Marine Battery Market Expected to Reach $1.99 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Marine Battery Market by Battery Type, Ship Type, Function, Nominal Capacity, Sales Channel, and Battery Density: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global marine battery market was valued at $0.37 billion in 2021, and is projected to reach $1.99 billion in 2030, registering a CAGR of 20.5%..

Europe dominates the market, in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. Europe is expected to maintain its dominance in the global market, as the region is one of the largest markets for marine/shipping. Moreover, surge in demand for electric and hybrid ships is driving the growth of this market.

U.S. dominated the global marine battery market share in 2020. The marine industry is the most important sector in the U.S. It is responsible for more than 6,00,000 jobs and generates an annual output of over $150 billion. This huge maritime industry creates demand for the marine battery market across the U.S. Moreover, increase in adoption of innovative technologies for marine vessels is fueling the growth of marine battery market.

The prominent factors that drive the growth of the marine battery market include rise in the global trade and increase in adoption of lithium ion battery. Moreover, increase in water sports and leisure activities propels the growth of the marine battery market. The countries such as China, India, and Brazil are growing economies. Thus, the shipbuilding and marine component manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the marine battery market in the region.

The sale of the marine battery is directly associated with manufacturing adoption of marine vessels across the globe. The COVID-19 crisis is causing uncertainty in the marine battery market by delaying supply chains, hampering business growth and generating uncertain demand scenarios.

By battery type, the marine battery market is segregated into lithium, lead acid, and others. The lead acid segment accounted for the highest revenue in 2020, as lead acid batteries is widely adopted across various marine vessels due to their cost-effectiveness.

COVID-19 Impact Analysis

• The COVID-19 impact on the marine batteries market is unpredictable, and is expected to remain in force for a few years.
• The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for marine batteries.
• Boat and engine manufacturers suffered massive losses in the first and second quarters of 2020 as a result of disrupted supply chains and production schedules.
• Moreover, nationwide lockdown forced parts manufacturing facilities to partially or completely shut their operations.

Key Findings Of The Study

• By battery type, the lithium segment is expected to register a significant growth during the forecast period.
• On the basis of ship type, the defense segment is anticipated to exhibit significant growth in future.
• Depending on function, the dual-purpose segment is projected to lead the global marine battery market.
• As per nominal capacity, more than 150 Ah is anticipated to register the highest CAGR during the forecast period.
• By sales channel, the OEM segment is projected to lead the global marine battery market.
• By battery density, more than 100 WH/KG segment is projected to lead the global marine battery market
• Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

The key players operating in the global marine battery market include Akasol AG, EnerSys, Toshiba Corporation, Siemens, Leclanché SA , Saft , Echandia AB , EverExceed Industrial Co, Lifeline Batteries Inc., and Spear Power Systems