- Marine batteries are used in marine vessels such as cruises, yachts, defense vessels, cargos, and container ships. Prominently used marine batteries in the market are lithium-ion, lead-acid, and absorbent glass mat (AGM).
- Lead-acid batteries are the oldest and largely used marine batteries owing to their low price. However, demand for lithium-ion and absorbent glass mat battery has been rising. These batteries have high energy density and low maintenance.
- Marine battery 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) and fuel cells
- Demand for fully electric and hybrid vessels has been rising, as they help lower fuel consumption, maintenance costs, and carbon emission
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Key Drivers of Global Marine Battery Market
- Demand for marine battery has been increasing owing to rise in tourism activities and per capita income. Furthermore, steady growth in demand for pleasure and recreational activities around the globe is anticipated to propel the demand for marine batteries.
- Increase in seaborne trade across the globe is also likely to propel the demand for marine battery in the near future
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- Manufacturing of batteries has been adversely affected by the COVID-19 pandemic. Many manufacturing companies have completely or partially shut their manufacturing plants. Furthermore, decrease in global demand for batteries has hampered the demand and supply side.
- Many battery suppliers have halted their operations owing to the lockdown in various parts of the globe
- In June 2019, AKASOL AG announced plans to open a production facility in the U.S. This was 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 Market
- Based on region, the global marine battery market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global marine battery 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 marine alternate fuel is rising due to the implementation of IMO 2020 regulation. Also, investments in electrification and hybrid ships are rising.
- 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 batteries in North America during the forecast period.
- The marine battery market in Asia Pacific is anticipated to expand at healthy space during the forecast period. The sea tourism industry in Asia Pacific is developing at a rapid pace. Moreover, the pleasure and 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 has been rising in these, especially in South Africa, the UAE, and Saudi Arabia.
Key Players Operating in Market
Leading players operating in the global marine battery 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 Market: Research Scope
Global Marine Battery Market, by Battery Type
- Fuel Cell
- Absorbent Glass Mat (AGM)
Global Marine Battery Market, by Sales Chain
- Original Equipment Manufacturer (OEM)
Global Marine Battery Market, by Propulsion Type
- Fully Electric
Global Marine Battery Market, by Application
Global Marine Battery Market, by Operation
- Starting Batteries
- Deep-cycle Batteries
- Dual-purpose Batteries
Global Marine Battery Market, by Capacity
- Up to 100 AH
- 100–250 AH
- Above 250 AH
Global Marine Battery Market, by Ship Range
- Up to 100 KM
- 101–500 KM
- 501–1,000 KM
- Above 1,000 KM
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