Northbrook, IL -- (SBWIRE) -- 02/24/2021 -- The marine battery market is estimated to be USD 250 million in 2020 and is projected to reach USD 812 million by 2025, at a CAGR of 48.1% from 2020 to 2025. The implementation of the sulfur 2020 rule and growing maritime tourism industry are among the major factors driving the marine battery market.
Fully electric segment to register the highest CAGR during the forecast period
By propulsion type, the fully electric segment is anticipated 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.
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Dual-purpose batteries segment to register the highest CAGR during the forecast period
By 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.
Europe estimated to lead the marine battery market in 2020
The marine battery market is expected to witness substantial growth in Europe during the forecast period. 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.
Key Market Players
The key players in the marine battery market include 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 Leclanché (Switzerland).
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