Some of the major Marine Battery Market players are Corvus Energy (Canada), Akasol AG (Germany), EST-Floattech (Netherlands),

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Some of the major Marine Battery Market players are Corvus Energy (Canada), Akasol AG (Germany), EST-Floattech (Netherlands),

June 01
17:58 2020

The marine battery market report provides an analysis of the market from 2018 to 2025. It discusses industry and technology trends prevailing in the market, along with the drivers, restraints, opportunities, and challenges. The market is projected to grow from USD 250 million in 2020 to USD 812 million by 2025, at a CAGR of 48.1% during the forecast period. The market in Europe is expected to witness substantial growth during the forecast period, especially in countries such as Norway, Finland, and Denmark, due to the increasing demand for electrification of ships in the region. The rise in the conversion of propulsion systems in passenger vessels is also a significant factor attributed to the anticipated growth of the marine battery market.

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Based on battery type, the fuel cell segment is anticipated to grow at the highest CAGR during the forecast period. A fuel cell is an alternative technology of lithium-ion and lead-acid batteries that can eliminate NOX, SOX, and particle (PM) emissions. It can help in cutting down carbon emissions, especially in comparison to traditional diesel-driven propulsion systems. Alkaline fuel cell (AFC), phosphoric acid fuel cell (PAFC), solid oxide fuel cell (SOFC), and molten carbonate fuel cell (MCFC) are some of the types of fuel cells used in the shipping industry. These cells involve the usage of LNG, methanol, diesel, and hydrogen fuel for power.

Based on battery design, the solid-state batteries segment is projected to register a higher CAGR than the flow batteries segment during the forecast period. Solid-state batteries have the advantage of doubling the energy storage and range of vessels, such as boats. Since solids are denser than liquids, solid-state batteries have a higher energy density, which means that more energy can be stored in the same amount of material. Thus, ship operators could replace their existing batteries with solid-state batteries to operate their ships for a higher range.

Based on battery function, the dual-purpose batteries segment is expected to witness the highest growth rate during the forecast period. Marine dual-purpose batteries combine the performance of starting batteries and deep-cycle batteries. They are majorly used by ships that have space for two or more batteries. These batteries are equipped with active lead paste chemistry, which helps them in tolerating deep discharges that the starting batteries could not normally tolerate.

Based on region, the marine battery market has been segmented into four regions, namely, North America, Europe, Asia Pacific, and Rest of the World. The market in Europe is anticipated to register the highest CAGR during the forecast period due to the presence of major marine battery manufacturers, such as Siemens, Akasol AG, Forsee Power, and EST-Floattech. The market growth in this region is also attributed to the implementation of the sulfur 2020 rule. Traditional diesel-fueled combustion engine ships are already retrofitted with hybrid or electric driven propulsion. The majority of these ships are fishing boats, supply vessels, research ships, yachts, and tugboats, and the first batch of 63 new ferries is already in production.

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