Marine Battery Management System
- Marine battery management system is an electric system that regulates rechargeable batteries used in marine vessels such as cruisers, yachts, defense vessels, cargos, and container ships. Commonly used marine batteries in the market are lithium-ion, lead-acid, and absorbent glass mat (AGM).
- The marine battery management system manages the output, and charging and discharging of batteries; and provides information on the status of the battery pack. It also provides critical safeguards to protect batteries from damage.
- The marine battery management system is selected depending upon the operation, i.e. starting batteries, deep-cycle batteries, and dual-purpose batteries
- The implementation of IMO 2020 regulation has boosted the demand for alternative fuels such as liquefied natural gas (LNG), fuel cells, and battery operated vessels
- Demand for fully electric and hybrid vessels has been rising. This is likely to drive the demand for marine battery management system.
Key Drivers of Global Marine Battery Management System Market
- Demand for marine battery management system has been increasing owing to rise in tourism activities and per capita income of the people. Steady rise in demand for pleasure and recreational activities around the globe is also anticipated to propel the demand for marine batteries, thereby propelling the marine battery management system market.
- Increase in seaborne trade across the globe is also likely to boost the demand for marine battery management system in the near future
- Manufacture of batteries has been adversely affected by the COVID-19 pandemic. Many manufacturing companies have completely or partially shut their manufacturing plants. Decrease in global demand for batteries has hampered the demand and supply of marine battery management systems.
- Many battery suppliers have halted their operations owing to lockdowns imposed to curtail the pandemic
- On June 26, 2019, AKASOL AG announced plans to open a production facility in the U.S. This expansion is in response to the demand for the company's high energy battery modules from major international manufacturers. The State of Michigan has given its full backing to Akasol's plans, awarding the company a one-digit million Euro Michigan Business Development Program grant toward the construction of the production facility. The new facility is expected to generate total investment in the mid two-digit million Euro volume over a duration of five years
Europe to Hold Major Share of Global Marine Battery Management System Market
- Based on region, the global marine battery management system market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global marine battery management system market in 2019, owing to the presence of large number of marine vessels, boats, yachts, etc. in the region. The trend is projected to continue during the forecast period due to rise in recreational and boating activities in the region. Demand for alternative marine fuel is rising in Europe due to the implementation of the IMO 2020 regulation. Investments in electrification and hybrid ships are also rising in the region.
- The pleasure boat industry in France has 5,435 companies that employ a total of 40,510 employees. France accounts for nearly one-third of sales and one-fifth of the fleet in Europe.
- North America held vital share of the market in 2019 owing to the large fleet size and increase in demand for pleasure boats in the region. Rise in tourism and recreational activities is estimated to boost the demand for marine battery management system in North America during the forecast period.
- The marine battery management system market in Asia Pacific is anticipated to expand at a healthy pace during the forecast period. The sea tourism industry in Asia Pacific is developing at a rapid pace. Furthermore, the pleasure & recreational boat industry has started expanding in the region.
- The market in Middle East & Africa and Latin America is estimated to expand at a moderate pace during the forecast period. Demand for yachts, powerboats, and cruises is rising in these regions, especially in South Africa, the UAE, and Saudi Arabia.
Key Players Operating in the Market
Leading player operating in the marine battery management system market include:
- Corvus Energy
- Furukawa Battery Solutions
- XALT Energy
- Lifeline Batteries
- Toshiba Corporation
- Spear Power Systems
- Lithium Werks
- Craftsman Marine
- Akasol AG
- Echandia Marine
- Exide Technologies
- Sterling PBES Energy Solutions
Global Marine Battery Management System Market: Research Scope
Global Marine Battery Management System Market, by Battery Type
- Fuel Cell
- Absorbent Glass Mat (AGM)
Global Marine Battery Management System Market, by Sales Chain
- Original Equipment Manufacturer (OEM)
Global Marine Battery Management System Market, by Propulsion Type
- Fully Electric
Global Marine Battery Management System Market, by Application
Global Marine Battery Management System Market, by Operation
- Starting Batteries
- Deep-cycle Batteries
- Dual-purpose Batterie
Global Marine Battery Management System Market, by Capacity
- Up to 100 AH
- 100–250 AH
- Above 250 AH
Global Marine Battery Management System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa