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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Marine Battery Market Share
Based on application, the commercial segment accounts for a significant share of the market due to expanding trade
Modern battery systems can extend the range of ships, reduce emissions, and decrease maintenance demands by optimizing engine and generator operations. This has increased their use in marine trade. Plug-in hybrid propulsion systems are advantageous for inland towboats in certain trades, such as to conduct environmentally friendly barge transportation. As per marine battery market report, in 2022, the Netherlands accounted for over 50% of the registered goods transport vessels used on the EU inland waterways with metal ores being the largest transported goods category.
Based on battery type, lithium is a major contributor to the marine battery market due to improvement in their charging efficiency
Lithium batteries provide a reliable, efficient, and powerful energy storage solution for commercial marine vessels. They offer longer lifespans, faster charging times, no active maintenance requirements, and are lightweight, making them suitable for most demanding marine applications. A key advancement in dual-purpose lithium marine battery technology is the significant improvement in charging efficiency.
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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