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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Marine Battery Market Trends
The global marine sector, which primarily relies on heavy fuel oil, is a major contributor to global CO2, SO2, and NOx emissions. As a ‘hard to abate’ industry, international shipping contributes to around 2-3% of global GHG emissions, as of 2022.
In July 2023, the member states of the International Maritime Organization (IMO) adopted the 2023 IMO Strategy on Reduction of GHG Emissions from ships. The revised strategy aims for net-zero GHG emissions from international shipping by around 2050. It also includes a target to promote the adoption of alternative zero and near-zero GHG fuels by 2030. The electrification of maritime vessels is a low-emission alternative to traditional fuels.
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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