DELRAY BEACH, Fla., Dec. 17, 2024 /PRNewswire/ -- The Marine Battery Market is estimated to be USD 882.3 million in 2024 and is projected to reach USD 1,506.0 million by 2030 at a CAGR of 9.3% from 2024 to 2030 according to a new report by MarketsandMarkets. Marine battery manufacturers focus on developing efficient, durable, and safe energy solutions tailored to withstand harsh marine environments. High energy density, customization for various vessel types, and cost-effective battery designs are some of the factors that are providing growth for the marine battery market.
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Browse in-depth TOC on "Marine Battery Market"
125 - Tables
80 - Figures
280 - Pages
Marine Battery Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 882.3 million |
Estimated Value by 2030 | $ 1,506.0 million |
Growth Rate | Poised to grow at a CAGR of 9.3% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By vessel type, function, capacity, propulsion, power, design, type, sales, form |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Energy Density Limitations |
Key Market Opportunities | Electrification of short-range vessels |
Key Market Drivers | Rising fuel costs and operational efficiency needs |
By capacity, <100 Ah segment for the marine battery market is projected to have highest market share during the forecast period.
The marine battery market, <100 Ah segment is projected to have the highest market share from 2024 to 2030. These batteries are lightweight and compact, less expensive and are highly suitable for recreational boats, fishing vessels, and nearshore operations which does not need high energy storage. Their affordability makes them an attractive option to price-sensitive operators while improved technology advances improve their reliability and lifespan. As demand for sustainable power solutions increases within the maritime industry, the <100Ah segment benefits from the large scope of applications and efficiency in satisfying specific operational needs.
Based on form, the prismatic segment will be dominating the market share acting as an ideal form for marine vessel applications.
The prismatic segment will be dominating the market share acting as an ideal form of battery for marine applications. These batteries offer various advantages like higher energy density and better thermal management making them ideal for various vessel types like recreational boats to commercial ships. Also, Prismatic form of batteries have robust casing which helps in enhancement of durability and resistance with reliable performance. These batteries are easier to stack and integrate into systems like propulsion and auxiliary systems driving their demand for adoption in hybrid and electric marine vessels.
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Asia Pacific holds the second highest market share in the region considered for the marine battery market.
Asia Pacific marine battery industry accounts for the second-highest share of the global market, primarily because of the emphasis to the sustainable maritime practices with focus in the region and the adoption of various advanced technologies. Factors like Large ports, inland waterways, and a strong recreational focus on growing the marine industry are factors driving the market. Also, the environmental regulations like the adoption of zero-emission operations in waterways further drive the usage of hybrid and electric propulsion systems in marine vessels. Asia Pacific government also provides incentives for renewable energy projects focusing on reducing greenhouse gas emissions in maritime transport contributing to the market's growth in this region.
Siemens Energy (Germany), Leclanché SA (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US) are the major key players in the marine battery companies. These companies have strong distribution networks across regions like North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
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