Marine Battery Market expected to hit USD 1783 Mn by 2029 at a CAGR of 18.3 percent - says Maximize Market Research
Marine Battery Market expected to hit USD 1783 Mn by 2029 at a CAGR of 18.3 percent – says Maximize Market Research
Marine Battery Market is segmented into Battery Type and Load Capacity for the analysis of the market. The growth rate of Marine Batteries has increased globally due to more sustainable and environmentally friendly transportation options, and the demand for electric and hybrid boats is growing rapidly. The bottom-up approach was used to estimate the Marine Battery Market size.
Pune, June 05, 2023 (GLOBE NEWSWIRE) -- A global Energy & Power research and business-consulting firm, Maximize Market Research, has published a market intelligence report on the “ Marine Battery Market ”. The report is a combination of primary data and secondary data and domain experts have analyzed Marine Battery Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 551 Mn in 2022 to USD 1783 Mn in 2029 at a CAGR of 18.3 percent.
Marine Battery Market Report Scope and Research Methodology
The report offers a quantitative analysis of the current drivers, restraints, trends, estimations, and opportunities in the Marine Battery Market, providing insights into prevailing opportunities during the forecast period. PORTER's five forces analysis evaluates the profit-oriented strategic decisions and supplier-buyer networks of market participants. In-depth analysis, market size, and segmentation aid in determining the current market potential. The report provides a comprehensive analysis to stakeholders interested in investing in the global Marine Battery Market, encompassing past and current market scenarios with forecasted size. It includes strategic profiling of key players, analyzing their core competencies, growth strategies, and market presence to guide investors. Mergers and acquisitions are among the strategies employed by players to expand market share and seize growth opportunities.
Marine Battery Market Overview
Marine batteries are more robust than car batteries. They are made up of thicker lead plates and tend to have a sturdier overall structure in order to cope with the vibrations and shaking that come with moving across lakes, oceans, and rivers. The collected data was analyzed using various statistical tools and techniques. The analysis includes both quantitative and qualitative analysis of the market, including market size, growth rate, market share, and market trends. The future growth of the Marine Battery Market is predicted based on historical data and analysis of the current market trends and growth drivers. The report includes a detailed analysis of the competitive landscape of the Marine Battery Market, including market share, competitive strategies, and product portfolio of the key players in the market.
Marine Battery Market Dynamics
The marine battery market showed extensive developments in past years and provided support by growth factors such as increasing demand for electric and hybrid passenger vessels with the launch of marine batteries. Marine electric batteries have a long life and also they last twice as long and weigh half as much as lead-acid batteries. Steve Sanford Lithium batteries weigh substantially less than comparable lead-acid models. The average life of a boat battery is around 3-4 years, although they can last up to 6 years in the right conditions. This benefit from electric and lithium batteries heightens the marine battery market growth. High performance and Economical factors of Lithium Deep Cycle Batteries are driving the marine battery market.
A Lithium deep cycle battery holds its voltage over the cycle, giving more power for marine applications than lead-acid battery which releases fewer Amps limiting the use of appliances. Lithium batteries provide more usable amp hours capacity than lead-acid batteries before they are needed to recharge without worrying to damage the battery. Cost-effectiveness and long-lasting power support are boosting the marine battery market. Deep cycle batteries are maintenance-free, cost-effective, and have longer-lasting power than lead-acid batteries. Lithium deep cycle batteries can still work and can hold out against cold weather or climate and are also the best fit during a camping trip. These factors are boosting the growth of the marine battery market.
Marine Battery Market Regional Insights
Europe is the leading region in the marine battery market and the fastest-growing market share globally. The growing market showed a rising number of commercial marine vessel operators and market players and the largest chain network in Europe. The rapid technological growth for developing advanced electric ships increases the demand for marine batteries. The development and automatic electric vessels in manufacturing industries and the commercial and Defense sector are propelling the market growth in the European marine battery market. Asia-Pacific is prophesied to hold the second-highest growth in the global marine battery market with Japan, India, and China making significant contributions. The demand for marine batteries in the region is unexpectedly high, influencing the increasing popularity of water sports and boating activities. The regions boast strong production capacities due to the large-scale availability of raw materials and increasing research and development surrounding different battery chemistries.
The Asia-Pacific has industry-friendly regulatory policies strengthened by supportive government regulations. North America experienced exponential growth in the forecast period. The increasing adoption of electric marine batteries is supporting the growth of the marine battery market. As well as the propulsion by government agencies such as NOAA, Rising battery-powered marine vessels for commercial improvement and governmental support, and Defense systems utilization. The large-scale demand for marine batteries in the North American region for leisure boats marine applications is providing support for higher growth in the marine battery market.
Marine Battery Market Segmentation
By Battery Type:
Lead-acid
Lithium-ion
Nickel-cadmium
Other
Lead Acid Batteries are the most commonly used type of battery in the marine industry. They are relatively inexpensive and have a long history of use in marine applications. The global marine battery market is projected to grow owing to the increasing focus on sustainability, especially in the marine industry. This sector has registered high levels of water pollution mainly due to the ever-expanding water activities conducted for various commercial and recreational purposes.
By Load Capacity:
Below 100 Ah
100-200 Ah
Above 200 Ah
Marine Battery Market Key Competitors include:
East Penn Manufacturing - Lyon Station, Pennsylvania, USA
Exide Technologies - Milton, Georgia, USA
Johnson Controls - Milwaukee, Wisconsin, USA
Saft - Bagnolet, France
Trojan Battery Company - Santa Fe Springs, California, USA
EnerSys - Reading, Pennsylvania, USA
Leoch Battery - Guangdong, China
NorthStar Battery - Springfield, Missouri, USA
Mastervolt - Amsterdam, Netherlands
Power Sonic Corporation - San Diego, California, USA
GS Yuasa Corporation - Kyoto, Japan
Rolls-Royce Power Systems - Friedrichshafen, Germany
Siemens Energy - Munich, Germany
Tesla Inc. - Palo Alto, California, USA
ABB Ltd. - Zurich, Switzerland
Corvus Energy - Richmond, British Columbia, Canada
Kokam Co. Ltd. - South Korea
LG Chem Ltd. - Seoul, South Korea
Panasonic Corporation - Osaka, Japan
Samsung SDI Co. Ltd. - South Korea
Sonnen GmbH - Wildpoldsried, Germany
Toshiba Corporation - Tokyo, Japan
VARTA AG - Ellwangen, Germany
Winston Battery Limited - Huizhou, Guangdong, China
Victron Energy BV - Almere Haven, Netherlands