Jul 21, 2020   SOURCE: BusinessWire

Marine Battery Market to Grow at a CAGR of 48.1% During 2020-2025 - ResearchAndMarkets.com

The "Marine Battery Market by Battery Type (Lithium, Fuel Cell, Lead-acid), Propulsion Type (Fully Electric, Hybrid, Conventional), Application, Sales Channel, Ship Range, Nominal Capacity, Battery Design, Battery Function, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global marine battery market is projected to grow from USD 250 million in 2020 to USD 812 million by 2025, at a CAGR of 48.1% between 2020 and 2025 period.

The increase in seaborne trade across the globe and the development of lithium batteries are anticipated to drive the growth of the marine battery market. However, the limited range and capacity of fully electric ships are limiting the overall growth of the market.

Based on sales channel, the aftermarket segment is anticipated to grow at a higher CAGR during the forecast period

Based on sales channel, the aftermarket segment is anticipated to grow at a higher CAGR than the OEM segment during the forecast period. Shipowners are updating or retrofitting the equipment installed on their existing vessels to increase efficiency and durability. Ships can be retrofitted with batteries and electric motors to reduce the load demand on engines for propulsion. A growing number of offshore vessel owners/operators are upgrading their diesel-electric propulsion systems to hybrid configurations to provide greater operational flexibility and minimize fuel consumption across their fleets.

Based on propulsion type, the fully electric segment is projected to register the highest CAGR during the forecast period

Based on propulsion type, the fully electric segment is projected to witness the highest CAGR during the forecast period. Fully electric-driven ships have a positive effect on the environment as the inclusion of high energy storage in batteries and optimized power control can reduce fuel consumption, maintenance, and emissions. The growth of the fully electric segment can be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several manufacturers are jointly investing in the manufacturing of ships adhering to the IMO 2020 rule.

Europe is estimated to lead the marine battery market in 2020 The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the demand for ships with hybrid propulsion in the region. Increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the marine battery market in Europe.

Research Coverage

The report covers the marine battery market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as battery type, propulsion type, sales channel, application, nominal capacity, ship range, ship power, battery function, battery design, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key players in the marine battery market are Corvus Energy (Canada), Akasol AG (Germany), EST-Floattech (Netherlands), Siemens (Germany), Spear Power Systems (US), Echandia Marine (Sweden), Sterling PBES Energy Solutions (Canada), Furukawa Battery Solutions (Japan), Lithium Werks (Netherlands), Exide Technologies (US), Craftsman Marine (Netherlands), PowerTech Systems (France), Kokam Co. Ltd. (South Korea), Toshiba Corporation (Japan), XALT Energy (US), EverExceed Industrial Co. Ltd. (China), U.S. Battery (US), Lifeline Batteries (US), Saft (France), Forsee Power (France), and Leclanch (Switzerland).

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Growth Opportunities in Marine Battery Market

4.2 Marine Battery Market, by Ship Range

4.3 Marine Battery Market, by Application

4.4 Marine Battery Market, by Ship Power

4.5 Marine Battery Market, by Region

5 Market Overview

5.1 Introduction

5.1.1 Roadmap of Marine Electrification

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Implementation of Sulfur 2020 Rule

5.2.1.2 Rise in Conversion of Propulsion Systems in Passenger Vessels

5.2.1.3 Increase in Seaborne Trade Across the Globe

5.2.1.4 Growing Maritime Tourism Industry

5.2.1.5 Development of Lithium Batteries

5.2.2 Restraints

5.2.2.1 Long Downtime During Retrofitting of Ships Resulting in Revenue Loss

5.2.2.2 Limited Range and Capacity of Fully Electric Ships

5.2.3 Opportunities

5.2.3.1 Potential for Marine Battery Manufacturers to Develop High Power Batteries

5.2.3.2 Potential for Battery Charging Via Renewable Energy Sources

5.2.3.3 Hybrid Propulsion Technology for Large Ships

5.2.4 Challenges

5.2.4.1 Inadequate Charging Infrastructure

5.2.4.2 High Initial Capital Expenditure

6 Industry Trends

6.1 Introduction

6.2 Roadmap Toward Emission-Free Shipping Industry

6.3 Phasing of Marine Propulsion Technologies

6.4 Value Chain Analysis

6.5 Average Selling Price Trend

6.6 Case Study Analysis

6.6.1 Rolls-Royce Marine - 2020

6.6.2 Kongsberg and Yara - 2020

6.6.3 Japanese Consortium - 2025

6.7 Technology Analysis

6.7.1 Electrification of Leisure Boats

6.7.2 Potential of Hybrid Technology

6.7.3 Fully Electric Ferries for Passenger Transport

6.7.4 Solar Sails

6.7.5 Advanced Batteries for Electric Ships

6.7.6 Potential of Hydrogen as a Zero-Emission Fuel for Shipping Industry

6.8 Patent Analysis

7 Marine Battery Market, by Application

7.1 Introduction

7.2 Commercial

7.3 Defense

8 Marine Battery Market, by Battery Design

8.1 Introduction

8.2 Solid-State Batteries

8.3 Flow Batteries

9 Marine Battery Market, by Battery Function

9.1 Introduction

9.2 Starting Batteries

9.3 Deep-Cycle Batteries

9.4 Dual-Purpose Batteries

10 Marine Battery Market, by Battery Type

10.1 Introduction

10.2 Lithium

10.3 Lead-Acid Battery

10.4 Fuel Cell

11 Marine Battery Market, by Nominal Capacity

11.1 Introduction

11.2 <100 Ah

11.3 100-250 Ah

11.4 >250 Ah

12 Marine Battery Market, by Propulsion Type

12.1 Introduction

12.2 Fully Electric

12.3 Hybrid

12.4 Conventional

12.5 Ship Autonomy, by Propulsion Type

13 Marine Battery Market, by Sales Channel

13.1 Introduction

13.2 OEM

13.3 Aftermarket

14 Marine Battery Market, by Ship Power

14.1 Introduction

14.2 <75 kW

14.3 75-150 kW

14.4 150-745 kW

14.5 740-7,560 kW

14.6 >7,560 kW

15 Marine Battery Market, by Ship Range

15.1 Introduction

15.2 <50 Km

15.3 50-100 Km

15.4 100-1,000 Km

15.5 >1,000 Km

16 Regional Analysis

16.1 Introduction

16.2 North America

16.3 Europe

16.4 Asia-Pacific

16.5 Rest of the World

17 Competitive Landscape

17.1 Introduction

17.2 Revenue & Ranking Analysis of Key Market Players, 2020

17.3 Key Market Developments

17.3.1 New Product Launches/Investments/Certifications/Expansions

17.3.2 Contracts

17.3.3 Partnerships & Agreements

18 Company Evaluation and Company Profiles

18.1 Company Evaluation Matrix

18.1.1 Star

18.1.2 Emerging Leaders

18.1.3 Pervasive

18.1.4 Emerging Companies

18.2 Company Profiles

18.2.1 Corvus Energy

18.2.2 Akasol AG

18.2.3 Est-Floattech

18.2.4 Saft

18.2.5 Siemens AG

18.2.6 Leclanch SA

18.2.7 Spear Power Systems, Inc.

18.2.8 Echandia Marine

18.2.9 Powertech Systems

18.2.10 Lifeline Batteries

18.2.11 Sterling Pbes Energy Solutions

18.2.12 Furukawa Battery Co. Ltd.

18.2.13 Lithium Werks

18.2.14 Exide Technologies

18.2.15 Everexceed Industrial Co. Ltd.

18.2.16 U.S. Battery Mfg. Co.

18.2.17 Craftsman Marine

18.2.18 Kokam Co. Ltd.

18.2.19 Toshiba Corporation

18.2.20 Xalt Energy

18.2.21 Forsee Power

For more information about this report visit https://www.researchandmarkets.com/r/lny0cd