Marine Battery Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 18.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Marine Battery Market Analysis
The marine battery market is expected to register a CAGR of more than 18% during the forecast period.
- The global marine sector witnessed the mild impact of the COVID-19 pandemic. According to the United Nations Conference on Trade and Development (UNCTAD) Review of Maritime Transport Report 2021, the impact of the COVID-19 pandemic on maritime trade volumes in 2020 was less severe than initially expected. The report stated that maritime trade contracted by 3.8% in 2020, but it recovered later in 2020 and is projected to increase by 4.3% in 2021.
- Growing demand for marine freight transportation, an increase in water sports and leisure activities, and rising investments in vessel modernization programs drive the growth of the market. Furthermore, growing automation in marine transportation and rising demand for electric and hybrid vessels will drive market growth in the coming years. According to the Organisation for Economic Co-operation and Development (OECD), ocean shipping is the major transport mode for global trade, around 90% of traded goods are carried by sea, which is likely to supplement the growth curve of the market over the forecast period.
Marine Battery Market Trends
This section covers the major market trends shaping the Marine Battery Market according to our research experts:
Lithium-ion Segment is Projected to Highest Growth During the Forecast Period
The Lithium-ion battery segment is estimated to show remarkable growth during the forecast period. The growth is attributed to the growing maritime trade and increasing demand for commercial vessels with electric propulsion. These marine batteries are lightweight, more efficient than lead-acid batteries, and can last up to ten times longer. The batteries provide various advantages such as longer durations, improved safety, higher discharge rates, and required less maintenance. The lithium marine batteries have a lifecycle from 3000 to 5000 cycles. Furthermore, these batteries have high storage capacity, reduced weight, and size. Thus, the rising demand for marine vessels due to increased maritime trade and growing investment in the marine sector will create higher demand for lithium-ion batteries, which will drive the growth of the market.
For instance, in June 2022, Saft, a subsidiary of TotalEnergies, launched a new lithium-ion battery system, Seanergy 2.0, for hybrid and full-electric vessels. It can be scaled to suit propulsion and other loads on board vessels such as workboats and tugs, ferries, cruise liners, offshore support vessels, and yachts. Also, in November 2021, Electric Fuel, a global manufacturer of high-performance batteries launched its new 48V high-energy density lithium-ion marine battery at the METSTRADE 2021 show, held in Amsterdam, Netherlands. The new 48V batteries generate the standard voltage for e-boats and e-mobility. Such factors are likely to drive the demand for lithium-ion batteries over the forecast period.
Europe Is Projected to Dominate the Market During the Forecast Period
Europe held the largest market share in the marine battery market and is anticipated to continue its domination during the forecast period. Europe has the largest maritime territory in the world. Eurostat report stated that 3.5 billion tonnes of freight were handled in European Union ports and the Netherlands remained the largest maritime cargo transport country across the region in 2021. Furthermore, the presence of a large number of commercial vessel operators and the growing procurement of advanced electric propulsion systems for marine vessels drive the growth of the market across Europe.
For instance, in November 2022, Vision Marine, the global innovator in the electric transition of the recreational boating industry, announced that it completed a production contract with Negi, a French manufacturer of specialized batteries and systems. These batteries would be installed in 120 full systems for Vision Marine's E-Motion 180E propulsion system offered to OEMs. In June 2022, Leclanché, a Swiss battery manufacturer, completed the development of the third generation of a marine battery system Navius MRS-3. The first systems are scheduled for delivery in 2023. Thus, growing expenditure on the development of advanced marine batteries boosts the market growth in Europe during the forecast period.
Marine Battery Industry Overview
The marine battery market is fragmented in nature, with the presence of several players holding significant shares in the market. Some of the prominent players in the market are BorgWarner Inc., Siemens AG, Wartsila Corporation, Exide Technologies, and Saft, among others.
An increase in focus on the development of lightweight, high-power, reduced size and operates for longer duration marine batteries from OEMs drives the growth of the market. For instance, in March 2022, RELiON Battery, a lithium batteries manufacturer, launched its InSight Series 12V battery which offers boat and vessel owners the ability to power more appliances for longer while off the grid. The company stated that one battery at 120 amp-hours provides 160 amps continuous current and can power multiple appliances in a marine vessel at the same time.
Marine Battery Market Leaders
Siemens AG
Exide Technologies
Saft
BorgWarner Inc.
Wartsila Corporation
*Disclaimer: Major Players sorted in no particular order
Marine Battery Market News
- October 2022: ABS signed a cooperation agreement with Contemporary Amperex Technology Co., Limited (CATL) to work together and research lithium battery propulsion for next-generation vessels. Under the agreement, the two companies would carry out research on the technical standards for battery-powered vessels, which includes key safety-related technologies such as the charging system, power battery compartment layout, propulsion system, and fire control.
- January 2022: Vision Marine Technologies entered a partnership with Octillion Power Systems, a battery supplier, to develop a custom high-voltage 35 kW battery pack exclusively for use in the recreational boating market.
Marine Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Battery
5.1.1 Lithium-ion
5.1.2 Nickel-Cadmium
5.1.3 Fuel Cell
5.1.4 Lead Acid
5.2 Ship Type
5.2.1 Commercial
5.2.2 Defense
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Israel
5.3.5.4 South Africa
5.3.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 EnerSys
6.1.2 Exide Technologies
6.1.3 Saft
6.1.4 Siemens AG
6.1.5 Wartsila
6.1.6 BorgWarner Inc.
6.1.7 Furukawa Battery Solutions
6.1.8 Leclanche SA
6.1.9 Toshiba Corporation
6.1.10 HBL Power Systems
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Marine Battery Industry Segmentation
Marine batteries act as a primary power source for naval vessels and use chemical energy to provide power for numerous applications such as windlass, lightning, start-stop, fish locator, and others. Marine batteries are designed for use on ships, with heavier plates and robust construction designed to withstand the vibration that can occur onboard any powerboat. These batteries are designed with sturdier and more elevated plates for electricity. The batteries are protected from the short circuit while bouncing around with the boat during rough waters. These batteries have thicker plates with high levels of antimony, making them capable of large discharges over long periods.
The marine battery market is segmented based on battery, ship type, and geography. By battery, the market is segmented into lithium-ion, nickel-cadmium, fuel cell, and lead-acid. By ship type, the market is segmented into commercial and defense. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The market sizing and forecasts have been provided in value (USD million).
| Battery | |
| Lithium-ion | |
| Nickel-Cadmium | |
| Fuel Cell | |
| Lead Acid |
| Ship Type | |
| Commercial | |
| Defense |
| Geography | |||||||
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Marine Battery Market Research FAQs
What is the current Global Marine Battery Market size?
The Global Marine Battery Market is projected to register a CAGR of greater than 18% during the forecast period (2024-2029)
Who are the key players in Global Marine Battery Market?
Siemens AG, Exide Technologies, Saft, BorgWarner Inc. and Wartsila Corporation are the major companies operating in the Global Marine Battery Market.
Which is the fastest growing region in Global Marine Battery Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Marine Battery Market?
In 2024, the Europe accounts for the largest market share in Global Marine Battery Market.
What years does this Global Marine Battery Market cover?
The report covers the Global Marine Battery Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Marine Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Marine Battery Industry Report
Statistics for the 2024 Marine Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Marine Battery analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
