Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of battery density, it is classified into <100 WH/KG and More than 100 WH/KG. By sales channel, the market is divided into OEM, and aftermarket.
On the basis of nominal capacity, it is classified into less than 150 Ah and more than 150 Ah. By function, the market is divided into starting, deep cycle, and dual purpose. On the basis of ship type, it is classified into commercial, and defense. By battery type, the market is divided into lithium, lead acid and others. The market is segmented into battery type, ship type, function, nominal capacity, sales channel, battery density, and region. On the contrary, increase in automation in marine transportation and rise in adoption of hybrid and fully electric vessels are projected to offer lucrative growth opportunities for the market players. However, limited range and capacity of fully electric ships and maintenance and protection of batteries restrain the market growth. Get more information on this report : Request Sample Pagesįactors such as increase in demand for marine freight transportation vessels, advantage of lithium-ion battery over lead-acid batteries, and Increase in water sports & leisure activities are expected to drive the growth of the marine battery market. These batteries are designed specifically for use on a ships or vessels to sustain the vibration and pounding that can occur onboard any boat. Marine batteries have robust construction and equipped with heavier plates. The marine battery acts as a primary or auxiliary power source for the vessels and utilizes chemical energy to provide power for the various applications such as start–stop, lighting, a windlass, depth finders, and fish locators. With increased vaccination and decreasing fatality has improved the market scenario for ship refurbishment and shipbuilding, which is expected to boost the demand for marine battery market. However, the world is gradually returning to normalcy in daily business activities by taking appropriate measures to halt virus spread. As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, boat and engine manufacturers faced enormous losses in the first and second quarters of 2020.
This led to sudden fall in the availability of important raw materials for marine batteries. The COVID-19 outbreak forced governments across the globe to implemented stringent lockdown and ban import–export of essential raw materials items for most of 2020 & few months in 2021. The COVID-19 impact on the marine batteries market is unpredictable, and is expected to remain in force for a few years. The global marine battery market was valued at $0.37 billion in 2021, and is projected to reach $1.99 billion in 2030, registering a CAGR of 20.5%.