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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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.*
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Key Questions Answered in the Report
The market attained a value of USD 742.9 million in 2023.
The marine battery market is estimated to grow at a CAGR of 16.2% during 2024-2032.
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.
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.
The major trends in the market growth include advancement in battery technology, reducing costs of batteries, and a growing charging infrastructure at ports.
The key regional markets marine battery are North America, Europe, Asia Pacific, and Latin America, Middle East and Africa.
The applications include commercial and defence.
The battery types include lithium, lead-acid battery, fuel cell, and others.
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.
Limited charging infrastructure in many regions and heavy weight and size of current battery technologies are hindering the market growth.
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