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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Marine Battery Market Regional Insights
Europe is a prominent region in the market due to rising governmental initiatives to lower GHG emissions of the marine sector
The ferry industry is a significant contributor to GHG emissions. In 2021, ferries and cargo ships accounted for up to 4% of the EU's CO2 emissions. Without prompt action, transport emissions could reach 40% by 2030. Hence the ferry industry is adopting electrification to cut its emissions by 800,000 tonnes annually.
The UK is a significant naval shipbuilder and holds around 5% market share in the nascent green shipbuilding sector. Its Maritime Research & Innovation UK (MarRI-UK) initiative launched in 2019 is engaged in developing and leveraging emerging technologies. Some of its key projects include using batteries for marine applications and electrification of the domestic passenger ferries.
An ageing marine fleet and rapid decarbonisation of the marine sector in the Asia Pacific provides an opportunity for the marine battery market. As of 2022, 5,000 of Japan’s 7,000 passenger vessels are over 15 years, providing an opportunity to replace the ageing fleet with battery-operated vessels. India targets 100% of green fuel-powered vessels by 2047. Further, the ASEAN countries are focused on reducing the emissions of their marine transportation. Singapore for instance, aims for full electric propulsion and net zero fuels for its harbour craft fleet by 2050.
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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