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    Marine Battery Market Report

    Marine Battery Market Report
    Report code - SR2154 Published On : Oct,2022 No. of Pages: 120
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    Marine Battery Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppor See more...

    Market Highlights

    The marine industry is a strong contributor to CO2 emissions and pollution worldwide. Currently, the industry is in a transitional phase, diverging from fossil fuels via alternative technologies and fuels, with the long-term goal of becoming a zero-emission industry. Electric power in the marine industry is critical in solving the problems of waterways. Electric motors can reduce water pollution caused by traditional internal combustion engines, as well as emissions and energy consumption. More than ever, the industry requires fully reliable, efficient, and safe batteries that are also economical and affordable.

    The sudden emergence of the pandemic in 2020 dampened the market demand. As a result, there was an enormous decline in the demand for batteries across industries. Marine battery, a sizeable market, could not escape from such trends and witnessed a colossal decline (-10%+ in 2020) amid the pandemic. However, the market rebounded with a healthy growth of 7.6% YoY in the year 2021 with the revival of consumer confidence. Furthermore, the urgent need to electrify all types of boats and marine transport is creating ample opportunities for both lead-acid and lithium-ion batteries. Overall, the marine battery market is likely to rebound at a modest CAGR of 3.4% in the long run to reach US$ 0.5 Billion in 2027.

    The battery industry has been experiencing the most disruptive journey in the past few years due to the supply chain crisis. The current battery production in the USA is struggling to keep up with the rising demand. In addition to the lack of li-ion battery manufacturing in North America, there is also a shortage of cathode and anode materials, for which the USA is solely dependent on producers overseas.

    Recent Product Developments: Long service life, low maintenance cost, and reduced cost are the indispensable focus areas of the leading players. Some of the recent product developments are -

    • EnerSys’ NexSys PURE Thin Plate Pure Lead (TPPL) batteries help in reducing the unexpected operating costs associated with conventional lead-acid batteries.
    • EnerSys’ PowerSafe® SBS batteries deliver long life, high-energy density, and superior shelf life for a wide range of applications.
    • Hawker Maintenance-free batteries by EnerSys.

    Recent Market JVs and Acquisitions: Some companies in the marine battery market are performing mergers & acquisitions to quickly gain the leading position and tap growing opportunities in this rapidly expanding market. For instance.

    • C&D Technologies, Inc. acquired Trojan Battery Company, LLC in 2018. This acquisition provided the former with marine capabilities and the combination created a powerful new leader in the energy storage and transmission industry.

    Market Segments' Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Battery Type

    Lead-acid Batteries [Flooded, VRLA-Gel, and VRLA-AGM], Lithium-ion Batteries, and Nickel-cadmium Batteries

    The lead-acid battery is likely to remain dominant in the market, whereas lithium-ion is expected to be the fastest-growing battery type.

    Application Type

    Cargo & Offshore Vessels, Work Boats & Ferries, and Others

    Cargo & offshore vessels remain the biggest demand generator for marine batteries. Workboats & ferries, in the post-pandemic market developments, are likely to make the fastest recovery.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    Asia-Pacific to remain the biggest market for marine batteries in the years to come.

     
     

    Based on the battery type, the marine battery market is segmented into lead-acid batteries, lithium-ion batteries, and nickel-cadmium batteries. Despite a major setback (decline of >9%) in 2019-20, lithium-ion is expected to remain the fastest-growing battery type in the market during the forecast period due to the numerous benefits offered by li-ion technology such as high energy density, low self-discharge, and low to minimal maintenance. Lead-acid battery, on the other hand, was the segment with the highest sales in 2021. Lead-acid batteries are best suited for onboard auxiliary services and cranking diesel engines.

    Based on the application type, the market is segmented into cargo & offshore vessels, work boats & ferries, and others. Cargo & offshore vessels are expected to remain the key demand generator of the market during the forecast period. Offshore supply and drilling vessels necessitate special high-power batteries, and all customers face stringent regulations and increasing performance expectations. This is an opportunity for battery suppliers to enter the market with innovative solutions. Furthermore, an increase in global trade agreements is expected to drive the cargo vessel demand, ultimately, driving the demand for batteries in this segment.

    In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for marine batteries during the forecast period. This region has a dominant presence in the cargo and offshore vessel segments. China is a dominant player in the region, and it alone produces more than 90% of the world’s shipping containers. North America is also likely to create sizeable opportunities in the coming five years, driven by an expected increase in shipbuilding and a growing vessel fleet in the USA.

    Key Players

    The market is highly populated with the presence of several local, regional, and global players. The following are the key players in the marine battery market. Most of the major players are producing advanced, compact, weight-saving lithium-ion batteries that are well-suited for work boats, ferries, cruise liners, cargo vessels, and offshore vessels.

    • Exide Technologies, LLC
    • Toshiba Corporation
    • EnerSys
    • Leoch International Technology Ltd.
    • Camel Group Co., Ltd.
    • Banner Batteries
    • Shandong Sacred Sun Power Sources Co., ltd.
    • East Penn Manufacturing Co.
    • Trojan Battery Company, LLC
    • GS Yuasa Corporation

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s marine battery market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The marine battery market is segmented into the following categories. 

    Marine Battery Market, by Battery Type

    • Lead-Acid Batteries
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Lead-acid Battery Type Analysis: Flooded, VRLA-Gel, and VRLA-AGM)
    • Lithium-Ion Batteries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Nickel-Cadmium Batteries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Marine Battery Market, by Application Type

    • Cargo & Offshore Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Work Boats & Ferries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Marine Battery Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    A Bird's Eye View of the Market

    The marine battery market is estimated to grow at a CAGR of 3.4% by 2027, driven by the ongoing transition in the marine industry from fossil fuels to electric power in order to eliminate pollution and become a zero-emission industry.

    Exide Technologies, LLC, Toshiba Corporation, EnerSys, Leoch International Technology Ltd., Camel Group Co., Ltd., Banner Batterien, Shandong Sacred Sun Power Sources Co., ltd., East Penn Manufacturing Co., Trojan Battery Company, LLC, GS Yuasa Corporation are the leading players in the marine battery market.

    Asia-Pacific is estimated to remain dominant in the marine battery market in the foreseen future. With China producing more than 90% of the world's shipping containers, the region has a stronghold in the market.

    Lithium-ion is estimated to be the fastest-growing battery type in the market in the coming years, owing to many advantages offered by the technology, such as higher energy densities and cycle life, which are well-suited to the needs of marine propulsion.

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