Global Marine Battery Industry Outlook 2020-2025 - Increase in Seaborne Trade Across the Globe and Development of Lithium Batteries are Driving Market Growth

Dublin, July 22, 2020 (GLOBE NEWSWIRE) -- The "Marine Battery Market by Battery Type (Lithium, Fuel Cell, Lead-acid), Propulsion Type (Fully Electric, Hybrid, Conventional), Application, Sales Channel, Ship Range, Nominal Capacity, Battery Design, Battery Function, and Region - Global Forecast to 2025" report has been added to's offering.

The global marine battery market is projected to grow from USD 250 million in 2020 to USD 812 million by 2025, at a CAGR of 48.1% between 2020 and 2025 period.

The increase in seaborne trade across the globe and the development of lithium batteries are anticipated to drive the growth of the marine battery market. However, the limited range and capacity of fully electric ships are limiting the overall growth of the market.

Based on sales channel, the aftermarket segment is anticipated to grow at a higher CAGR during the forecast period

Based on sales channel, the aftermarket segment is anticipated to grow at a higher CAGR than the OEM segment during the forecast period. Shipowners are updating or retrofitting the equipment installed on their existing vessels to increase efficiency and durability. Ships can be retrofitted with batteries and electric motors to reduce the load demand on engines for propulsion. A growing number of offshore vessel owners/operators are upgrading their diesel-electric propulsion systems to hybrid configurations to provide greater operational flexibility and minimize fuel consumption across their fleets.

Based on propulsion type, the fully electric segment is projected to register the highest CAGR during the forecast period

Based on propulsion type, the fully electric segment is projected to witness the highest CAGR during the forecast period. Fully electric-driven ships have a positive effect on the environment as the inclusion of high energy storage in batteries and optimized power control can reduce fuel consumption, maintenance, and emissions. The growth of the fully electric segment can be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several manufacturers are jointly investing in the manufacturing of ships adhering to the IMO 2020 rule.

Europe is estimated to lead the marine battery market in 2020 The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the demand for ships with hybrid propulsion in the region. Increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the marine battery market in Europe.

Research Coverage

The report covers the marine battery market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as battery type, propulsion type, sales channel, application, nominal capacity, ship range, ship power, battery function, battery design, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key players in the marine battery market are Corvus Energy (Canada), Akasol AG (Germany), EST-Floattech (Netherlands), Siemens (Germany), Spear Power Systems (US), Echandia Marine (Sweden), Sterling PBES Energy Solutions (Canada), Furukawa Battery Solutions (Japan), Lithium Werks (Netherlands), Exide Technologies (US), Craftsman Marine (Netherlands), PowerTech Systems (France), Kokam Co. Ltd. (South Korea), Toshiba Corporation (Japan), XALT Energy (US), EverExceed Industrial Co. Ltd. (China), U.S. Battery (US), Lifeline Batteries (US), Saft (France), Forsee Power (France), and Leclanch (Switzerland).

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Marine Battery Market
4.2 Marine Battery Market, by Ship Range
4.3 Marine Battery Market, by Application
4.4 Marine Battery Market, by Ship Power
4.5 Marine Battery Market, by Region

5 Market Overview
5.1 Introduction
5.1.1 Roadmap of Marine Electrification
5.2 Market Dynamics
5.2.1 Drivers Implementation of Sulfur 2020 Rule Rise in Conversion of Propulsion Systems in Passenger Vessels Increase in Seaborne Trade Across the Globe Growing Maritime Tourism Industry Development of Lithium Batteries
5.2.2 Restraints Long Downtime During Retrofitting of Ships Resulting in Revenue Loss Limited Range and Capacity of Fully Electric Ships
5.2.3 Opportunities Potential for Marine Battery Manufacturers to Develop High Power Batteries Potential for Battery Charging Via Renewable Energy Sources Hybrid Propulsion Technology for Large Ships
5.2.4 Challenges Inadequate Charging Infrastructure High Initial Capital Expenditure

6 Industry Trends
6.1 Introduction
6.2 Roadmap Toward Emission-Free Shipping Industry
6.3 Phasing of Marine Propulsion Technologies
6.4 Value Chain Analysis
6.5 Average Selling Price Trend
6.6 Case Study Analysis
6.6.1 Rolls-Royce Marine - 2020
6.6.2 Kongsberg and Yara - 2020
6.6.3 Japanese Consortium - 2025
6.7 Technology Analysis
6.7.1 Electrification of Leisure Boats
6.7.2 Potential of Hybrid Technology
6.7.3 Fully Electric Ferries for Passenger Transport
6.7.4 Solar Sails
6.7.5 Advanced Batteries for Electric Ships
6.7.6 Potential of Hydrogen as a Zero-Emission Fuel for Shipping Industry
6.8 Patent Analysis

7 Marine Battery Market, by Application
7.1 Introduction
7.2 Commercial
7.3 Defense

8 Marine Battery Market, by Battery Design
8.1 Introduction
8.2 Solid-State Batteries
8.3 Flow Batteries

9 Marine Battery Market, by Battery Function
9.1 Introduction
9.2 Starting Batteries
9.3 Deep-Cycle Batteries
9.4 Dual-Purpose Batteries

10 Marine Battery Market, by Battery Type
10.1 Introduction
10.2 Lithium
10.3 Lead-Acid Battery
10.4 Fuel Cell

11 Marine Battery Market, by Nominal Capacity
11.1 Introduction
11.2 <100 Ah
11.3 100-250 Ah
11.4 >250 Ah

12 Marine Battery Market, by Propulsion Type
12.1 Introduction
12.2 Fully Electric
12.3 Hybrid
12.4 Conventional
12.5 Ship Autonomy, by Propulsion Type

13 Marine Battery Market, by Sales Channel
13.1 Introduction
13.2 OEM
13.3 Aftermarket

14 Marine Battery Market, by Ship Power
14.1 Introduction
14.2 <75 kW
14.3 75-150 kW
14.4 150-745 kW
14.5 740-7,560 kW
14.6 >7,560 kW

15 Marine Battery Market, by Ship Range
15.1 Introduction
15.2 <50 Km
15.3 50-100 Km
15.4 100-1,000 Km
15.5 >1,000 Km

16 Regional Analysis
16.1 Introduction
16.2 North America
16.3 Europe
16.4 Asia-Pacific
16.5 Rest of the World

17 Competitive Landscape
17.1 Introduction
17.2 Revenue & Ranking Analysis of Key Market Players, 2020
17.3 Key Market Developments
17.3.1 New Product Launches/Investments/Certifications/Expansions
17.3.2 Contracts
17.3.3 Partnerships & Agreements

18 Company Evaluation and Company Profiles
18.1 Company Evaluation Matrix
18.1.1 Star
18.1.2 Emerging Leaders
18.1.3 Pervasive
18.1.4 Emerging Companies
18.2 Company Profiles
18.2.1 Corvus Energy
18.2.2 Akasol AG
18.2.3 Est-Floattech
18.2.4 Saft
18.2.5 Siemens AG
18.2.6 Leclanch SA
18.2.7 Spear Power Systems, Inc.
18.2.8 Echandia Marine
18.2.9 Powertech Systems
18.2.10 Lifeline Batteries
18.2.11 Sterling Pbes Energy Solutions
18.2.12 Furukawa Battery Co. Ltd.
18.2.13 Lithium Werks
18.2.14 Exide Technologies
18.2.15 Everexceed Industrial Co. Ltd.
18.2.16 U.S. Battery Mfg. Co.
18.2.17 Craftsman Marine
18.2.18 Kokam Co. Ltd.
18.2.19 Toshiba Corporation
18.2.20 Xalt Energy
18.2.21 Forsee Power

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