Marine Battery Market Overview
Thus, the demand for advanced marine batteries in commercial applications is increasing during the assessment period due to several factors such as implementing the I.M.O. Sulfur 2020 Regulation, increasing maritime tourism industry, and rising seaborne trade. On the other hand, the defense ship type includes corvettes, destroyers, offshore support vessels, frigates, submarines, and aircraft carriers. Moreover, the demand for high-performance marine batteries is projected to grow due to the growing military spending on advanced and new combat vessels development.
COVID-19 Impact Analysis
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 has experienced a halt, which impacted the growth in 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 the significant Marine Battery Market revenue in the research period.
The increasing maritime tourism industry, implementation of the I.M.O. sulfur 2020 regulation, and the growth in the seaborne trade are the major growth driving factors in the global Marine Battery Market.
The Indian Ministry of Commerce & Industry has established a statutory body named Marine Products Export Development Authority (M.P.E.D.A.) to promote marine products export from India. This statutory body has supported India and exported 11,49,341 MT seafood worth U.S. $ 5.96 billion from 2020 to 21. Hence, this can grow the demand of the marine battery market trends in the review timeframe.
The high utilization of renewable energy for battery charging is one of the major growth opportunities for the manufacturer and key players of the global marine battery market. Moreover, the growing advancements in hybrid propulsion technology bring more growth opportunities for the marine battery market.
Hence, the global marine battery market engages more key players to develop a more effective and innovative product by undertaking the mergers and acquisitions method.
As compared to automotive batteries, marine batteries are more costly. Therefore, the automobile batteries demands are increasing among the boat owner, and less attention is given to marine batteries. this can be the major marine battery market restraint.
The marine battery market outlook report explains that the global key players are working effectively to boost market growth and fight the market restraints.
The marine battery global market trends might experience challenges due to a lack of technical knowledge.
moreover, the global coronavirus pandemic is another challenge to the global marine battery market trends, unlike other markets.
In the present scenario, the marine battery global market is propelling the market growth by accounting for the significant market share and is further predicted to hold the same position in the upcoming years.
The European regional market is holding the second-largest position in growing the demand of the Marine Battery Market during the forecast period. This region is fueling due to increasing investments in the development of marine batteries by the prominent key players like Systems Sunlight S.A. and Saft Groupe S.A.
Market segment Overview
The present marine battery global market is classified based on applications, propulsion type, and ship type.
Based on the application segment, the marine battery global market has been segregated into Deep Cycle Service, Marine Starting Service, and Dual Purpose Service.
The marine starting service segment is projected to hold the higher CAGR in the assessment period. Moreover, these batteries are developed to provide many hundred amps of power to the starting motor, working within a few seconds.
The marine battery global market has been segregated into defense and commercial based on the ship type segment.
In 2019, the commercial segment dominated the global market by generating a higher marine battery market share. Further, the defense segment is projected to contribute a higher growth rate in the review period.
Based on the propulsion type segment, the global marine battery market has been segregated into Hybrid, Fully Electric, and Conventional.
Among these, the Fully Electric segment is projected to acquire the highest CAGR in the forecast timeframe.
The global marine battery market has been classified into Europe, Latin America, North America, Asia Pacific, and Middle East & Africa.
The North American market is fueling the marine battery market growth due to the growing demands of electric propulsion naval vessels among the Navy of the U.S. region for tactical missions. Moreover, the North American regional market is enhancing its market growth due to major manufacturers of marine batteries like East Penn Manufacturing Co., EnerSys, and Exide Technologies. In 2019, the Asia-Pacific regional market was accounted to register the largest marine battery market share and is further predicted to account for the highest CAGR in the research period. This region is achieving more success in the global market due to the growing demand for advanced and new naval vessels and growing defense expenditure in China and India. Moreover, the Latin American market is driving the marine battery market growth due to Brazil's rise in naval expenditure for the advanced and new naval vessels procurement. Additionally, the Middle East & Africa is thriving the market growth due to the rise in defense expenditure in Israel, the U.A.E., and Saudi Arabia.
Competitive Landscape Analysis
As per the marine battery global market forecast report, the global key players are making collective efforts to the marketing growth. These key players are:
According to the marine battery market forecast report, the global market has been highly fragmented for 2019 because of the above-mentioned key players' strategic power to expand the Marine Battery by involving technological advancements.
The marine battery global market analysis explains that the global market is thriving significantly during the assessment period. The present report is a combination of both primary and secondary research methods of data collection. This collection is briefly analyzed by using the qualitative research analysis.
As per the marine battery market analysis, this report is consists of a market overview, Covid-19 analysis, dynamics, segments, regional classifications, competitive landscape, and recent developments. In addition, this report has also highlighted the current strategies of the market players to enhance the market growth.
By Ship Type
By Propulsion Type:
|Market Size||2026: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and TrendsRevenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Ship Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||East Penn Manufacturing Co. (US), EnerSys (US), EverExceed Industrial Co., Ltd (China), Exide Industries Limited (India), Exide Technologies (US), GS Yuasa (Japan), HBL Power Systems Limited (India), Korea Special Battery (South Korea), Manbat Ltd (UK), Saft Groupe SA (France), Systems Sunlight SA (Greece), Zibo Torch Energy (China)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The uptick in seaborne trade is foreseen to promote the market in the impending period.
Exide Industries Limited (India), East Penn Manufacturing Co. (US), EnerSys (US), EverExceed Industrial Co., Ltd (China), Exide Technologies (US), and GS Yuasa (Japan) are the global leaders in the forecast period.
The APAC region is estimated to power the overall market development in the forecast period.
A CAGR of 7.8% is estimated to play a vital role in market development through the forecast period.
A constructive revenue level is estimated to stimulate the market in the forecast period.