Marine Battery

  • 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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COVID-19 Impact

  • 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

Key Development

  • 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
  • EST-Floattech
  • Siemens
  • Exide Technologies
  • Sterling PBES Energy Solutions

Global Marine Battery Market: Research Scope

Global Marine Battery Market, by Battery Type

  • Lithium
  • Lead-acid
  • Fuel Cell
  • Absorbent Glass Mat (AGM)
  • Others

Global Marine Battery Market, by Sales Chain

  • Aftermarket
  • Original Equipment Manufacturer (OEM)

Global Marine Battery Market, by Propulsion Type

  • Hybrid
  • Conventional
  • Fully Electric

Global Marine Battery Market, by Application

  • Defense
  • Commercial

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

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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