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Marine Battery: Introduction

  • Marine batteries are designed particularly for use on boats or powerboats with heavier plates and robust construction, designed to withstand vibration and pounding. Marine batteries last longer and are more reliable.
  • The various types of marine batteries available in the market include fully electric batteries, hybrid batteries, conventional starting batteries, deep-cycle batteries, dual-purpose batteries, lead-acid batteries, lithium batteries, fuel cell batteries, solid-state batteries, and flow batteries. These are used in the commercial sector, and defense sector, among others.
  • Implementation of the Sulfur 2020 rule, a growing maritime tourism industry, increasing conversion of propulsion systems in passenger vessels, growing seaborne trade across the world, strict government carbon emission policies, and development of lithium batteries are the factors anticipated to fuel the growth of the marine battery market.
  • Marine batteries are more expensive than automotive batteries. Some boat owners purchase automobile batteries instead of marine batteries, which is a major restraint of the marine battery market.

Rise in Demand for Fully Electric Marine Batteries

  • By propulsion type, the fully electric segment is expected to be the fastest growing segment in the marine battery market during the forecast period due to fully electric marine battery ships having a positive impact on the environment as the inclusion of high energy storage in batteries and optimized power control can reduce fuel consumption, emissions, and maintenance.
  • The rising demand for fully electric marine batteries for fully electric small and medium passenger and cargo ships is driving the growth of the fully electric marine battery market.
  • The dual-purpose marine batteries segment is expected to see the second largest market growth rate during the forecast period. Marine dual-purpose batteries combine the performance of starting batteries and deep-cycle batteries. Such batteries are majorly used by ships that have space for two or more batteries and these batteries are formed with active lead paste chemistry, which supports them in tolerating deep discharges.
  • Japan, New Zealand, Australia, China, and Norway are moving toward using battery propelled fully electric and hybrid technology ferries for passenger transport.
  • The global leader in marine batteries, Corvus Energy, signed a contract with Westcon Power & Automation for the supply of a lithium-ion battery-based energy storage system (ESS) for a new hybrid coastal cargo vessel being built for Arriva Shipping at Dayang Offshore Equipment in China in March 2020. This contract helps the company to strengthen its relationship with Westcon Power & Automation.

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Europe to Lead the Marine Battery Market

  • In terms of region, the global marine battery market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • Europe is expected to witness highest growth in the marine battery market throughout the forecast period due to a growing shipbuilding industry in Europe contributing to the demand for ships with hybrid propulsion batteries in the region.
  • Moreover, growing investment in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the marine battery market in Europe.
  • The European Union has come up with regulations on CO2 emissions and the presence of sulfur in fuel. Additionally, strict government policies restricting carbon emission is also likely to drive the marine battery market in Europe during the forecast period.
  • The marine battery market in North America and Asia Pacific are expected to expand at a substantial rate during the forecast period. On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.

Key Players Operating in the Global Marine Battery Market

The global marine battery market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancements and expansion to meet the rising demand for marine batteries. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.

Key players operating in the global marine battery market include:

  • Corvus Energy
  • Akasol AG
  • EST-Floattech
  • Siemens
  • Spear Power Systems
  • Echandia Marine
  • Sterling PBES Energy Solutions
  • Furukawa Battery Solutions
  • Lithium Werks
  • Exide Technologies
  • Craftsman Marine
  • Power Tech System
  • Kokam Co. Ltd.
  • Toshiba Corporation
  • XALT Energy
  • Ever Exceed Industrial Co. Ltd
  • U.S. Battery
  • Lifeline Batteries
  • Saft
  • Forsee Power
  • Leclanche

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Global Marine Battery Market: Research Scope

Global Marine Battery Market, by Propulsion Type

  • Fully Electric
  • Hybrid
  • Conventional

Global Marine Battery Market, by Application

  • Commercial
  • Defence

Global Marine Battery Market, by Battery Type

  • Lead-acid
  • Lithium
  • Fuel Cell

Global Marine Battery Market, by Battery Function

  • Starting Batteries
  • Deep-cycle Batteries
  • Dual-purpose Batteries

Global Marine Battery Market, by Battery Design

  • Solid-state Batteries
  • Flow Batteries

Global Marine Battery Market, by Ship Range

  • <50 KM
  • 50–100 KM
  • 100–1,000 KM
  • >1,000 KM

Global Marine Battery Market, by Ship Power

  • <75 KW
  • 75–150 KW
  • 150–745 KW
  • 745–7,560 KW
  • >7,560 KW

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Marine Battery Market

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