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Global Marine Battery Market to Reach USD 2,869.4 million by 2032, Aided by Growing Use of Fully Electric and Hybrid Ships

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Market Growth

Global Marine Battery Market Size, Share, Trends, Forecast: By Application: Commercial, Defence; By Battery Design: Solid-State Batteries, Flow Batteries; By Battery Function; By Battery Type; By Nominal Capacity; By Propulsion Type; By Sales Channel; By Ship Power; By Ship Range; Regional Analysis; Competitive Landscape; 2024-2032

Global Marine Battery Market Growth

The global market for marine battery is primarily driven by the electrification of the marine sector to reduce its emissions. In July 2023, International Maritime Organisation (IMO) member states adopted the updated 2023 IMO Strategy to reduce the GHG emissions from ships and achieve net-zero GHG emissions from international shipping by or around 2050. It also includes the adoption of alternative zero and net-zero GHG fuels by 2030.

 

Batteries on ships can be used as part of a renewable energy solution for hybrid marine power and electrical propulsion systems. Batteries allow fully electric ships to operate in zero-emission mode, serving as the sole source of electricity. As a result, they limit GHG emissions, enabling ships to comply with strict port requirements and travel in environmentally controlled areas (ECA).

 

As of 2023, the marine sector’s greenhouse gas emissions, which make up 3% of the world’s total, have climbed by 20% over the last decade, aiding the marine battery market. In the absence of intervention, emissions may increase to 130% of 2008 levels by 2050. The marine fleet is rapidly ageing. Many ships are too old to be scrapped or too young to be retrofitted, with more than half of them being older than 15 years. The ageing fleet provides an opportunity for the marine sector to invest in low-emission electric and hybrid vessels.

 

Figure: CO2 Emissions by Country of Vessel Ownership (Million Tonnes), 2022

Country CO2 Emissions (Million Tonnes)
China 102.32
Japan 101.25
Greece 95.97
USA 45.66
China, Hong Kong 39.06
Germany 37.04
Singapore 32.52
South Korea 28.74
Denmark 28.01
Norway 26.50
Bermuda 25.13
UK 23.72
Taiwan 22.93
Switzerland 20.81
Netherlands 15.02
France 13.50
UAE 12.96
Italy 12.22
Turkey 11.65
Russia 11.01
Indonesia 10.83
India 6.97

 

Marine Battery Market Report Snapshots

Marine Battery Market Size

Marine Battery Market Growth

Marine Battery Market Trends

Marine Battery Market Share

Marine Battery Companies

Marine Battery Market Regional Analysis

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Marine Battery Market Analysis
    8.1    Global Marine Battery Historical Market (2018-2023) 
    8.2    Global Marine Battery Market Forecast (2024-2032)
    8.3    Global Marine Battery Market by Application
        8.3.1    Commercial
            8.3.1.1    Historical Trend (2018-2023)
            8.3.1.2    Forecast Trend (2024-2032)
            8.3.1.3    Market by Type 
                8.3.1.3.1    Inland Vessels
                8.3.1.3.2    Seafaring Vessels 
        8.3.2    Defence
            8.3.2.1    Historical Trend (2018-2023)
            8.3.2.2    Forecast Trend (2024-2032)
            8.3.2.3    Market by Type 
                8.3.2.3.1    Destroyers
                8.3.2.3.2    Frigates 
                8.3.2.3.3    Corvettes
                8.3.2.3.4    Amphibious Ships 
                8.3.2.3.5    Offshore Support Vessels 
                8.3.2.3.6    Submarines
    8.4    Global Marine Battery Market by Battery Type
        8.4.1    Lithium 
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Lead-Acid Battery
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Fuel Cell
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Others
    8.5    Global Marine Battery Market by Nominal Capacity
        8.5.1    <100AH
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    100-250AH
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    >250AH
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    Global Marine Battery Market by Propulsion Type
        8.6.1    Fully Electric  
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Hybrid
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Plug-In Hybrid
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
    8.7    Global Marine Battery Market by Sales Channel 
        8.7.1    OEM 
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Aftermarket
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
    8.8    Global Marine Battery Market by Ship Power
        8.8.1    <75 KW 
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    75-150 KW
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    150-745 KW
            8.8.3.1    Historical Trend (2018-2023)
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    740-7560 KW
            8.8.4.1    Historical Trend (2018-2023)
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    >7560KW
            8.8.5.1    Historical Trend (2018-2023)
            8.8.5.2    Forecast Trend (2024-2032)
    8.9    Global Marine Battery Market by Ship Range 
        8.9.1    <50 Km 
            8.9.1.1    Historical Trend (2018-2023)
            8.9.1.2    Forecast Trend (2024-2032)
        8.9.2    50-100 Km
            8.9.2.1    Historical Trend (2018-2023)
            8.9.2.2    Forecast Trend (2024-2032)
        8.9.3    100-1000 Km 
            8.9.3.1    Historical Trend (2018-2023)
            8.9.3.2    Forecast Trend (2024-2032)
        8.9.4    >1000 Km 
            8.9.4.1    Historical Trend (2018-2023)
            8.9.4.2    Forecast Trend (2024-2032)
    8.10    Global Marine Battery Market by Region
        8.10.1    North America
            8.10.1.1    Historical Trend (2018-2023) 
            8.10.1.2    Forecast Trend (2024-2032)
        8.10.2    Europe
            8.10.2.1    Historical Trend (2018-2023) 
            8.10.2.2    Forecast Trend (2024-2032)
        8.10.3    Asia Pacific
            8.10.3.1    Historical Trend (2018-2023) 
            8.10.3.2    Forecast Trend (2024-2032)
        8.10.4    Latin America, Middle East and Africa
            8.10.4.1    Historical Trend (2018-2023) 
            8.10.4.2    Forecast Trend (2024-2032)
9    North America Marine Battery Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Marine Battery Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Norway
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    Germany
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    France
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.6    Others
11    Asia Pacific Marine Battery Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America, Middle Easte and Africa Marine Battery Market Analysis
    12.1    Saudi Arabia
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Brazil
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Market Dynamics
    13.1    SWOT Analysis
        13.1.1    Strengths
        13.1.2    Weaknesses
        13.1.3    Opportunities
        13.1.4    Threats
    13.2    Porter’s Five Forces Analysis
        13.2.1    Supplier’s Power
        13.2.2    Buyer’s Power
        13.2.3    Threat of New Entrants
        13.2.4    Degree of Rivalry
        13.2.5    Threat of Substitutes
    13.3    Key Indicators for Demand
    13.4    Key Indicators for Price
14    Value Chain Analysis
15    Price Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Toshiba Corporation
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Siemens Energy AG
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3      Corvus Energy Holding 
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Leclanché Sa
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Powertech Systems
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Saft Groupe SAS
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Contemporary Amperex Technology Co. Ltd.
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    GS Yuasa Corporation
            16.2.8.1    Company Overview
            16.2.8.2    Product Portfolio
            16.2.8.3    Demographic Reach and Achievements
            16.2.8.4    Certifications
        16.2.9    AYK Energy Ltd.
            16.2.9.1    Company Overview
            16.2.9.2    Product Portfolio
            16.2.9.3    Demographic Reach and Achievements
            16.2.9.4    Certifications
        16.2.10    Echandia Group AB
            16.2.10.1    Company Overview
            16.2.10.2    Product Portfolio
            16.2.10.3    Demographic Reach and Achievements
            16.2.10.4    Certifications
        16.2.11    EVE Energy Co., Ltd. 
            16.2.11.1    Company Overview
            16.2.11.2    Product Portfolio
            16.2.11.3    Demographic Reach and Achievements
            16.2.11.4    Certifications
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Marine Battery Market: Key Industry Highlights, 2018 and 2032
2.    Global Marine Battery Historical Market: Breakup by Application (USD Million), 2018-2023
3.    Global Marine Battery Market Forecast: Breakup by Application (USD Million), 2024-2032
4.    Global Marine Battery Historical Market: Breakup by Battery Type (USD Million), 2018-2023
5.    Global Marine Battery Market Forecast: Breakup by Battery Type (USD Million), 2024-2032
6.    Global Marine Battery Historical Market: Breakup by Nominal Capacity (USD Million), 2018-2023
7.    Global Marine Battery Market Forecast: Breakup by Nominal Capacity (USD Million), 2024-2032
8.    Global Marine Battery Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
9.    Global Marine Battery Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
10.    Global Marine Battery Historical Market: Breakup by Sales Channel (USD Million), 2018-2023
11.    Global Marine Battery Market Forecast: Breakup by Sales Channel (USD Million), 2024-2032
12.    Global Marine Battery Historical Market: Breakup by Ship Power (USD Million), 2018-2023
13.    Global Marine Battery Market Forecast: Breakup by Ship Power (USD Million), 2024-2032
14.    Global Marine Battery Historical Market: Breakup by Ship Range (USD Million), 2018-2023
15.    Global Marine Battery Market Forecast: Breakup by Ship Range (USD Million), 2024-2032
16.    Global Marine Battery Historical Market: Breakup by Region (USD Million), 2018-2023
17.    Global Marine Battery Market Forecast: Breakup by Region (USD Million), 2024-2032
18.    North America Marine Battery Historical Market: Breakup by Country (USD Million), 2018-2023
19.    North America Marine Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Europe Marine Battery Historical Market: Breakup by Country (USD Million), 2018-2023
21.    Europe Marine Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
22.    Asia Pacific Marine Battery Historical Market: Breakup by Country (USD Million), 2018-2023
23.    Asia Pacific Marine Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
24.    Latin America Marine Battery Historical Market: Breakup by Country (USD Million), 2018-2023
25.    Latin America Marine Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
26.    Middle East and Africa Marine Battery Historical Market: Breakup by Country (USD Million), 2018-2023
27.    Middle East and Africa Marine Battery Market Forecast: Breakup by Country (USD Million), 2024-2032
28.    Global Marine Battery Market Structure

Key Questions Answered in the Report

What is the current size of marine battery market?

The market attained a value of USD 742.9 million in 2023.

At what CAGR is the market projected to grow during the forecast period (2024-2032)?

The marine battery market is estimated to grow at a CAGR of 16.2% during 2024-2032.

What is the future outlook for the marine battery market?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 2,869.4 million by 2032.

What are the key drivers of the market?

The factors driving the market growth are governmental targets to reduce the emissions of the shipping sector, a rising ageing fleet of marine vessels, and rising maritime trade.

What trends are shaping the marine battery market currently?

The major trends in the market growth include advancement in battery technology, reducing costs of batteries, and a growing charging infrastructure at ports.

What are the major regions studied in the market report?

The key regional markets marine battery are North America, Europe, Asia Pacific, and Latin America, Middle East and Africa.

What are the various applications in the market?

The applications include commercial and defence.

What are the various battery types of marine batteries?

The battery types include lithium, lead-acid battery, fuel cell, and others.

Who are the key players in the marine battery market?

The key players in the market include Toshiba Corporation, Siemens Energy AG, Corvus Energy Holding, Leclanché SA, Powertech Systems, Saft Groupe SAS, Contemporary Amperex Technology Co. Ltd., GS Yuasa Corporation, AYK Energy Ltd., Echandia Group AB, and EVE Energy Co., Ltd., among others.

What are the challenges faced by the marine battery industry?

Limited charging infrastructure in many regions and heavy weight and size of current battery technologies are hindering the market growth.

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