February 11, 2021
As cited by the business intelligence report titled ‘Global Marine Battery Market Size study, by sales channel (OEM, Aftermarket ), by propulsion type ( Fully Electric, Hybrid, Conventional), by application (Commercial, Defense), by battery type (Lead-acid, Lithium, Fuel Cell ) and Regional Forecasts 2020-2027’ available with Market Study Report LLC, global marine battery market accounted for USD 178 million in 2019 and is slated to expand with a robust CAGR of 21.6% during 2020-2027.
Increasing preference over general starter batteries due to higher power output for longer time duration, coupled with escalating seaborne trade activities worldwide are augmenting the growth of the global marine battery market size.
For the record, marine batteries are primarily used for marine applications and are capable of operating in extreme conditions such as high pressure and vibrations.
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Growing environmental concerns, implementation of stringent regulations pertaining to water and air pollution, and rising focus of organizations towards increasing performance and reducing emissions are stimulating global marine battery market outlook.
Moreover, strategic alliances among industry players, innovative product launches, and ongoing technological advancements in the vertical are furthering business development. On the contrary, limited capacity as well as range of fully electric ships is a major restraining factor for the industry expansion.
Based on sales channel, worldwide marine battery industry is split into aftermarket, and OEM. With regards to propulsion type, the vertical is bifurcated into conventional, hybrid, and fully electric. Speaking of battery type, the business sphere comprises of fuel-cell, lithium, and lead-acid.
From a regional frame of reference, North America holds a majority of global marine battery market share currently, on account of surging demand for powerboats for leisure activities.
Alternatively, Europe market is predicted to expand with the highest CAGR over 2020-2027, owing to rising investments for electrification of ships, along with growing efforts of ship manufacturers towards restructuring.
Prominent companies that have a deep-rooted position in the industry include Lithium Werks B.V., Furukawa Battery Co. Ltd., Sterling PBES Energy Solutions Ltd., Spear Power Systems LLC, Echandia Marine AB, Siemens AG, EST-Floattech B.V., Akasol AG, Corvus Energy, and Toshiba Corporation among others.