Marine Battery Market to Reach $1.9 Billion, Globally, by 2030 at 20.5% CAGR: Allied Market Research

Surge in demand for marine freight transportation vessels, benefits of lithium-ion battery over lead-acid batteries, and rise in water sports & leisure activities is driving the growth of the global marine battery market.

PORTLAND, Ore., Feb. 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Marine Battery Market by Battery Type (Lithium, Lead acid, and Others), Ship Type (Commercial and Defense), Function (Starting, Deep Cycle, and Dual Purpose), Nominal Capacity (Less than 150 Ah, and More than 150 Ah), Sales Channel (OEM and Aftermarket), and Battery Density (<100 WH/KG and More than 100 WH/KG): 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.

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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.

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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.

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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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