in 2022 and is estimated to reach USD 1890 million by the end of 2030 at a CAGR of approximately 20% during the forecast period 2022-2030. The report examines the Marine Battery market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Marine Battery market.
Marine Battery Market: Overview
A marine battery is the primary or secondary power source for a vessel’s numerous electrical needs, including illumination, a windlass, depth finders, and fish finders. Marine batteries are made well and contain heavier plate material. These batteries are made specifically to withstand the shaking and pounding that can happen on any boat and are intended for usage on ships or vessels.
Marine Battery Market: COVID–19 Impact Analysis
The coronavirus pandemic has impacted the maritime industry like other sectors. The global pandemic had a tremendous impact on the shipping industry, which has grown to play a key role in any nation’s supply chain. Because the shipping industry depends on production, production had to stop the spread of the virus, which put much strain on the sector.
Lack of vessel maintenance, which results in operational failure, is one of the maritime sector’s biggest problems. The frequent breakdowns cause delays and obstacles in the transportation business. One of the most serious difficulties for engineers in routine maintenance was the pandemic’s impact on travel restrictions. Major firms, including ABB, Wartsila, and General Electric, experienced a drop in revenue during the pandemic compared to the prior fiscal year.
The industry’s current situation is being improved by resolving these issues. Due to low demand and a lack of available vessels, shipping is costly. Up to the conclusion of the epidemic, this pattern is anticipated to persist. The maritime sector is anticipated to work to overcome the difficulties brought on by COVID-19 as nations are now concentrating on sustaining supply networks to enable operating firms.
Marine Battery Market: Growth Drivers
Increased use of electric and hybrid passenger ships
The adoption of cutting-edge technologies and rising demand for renewable energy drive market expansion throughout the anticipated timeframe. Hybrid propulsion works well on smaller boats like ferries and cruise ships. Manufacturers will, however, have a big opportunity to work on electric propulsion systems for larger ships as marine electric propulsion technology and alternative fuels like fuel cells evolve.
Rising renewable energy usage for marine battery charging is one of the main potential opportunities for manufacturers and key players in the global marine battery market. Additionally, as hybrid propulsion technology develops, the marine battery industry will have more potential growth prospects.
Expanding water sports industry
The rising popularity of recreational boating and the water sports industry are two major factors in the global marine battery market. Nowadays, people prefer to spend their free time at the beach, which has increased the use of marine vehicles in the sea and other bodies of water. As public concern about dangerous air pollution rises, there is a growing market need for innovative marine battery designs and technologies, leading to cleaner sea transportation for goods and people.
Marine Battery Market: Segmentation Analysis
The Marine Battery market is segmented into battery type, power output, and application in our research scope. There are four categories of battery types: lithium-ion, fuel cell, lead-acid, and others. Lithium-ion batteries led the market in 2021 with a market share of over 30%. Greater dependability and efficiency provided by lithium-ion batteries are factors driving the segment’s expansion.
With a market share of over 25% in 2021, the 75-150 KW sector had the highest stake in the market. The segment is expanding due to the growing demand for medium-sized passenger ships.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 370 Million |
| Projected Market Size in 2030 | USD 1890 Million |
| CAGR Growth Rate | 20% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Wartsila, Corvus Energy, Akashi AG, Enchandia AB, Siemens, Saft Total, Leclanche SA, Echandia AB, EnerSys, Spear Power Systems, and Others |
| Key Segment | By Battery Type, Power Output, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Marine Battery market is estimated to grow annually at a CAGR of around 20% over the forecast period (2022-2030).
- In terms of revenue, the Marine Battery market was valued at around USD 370 million in 2021 and is projected to reach USD 1890 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The Marine Battery market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
- The study includes data on the major market drivers, challenges, opportunities, and their effects.
- The study elaborates on the SWOT analysis and Porter’s Five Forces model.
- The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.
Recent Development
- 2021: A strategic collaboration agreement was inked by Wärtsilä and SAACKE, a global supplier of marine firing plants for seagoing vessels, LNG tankers, and offshore plants.
- 2020: GS Yuasa International Ltd. announced plans to expand the number of lithium-ion batteries it can produce for hybrid cars.
- 2019: Beginning with class I, class II, and class III operations, East Penn Manufacturing Company began providing the full array of lead and lithium material handling battery products.
Regional Landscape
Due to the rise in demand for fully electric passenger ships, cruise ships, yachts, tugs, and among others, Europe is predicted to have a high CAGR during the projection period. Fully electric passenger ferries have aggressively begun to replace conventional passenger ferries in nations including Finland, Norway, and Denmark. The European market is also expanding due to significant advancements in fuel cell-powered autonomous electric vessels and remotely operated electric boats.
Developing nations like China, India, South Korea, and Singapore carry a large portion of commodities and commerce in the Asia Pacific region. This has raised the demand for innovative marine battery technologies, which is anticipated to drive the market’s expansion over the coming years.
Competitive Landscape
Small players are involved in the moderately fragmented global marine battery market at the local, regional, and international levels. The leading players are currently concentrating on implementing methods like product innovations, mergers and acquisitions, new advancements, joint ventures, collaborations, and partnerships to improve their market position in the worldwide marine battery market.
Key Players:
- Wartsila
- Corvus Energy
- Akashi AG
- Enchandia AB
- Siemens
- Saft Total
- Leclanche SA
- Echandia AB
- EnerSys
- Spear Power Systems
The global Marine Battery market is segmented as follows:
By Battery Type
- Lithium-ion
- Fuel Cell
- Lead-acid
- Others
By Power Output
- >7,560 kW
- 745–7,560 KW
- 150-745 kW
- 75-150 kW
- <75 kW
By Application
- Commercial
- Defense
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- 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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Marine Battery Market, (2022 – 2030) (USD Million)
- 2.2 Global Marine Battery Market : snapshot
- Chapter 3. Global Marine Battery Market – Industry Analysis
- 3.1 Marine Battery Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increased Use Of Electric And Hybrid Passenger Ships
- 3.2.2 Expanding Water Sports Industry
- 3.2.3 The Rising Popularity Of Recreational Boating
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Type
- 3.7.2 Market attractiveness analysis By Power Output
- 3.7.3 Market attractiveness analysis By Application
- Chapter 4. Global Marine Battery Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Marine Battery Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Marine Battery Market – Type Analysis
- 5.1 Global Marine Battery Market overview: By Type
- 5.1.1 Global Marine Battery Market share, By Type, 2021 and 2030
- 5.2 Lithium-ion
- 5.2.1 Global Marine Battery Market by Lithium-ion, 2022 – 2030 (USD Million)
- 5.3 Fuel Cell
- 5.3.1 Global Marine Battery Market by Fuel Cell, 2022 – 2030 (USD Million)
- 5.4 Lead-acid
- 5.4.1 Global Marine Battery Market by Lead-acid, 2022 – 2030 (USD Million)
- 5.1 Global Marine Battery Market overview: By Type
- Chapter 6. Global Marine Battery Market – Power Output Analysis
- 6.1 Global Marine Battery Market overview: By Power Output
- 6.1.1 Global Marine Battery Market share, By Power Output, 2021 and 2030
- 6.2 >7,560 kW
- 6.2.1 Global Marine Battery Market by >7,560 kW, 2022 – 2030 (USD Million)
- 6.3 745–7,560 KW
- 6.3.1 Global Marine Battery Market by 745–7,560 KW, 2022 – 2030 (USD Million)
- 6.4 150-745 kW
- 6.4.1 Global Marine Battery Market by 150-745 kW, 2022 – 2030 (USD Million)
- 6.5 75-150 kW
- 6.5.1 Global Marine Battery Market by 75-150 kW, 2022 – 2030 (USD Million)
- 6.6 <75 kW
- 6.6.1 Global Marine Battery Market by <75 kW, 2022 – 2030 (USD Million)
- 6.1 Global Marine Battery Market overview: By Power Output
- Chapter 7. Global Marine Battery Market – Application Analysis
- 7.1 Global Marine Battery Market Overview: By Application
- 7.1.1 Global Marine Battery Market Share, By Application, 2021 and 2030
- 7.2 Commercial
- 7.2.1 Global Marine Battery Market by Commercial, 2022 – 2030 (USD Million)
- 7.3 Defense
- 7.3.1 Global Marine Battery Market by Defense, 2022 – 2030 (USD Million)
- 7.1 Global Marine Battery Market Overview: By Application
- Chapter 8. Marine Battery Industry – Regional Analysis
- 8.1 Global Marine Battery Industry Regional Overview
- 8.2 Global Marine Battery Industry Share, by Region, 2021 & 2030 (USD Million)
- 8.3. North America
- 8.3.1 North America Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.3.1.1 North America Marine Battery Industry, by Country, 2022 – 2030 (USD Million)
- 8.3.1 North America Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.4 North America Marine Battery Industry, by Type, 2022 – 2030
- 8.4.1 North America Marine Battery Industry, by Type, 2022 – 2030 (USD Million)
- 8.5 North America Marine Battery Industry, by Power Output, 2022 – 2030
- 8.5.1 North America Marine Battery Industry, by Power Output, 2022 – 2030 (USD Million)
- 8.6 North America Marine Battery Industry, by Application, 2022 – 2030
- 8.6.1 North America Marine Battery Industry, by Application, 2022 – 2030 (USD Million)
- 8.7. Europe
- 8.7.1 Europe Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.7.1.1 Europe Marine Battery Industry, by Country, 2022 – 2030 (USD Million)
- 8.7.1 Europe Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.8 Europe Marine Battery Industry, by Type, 2022 – 2030
- 8.8.1 Europe Marine Battery Industry, by Type, 2022 – 2030 (USD Million)
- 8.9 Europe Marine Battery Industry, by Power Output, 2022 – 2030
- 8.9.1 Europe Marine Battery Industry, by Power Output, 2022 – 2030 (USD Million)
- 8.10 Europe Marine Battery Industry, by Application, 2022 – 2030
- 8.10.1 Europe Marine Battery Industry, by Application, 2022 – 2030 (USD Million)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.11.1.1 Asia Pacific Marine Battery Industry, by Country, 2022 – 2030 (USD Million)
- 8.11.1 Asia Pacific Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.12 Asia Pacific Marine Battery Industry, by Type, 2022 – 2030
- 8.12.1 Asia Pacific Marine Battery Industry, by Type, 2022 – 2030 (USD Million)
- 8.13 Asia Pacific Marine Battery Industry, by Power Output, 2022 – 2030
- 8.13.1 Asia Pacific Marine Battery Industry, by Power Output, 2022 – 2030 (USD Million)
- 8.14 Asia Pacific Marine Battery Industry, by Application, 2022 – 2030
- 8.14.1 Asia Pacific Marine Battery Industry, by Application, 2022 – 2030 (USD Million)
- 8.15. Latin America
- 8.15.1 Latin America Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.15.1.1 Latin America Marine Battery Industry, by Country, 2022 – 2030 (USD Million)
- 8.15.1 Latin America Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.16 Latin America Marine Battery Industry, by Type, 2022 – 2030
- 8.16.1 Latin America Marine Battery Industry, by Type, 2022 – 2030 (USD Million)
- 8.17 Latin America Marine Battery Industry, by Power Output, 2022 – 2030
- 8.17.1 Latin America Marine Battery Industry, by Power Output, 2022 – 2030 (USD Million)
- 8.18 Latin America Marine Battery Industry, by Application, 2022 – 2030
- 8.18.1 Latin America Marine Battery Industry, by Application, 2022 – 2030 (USD Million)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.19.1.1 The Middle-East and Africa Marine Battery Industry, by Country, 2022 – 2030 (USD Million)
- 8.19.1 The Middle-East and Africa Marine Battery Industry, 2022 – 2030 (USD Million)
- 8.20 The Middle-East and Africa Marine Battery Industry, by Type, 2022 – 2030
- 8.20.1 The Middle-East and Africa Marine Battery Industry, by Type, 2022 – 2030 (USD Million)
- 8.21 The Middle-East and Africa Marine Battery Industry, by Power Output, 2022 – 2030
- 8.21.1 The Middle-East and Africa Marine Battery Industry, by Power Output, 2022 – 2030 (USD Million)
- 8.22 The Middle-East and Africa Marine Battery Industry, by Application, 2022 – 2030
- 8.22.1 The Middle-East and Africa Marine Battery Industry, by Application, 2022 – 2030 (USD Million)
- Chapter 9. Company Profiles
- 9.1 Wartsila
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Corvus Energy
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Akashi AG
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Enchandia AB
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Siemens
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Saft Total
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Leclanche SA
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Echandia AB
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Enersys
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Spear Power Systems
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.1 Wartsila
List Of Figures
Figures No 1 to 26
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
“Asia Pacific” region will lead the global Marine Battery market during the forecast period 2022 to 2030.
The key factors driving the market
Increased Use Of Electric And Hybrid Passenger Ships, Expanding Water Sports Industry, The Rising Popularity Of Recreational Boating.
The key players operating in the Marine Battery market are Wartsila, Corvus Energy, Akashi AG, Enchandia AB, Siemens, Saft Total, Leclanche SA, Echandia AB, EnerSys, Spear Power Systems.
The global Marine Battery market is expanding growth with a CAGR of approximately 20% during the forecast period (2022 to 2030).
The global Marine Battery market size was valued at USD 370 Million in 2021 and it is projected to reach around USD 1890 Million by 2030.