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Marine Battery Market; Segmented by Ship Type (Defense and Commercial);By Propulsion Type(Conventional, Fully Electric and Hybrid); and By Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Marine Battery Market to surpass USD 1574.2 million by 2030, which is valued at USD 466.8 million in 2021 at a compound annual growth rate of 14.50%
Batteries of the Marine powerboat are an essential part of any powerboat. It is used mainly for the ignition of the motorboat's engine and electrical components such as doors, powerboat lights, and sea fuse blocks. For fuel injection and starting motor, electric power is required which in turn starts the powerboat. During the initial ignition phase, the electricity is supplied through a marine powerboat battery. The type of marine powerboat battery required depends primarily on the following. The frequency of the motorboat to be built and the total number of electric components that require electrical power in the powerboat. Boating activities are usually seasonal, so marine powerboat batteries are produced in a manner that helps them resist long periods of inactivity. This is distinct from batteries of trucks and cars, which must be used daily to operate properly. Renewable energy usage for charging of the marine battery market is expected to act as a driver in the market.
The rise in marine transport has increased market leaders' initiatives to strengthen the capacity of marine batteries, power supply, and reliability. Water sports are becoming increasingly preferred at a global level which drives the market growth. Global action to limit harmful emissions has forced the market players to develop new battery designs and technologies that contribute to sustainability. The increasing global preference for water sports is also a major driver for market growth. Furthermore, advancements in hybrid propulsion technology are also expected to spur growth.
The global Marine battery Market is segmented by ship type into Defense and Commercial. The demand for advanced marine batteries for commercial purposes is anticipated to increase during the forecast period on the back of opportunities such as rising seaborne trade, increased maritime tourism industry, and the introduction of the IMO sulfur 2020 Regulation. The commercial section consists of shipping carriers such as container ships, bulk carriers, tankers, cargo vessels and other passenger ships, and other boats such as fishing vessels, laboratory boats, dredgers, tugs, search vessels, and underwater ships
The global Marine battery market is segmented by propulsion type: Conventional, Fully Electric and Hybrid Fully-electric-driven ships have a favorable environmental effect as batteries can reduce fuel consumption, maintenance and emissions by including high energy storage and optimal power control. The growth in the fully-electrical segment can be driven by the rising demand for fully-electrical passenger and cargo ships. The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Increasing marine transportation and the Need for reducing harmful emissions to increase the growth of the marine battery market
The rising in the rate of sea transport has increased market leaders' efforts to boost the capacity, energy supply, and reliability of marine batteries is expected to increase the growth of the marine battery market. The increasing global preference for water sports is also a major driver of market growth. Global policies for reducing harmful emissions have pushed market players to build new battery designs and technologies that contribute to sustainability and spur growth. Renewable energy usage for charging of the marine battery market is expected to act as a driver in the market. Furthermore, advancements in hybrid propulsion technology are also expected to spur growth.
The limited capacity of ships and shortened range hamper the growth of the market
The factor that may hinder the market growth are a limited range of fully electric ships. Another drawback is that the capacity of existing ships is too less and needs massive infrastructural development.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. The growth of the European shipbuilding industry is one of the most important contributing factors to hybrid propulsion ship demand in the world. The growth of the demand in marine batteries in Europe is further motivated by increased investments in the electrification of ships and the restructuring of shipbuilding companies.
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