The global Marine Battery Market size is projected to reach a CAGR of 18.7% from 2023-2030.
The marine battery acts as a primary or auxiliary power source for the vessels and utilizes chemical energy to provide power for various applications such as start–stop, lighting, windlass, depth finders, and fish locators. Marine batteries have robust construction and are equipped with heavier plates. These batteries are designed specifically for use on ships or vessels to sustain the vibration and pounding that can occur onboard any boat.
Factors such as an increase in demand for marine freight transportation vessels, the advantage of lithium-ion batteries over lead-acid batteries, and an increase in water sports & leisure activities are expected to drive the growth of the marine battery market. Furthermore, an increase in automation in marine transportation and a rise in the adoption of hybrid and fully electric vessels are projected to offer lucrative growth opportunities for the market players.
On the other hand, the limited range and capacity of fully electric ships and the maintenance and protection of batteries restrain the market growth.
In the first half of 2020, most of the regional markets have been brutally affected due to the coronavirus pandemic. During the lockdown period, the global market experienced a halt, which impacted the growth of the marine battery market size. As the movement has been restricted, transportation and productivity have also faced a pause. This resulted in the loss of investors. According to the marine battery market outlook report, the unlock phase in the latter half of 2020 has brought a hop to the global market. Hence, the global market is boosting the confidence of the market players and adopting safety measures to generate significant Marine Battery Market revenue in the research period.
With a growing focus on reducing carbon emissions and adopting sustainable energy sources, there is an increasing demand for electric and hybrid vessels in the marine industry. This trend is driving the demand for marine batteries that can provide reliable and efficient power. Further, the marine battery market is benefiting from advancements in battery technology, such as the development of lithium-ion batteries, which are more efficient and have a longer lifespan compared to traditional lead-acid batteries. In addition to that, offshore wind power generation requires reliable and efficient energy storage solutions which created the demand for marine batteries. All these advancements and requirements continuously grow marine batteries in the next coming years.
Europe to Dominate the Market
