Marine Battery Market worth $2,056 Million by 2030 – Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 17, 2023 /PRNewswire/ — The Marine Battery market size is projected to grow from USD 527 Million in 2022 to USD 2,056 Million by 2030, at a CAGR of 18.6 % from 2022 to 2030 according to a new report by MarketsandMarkets™. The anticipated growth in demand for hybrid and fully-electric vessels is driving market expansion.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210222319

Browse in-depth TOC on “Marine Battery Market” 

210 – Tables

57 – Figures

236 – Pages

Commercial Segment is expected to account for the largest share in 2022

Based on Ship Type, Commercial segment is projected to lead the Marine Battery market during the forecast period. The adoption of hybrid and electrical systems to replace conventional propulsion systems in order to reduce the carbon and sulfur emissions from the marine vessels is driving the marine battery market. Manufacturers must respond to increasing industry demand to minimize greenhouse gas emissions. With this in mind, new commercial ship construction is expected to create 40% less carbon dioxide emissions by 2040.

The Lithium Battery segment is projected to dominate market share in the system segment during the forecast period

Based on Battery Type, the lithium battery segment is projected to dominate the market share during the forecast period. Hybrid and fully electric vessels rely on lithium batteries as a prime power source. These batteries have a long lifecycle and high power storage capacity in terms of charge/discharge efficiency and low maintenance needs. They offer the highest specific energy of commercially available batteries, relatively high cycle life, and highest energy density of commercially available batteries. Other market alternatives to lithium-ion are often unable to deliver the same level of energy density or cycle life. Different materials and chemistries in the electrodes and electrolyte, as well as production processes and related materials, can be found in lithium-ion batteries.

The OEM segment is projected to dominate market share in the system segment during the forecast period

Based on Sales Channel, the OEM segment is projected to dominate the market share during the forecast period. The constantly growing global trade and tourism and the increasing quantity of deliveries delivered to meet demand both have an impact on rising production rates of marine batteries. The upcoming laws that aim to adopt sustainable practices in marine vessel operations are expected to be the driving reason behind fleet modernization initiatives, which will further fuel the growth of the marine battery market.

The Fully Electric Propulsion segment projected to lead Marine Battery market during the forecast period

Based on Propulsion Type, the fully electric segment is projected to lead the Marine Battery market during the forecast period. The market is further segmented into conventional, hybrid, and fully-electric propulsion system. Electric propulsion reduces the requirement for a huge distance between the diesel engine and the propeller shafts and rudders, resulting in a significant reduction in overall mechanical equipment weight, higher tank capacity, and enhanced ship navigation efficiency. It helps in significantly reducing the overall emissions of fuel generated by a marine vessel.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=210222319

Europe is expected to account for the largest share in 2022

The Marine Battery market industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. Europe accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The market for Marine Battery is expected to benefit from rising global trade operations, hybridization and electrification of marine vessels while the escalation of global geopolitical rifts is driving the race for superiority in terms of military capabilities, as evidenced by increased defense expenditure and divestments in the modernization of various defense vessels by countries. Furthermore, increased investment in R&D by major players and OEMs to manufacture superior energy storage systems to meet future sustainable and operational requirements will drive the market.

Major players operating in the marine battery market include Corvus Energy (Norway), Leclanché S.A. (Switzerland), Siemens AG (Germany), Saft SA (France) and Shift Clean Energy (Canada).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=210222319 

Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting

Related Reports:

Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Component, Application, System, Platform (Commercial, Military, Business & General Aviation, UAV, AAM) and Region (2021-2030)

Electric Aircraft Market by Platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software), Technology, Application, and Region (2021-2030)

Electric Ship Market by Type (Fully Electric, Hybrid), System, Mode of Operation (Manned, Remotely Operated, Autonomous), Ship Type (Commercial, Defense), Power, Range, Tonnage, End Use (Linefit and Retrofit), and Region (2021-2030)

Connected Ship Market by Application (Vessel Traffic Management, Fleet operations, Fleet Health Operations), Installation Type (Onboard, Onshore), Ship Type (Commercial, Defense), Fit (Linefit, Retrofit), Region (2017-2023)

Autonomous Ships Market by Autonomy (Fully Autonomous, Remotely Operated, Partially Autonomous), Ship Type (Military, Commercial), Solution, End User, Propulsion and Region (North America, Europe, APAC and Rest of the World) – Forecast to 2030

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra


MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Visit Our Web Site: https://www.marketsandmarkets.com/

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/marine-battery-market.asp

Content Source: https://www.marketsandmarkets.com/PressReleases/marine-battery.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets


Go to Source