17-Mar-2023 | Facts and Factors
According to Facts and Factors, the global marine battery market size was worth around USD 0.53 billion in 2022 and is predicted to grow to around USD 2.1 billion by 2030 with a compound annual growth rate (CAGR) of roughly 18.61% between 2023 and 2030.
The global industry revolves around products and services that are specially created to optimize marine activities. These batteries are used to supply power to a wide range of devices or systems that are used on commercial ships, recreational boats, military vessels, and other types of vehicles that run under or over water bodies. These battery systems are designed with materials and built-in ways that allow them to handle the extreme environment that they may be subjected to when onboard a ship.
Browse the full “Marine Battery Market Size, Share, Growth Analysis Report By Propulsion Type (Fully Electric, Hybrid, and Conventional), By Ship Type (Unmanned, Defense, and Commercial), By Capacity (>250 Ah, 100-250 Ah, <100 Ah), By Battery Function (Dual Purposes Batteries, Starting Batteries, and Deep-Cycle Batteries), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" report at https://www.fnfresearch.com/marine-battery-market
Further application of such batteries includes utilization in powering winches, trolling motors, or high-draw devices running on electricity. The global fraternity comprises different types of batteries including nickel-cadmium, lithium-ion, and lead-acid batteries. There are several factors responsible for driving revenue systems for the industry; however, the market is also exposed to certain growth barriers that could act against the growth trajectory.
The global marine battery market is projected to grow owing to the increasing focus on sustainability, especially in the marine industry. This sector has registered high levels of water pollution mainly due to the ever-expanding water activities conducted for various commercial and recreational purposes. Governments and regulatory bodies have started holding players in the industry responsible for the impact that business operations have on the environment.
Additionally, the growing demand for recreational boating could be a crucial factor for fraternity growth during the projection period. Increasing access to recreational boats, changing lifestyle habits, growing social media influence, and rising disposable income are some of the factors why the demand for recreational boating has increased over the years. This could lead to more demand for efficient marine batteries. The expansion of the shipping industry is important for the market to register a high CAGR. The surging export and import rate along with rising international trade are resulting in higher revenue in the shipping segment which directly translates to more demand for accessories that support the smooth sailing of ships and boats.
The global industry has certain restraints that it needs to overcome to fully reach its true potential. For instance, certain batteries like lithium-ion powered require high investment in terms of raw material sourcing. This is because of the limited and scarce availability of resources. This could result in a higher cost for the final product which may cause smaller players to refrain from product adoption.
Additionally, environmental concerns over lead-acid batteries are causing some players to withdraw from the industry. If there is a lack of a proper disposal system, the batteries can cause serious and irreversible damage to the ecosystem. Safety concerns surrounding marine batteries are high in case of improper storage.
Growing research & development may provide higher growth opportunities while the limited range could act as a challenge during the growth phase.
Segmental Analysis:
The global marine battery market is segmented based on propulsion type, ship type, capacity, battery function, and region.
Based on propulsion the global market segments are fully electric, hybrid, and conventional.
Based on ship type, the global market divisions are unmanned, defense, and commercial.
- 2022 registered significant growth in commercial marine battery systems due to the high consumption of recreational boats
- This was especially applicable to small vessels like motorboats and sailboats
- Since these boats generally run for shorter trips, marine batteries are sufficient to supply them with the required power intensity
- The defense was another significant contributor to the segmental growth as government-based marine activities were on the rise in the last few years
- In 2022, the US Navy received funding of USD 230.8 billion
Based on capacity, the global market is divided into >250 Ah, 100 to 250 Ah, and <100 Ah.
Based on battery function, the global market is divided into dual purposes batteries, starting batteries, and deep-cycle batteries.
- Dual purpose batteries are manufactured to provide deep-cycle power and starting power. Hence they are a good choice for ships or boats that have multiple requirements
- Most often than not, they are used in sailboats and powerboats where weight and space are limited
- On the other hand, deep-cycle batteries provide high power for a longer duration and hence are most suitable for trolling motors or electronic onboard ships and boats
- Deep-cycle batteries are more popular as compared to the counterparts
- Typically, deep-cycle batteries have a discharge rate of 50% to 80%
Regional Analysis:
Asia-Pacific is anticipated to register the highest growth in the global marine battery market with Japan, India, and China making significant contributions. The demand for marine batteries in the region is exceptionally high, influencing the growing popularity of water sports and boating activities. The regions boast strong production capacities due to the large-scale availability of raw materials and increasing research and development surrounding different battery chemistries.
Furthermore, Asia-Pacific has industry-friendly regulatory policies strengthened by supportive government regulations. Growth in North America is projected to be driven by growing demand for hybrid and electric boats for commercial and defense purposes along with increasing investments toward technological advancements.
Report Scope
Report Attribute |
Details |
Market Size in 2022 |
USD 0.53 Billion |
Projected Market Size in 2030 |
USD 2.1 Billion |
CAGR Growth Rate |
18.61% CAGR |
Base Year |
2022 |
Forecast Years |
2023-2030 |
Key Market Players |
Staab Battery Mfg. Co. Inc., Exide Industries Limited, Manbat Ltd, EnerSys, EverExceed Industrial Co. Ltd., East Penn Manufacturing Co., Zibo Torch Energy, Systems Sunlight S.A, Power Systems Limited, Saft Groupe SA, G.S.G.S. Yuasa, Shield Batteries Limited, Korea Special Battery, and others. |
Key Segment |
By Propulsion Type, Ship Type, Capacity, Battery Function, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Analysis:
The global marine battery market is led by players like Staab Battery Mfg. Co., Inc., Exide Industries Limited, Manbat Ltd, EnerSys, EverExceed Industrial Co. Ltd., East Penn Manufacturing Co., Zibo Torch Energy, Systems Sunlight S.A, Power Systems Limited, Saft Groupe SA, G.S.G.S. Yuasa, Shield Batteries Limited, Korea Special Battery, and others.
Recent Developments:
- In March 2022, RELion, a leading provider of lithium batteries, announced the launch of a new series of advanced marine batteries. It is named InSight Series 12V and will allow more appliance installation in RVs and boats
- In August 2020, Eco Marine Power and Furukawa Battery announced the launch of a new service for ship battery replacement
- In February 2022, NYK, a Japanese shipping company, announced its intention to collaborate with PowerX to develop advanced batteries for the shipping industry
The global marine battery market is segmented as follows:
By Propulsion Type
- Fully Electric
- Hybrid
- Conventional
By Ship Type
- Unmanned
- Defense
- Commercial
By Capacity
- >250 Ah
- 100-250 Ah
- <100 Ah
By Battery Function
- Dual Purposes Batteries
- Starting Batteries
- Deep-Cycle Batteries
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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