Global Marine Battery Market Size (2024 - 2029)

The marine battery market is poised for significant expansion, driven by increasing demand for marine freight transportation, water sports, and vessel modernization. The market's growth is further supported by the rising automation in marine transportation and the growing preference for electric and hybrid vessels. Despite the mild impact of the COVID-19 pandemic on the global marine sector, the market is expected to experience a robust growth trajectory, bolstered by the dominance of ocean shipping in global trade.

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Market Size of Global Marine Battery Industry

Marine Battery Market Summary
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

Marine Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
North America
United States
Canada
Europe
Germany
United Kingdom
France
Russia
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
United Arab Emirates
Saudi Arabia
Israel
South Africa
Rest of Middle East and Africa
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Global Marine Battery Market Size Summary

The marine battery market is poised for significant growth, driven by increasing demand for marine freight transportation, water sports, and leisure activities. The market is also benefiting from rising investments in vessel modernization and the growing trend towards automation in marine transportation. The shift towards electric and hybrid vessels is a key factor propelling market expansion. The lithium-ion battery segment, in particular, is expected to experience substantial growth due to its advantages over traditional lead-acid batteries, such as longer lifespan, improved safety, and higher efficiency. The demand for these batteries is further bolstered by the increasing need for commercial vessels with electric propulsion, as they offer high storage capacity and reduced weight, making them ideal for modern marine applications.

Europe dominates the marine battery market, supported by its extensive maritime territory and significant freight handling capabilities. The region's growth is fueled by the presence of numerous commercial vessel operators and the procurement of advanced electric propulsion systems. The market is characterized by a fragmented landscape with several key players, including BorgWarner Inc., Siemens AG, and Saft, who are actively developing lightweight and high-power marine batteries. Collaborative efforts, such as those between ABS and Contemporary Amperex Technology Co., Limited, highlight the industry's focus on advancing lithium battery propulsion technologies. These developments, along with strategic partnerships and product launches, are expected to sustain the market's growth trajectory in the coming years.

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Global Marine Battery Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Battery

      1. 2.1.1 Lithium-ion

      2. 2.1.2 Nickel-Cadmium

      3. 2.1.3 Fuel Cell

      4. 2.1.4 Lead Acid

    2. 2.2 Ship Type

      1. 2.2.1 Commercial

      2. 2.2.2 Defense

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Russia

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 India

        2. 2.3.3.2 China

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Latin America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Rest of Latin America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 Israel

        4. 2.3.5.4 South Africa

        5. 2.3.5.5 Rest of Middle East and Africa

Global Marine Battery Market Size FAQs

The Global Marine Battery Market is projected to register a CAGR of greater than 18% during the forecast period (2024-2029)

Siemens AG, Exide Technologies, Saft, BorgWarner Inc. and Wartsila Corporation are the major companies operating in the Global Marine Battery Market.

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Marine Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)