Marine Battery Market Research Report - Global Forecast till 2027

Global Marine Battery Market Report, by Type (Valve-regulated Lead Acid (VRLA) Batteries, Flooded Lead Acid Batteries and others), Application (Marine Starting Service, Deep Cycle Service and Dual-Purpose Service), Ship Type (Commercial and Defense) and Region - Forecast till 2027

ID: MRFR/A&D/8052-HCR | February 2021 | Region: Global | 174 pages

Please note that the assessment period of report has been updated from 2019-2026 to 2020-2027. Cordially fill the sample form for updated data.

Market Scenario


Global Marine Battery Market is projected to register a CAGR of 7.8% from 2020 to 2026. Batteries are the crucial component of the ships. It is used to provide starting service and deep cycle service. Absorbed glass mat (AGM) batteries, gelled-electrolyte batteries, and flooded lead-acid batteries are commonly used for marine applications.


Market Synopsis


The Global Marine Battery Market has witnessed high growth in recent years owing to an increase in seaborne trade and implementation of the IMO Sulfur 2020 Regulation. Moreover, the growing maritime tourism industry is driving the growth of the market. Furthermore, factors such as the use of renewable sources of energy for battery charging and advancements in hybrid propulsion technology are expected to offer lucrative opportunities for market growth.


Market USP


An increase in the electrification of ships requires advanced batteries.


Market Drivers



  • Increase in Seaborne Trade: Maritime transport is considered the backbone of global trade and economy; shipping carried more than 85% of the world’s goods, by volume, in 2018. Seaborne trade continues to expand, bringing benefits to consumers across the world through competitive freight costs. This is also expected to drive the growth of the global marine battery market during the forecast period.



  • Growing Maritime Tourism Industry



  • Implementation of the IMO Sulfur 2020 Regulation


Market Opportunities



  • Use of Renewable Energy for Battery Charging

  • Advancements in Hybrid Propulsion Technology


Segmentation


By Application



  • Marine Starting Service: The marine starting service segment is expected to grow at the higher CAGR during the forecast period. These batteries are used to deliver several hundred amps of power to the starting motor within a few seconds.



  • Deep Cycle Service: The segment accounted for the largest market share in 2019. A deep cycle battery is used to deliver an extended, slow discharge of fewer amps for several minutes or hours. The demand for these batteries has been increased with the electrification of ships.



  • Dual Purpose Service: The segment is expected to grow at the highest CAGR during the forecast period. Dual-purpose batteries are used for both applications for starting and deep cycle service. It delivers powerful cranking amperage for easy starting and low amp draw service for consistent auxiliary power.


By Ship Type



  • Commercial: The segment dominated the marine battery market in 2019. The commercial segment includes cargo vessels such as container vessels, bulk carriers, tankers, and general cargo ships; passenger vessels such as yachts, cruise ships, and ferries; and other vessels such as fishing vessels, tugs and workboats, dredgers, research vessels, and submarines. Moreover, due to factors such as an increase in seaborne trade, rising maritime tourism industry, and implementation of the IMO Sulfur 2020 Regulation, the demand for advanced marine batteries for commercial applications is expected to increase during the forecast period.



  • Defense: The segment is expected to register a higher growth rate during the forecast period. The defense segment includes destroyers, corvettes, frigates, offshore support vessels, aircraft carriers, and submarines. Increasing military spending on the development of new and advanced combat vessels is expected to increase the demand for high-performance marine batteries.


By Region



  • North America: The increasing adoption of electric propulsion naval vessels by the US Navy for tactical missions is expected to drive the growth of the market during the review period. Moreover, the presence of major marine battery manufacturers such as EnerSys, East Penn Manufacturing Co., and Exide Technologies is fueling the growth of the market in North America.



  • Europe: Europe is the second-largest market for marine batteries. This trend is projected to continue during the forecast period due to investments by prominent players such as Saft Groupe SA and Systems Sunlight SA in the development of marine battery.



  • Asia-Pacific: Asia-Pacific accounted for the largest market share in 2019. The market in the region is also projected to register the highest CAGR during the forecast period. Increasing defense expenditure in India and China and the rising demand for new and advanced naval vessels are driving the regional market growth.



  • Middle East & Africa: The increase in defense expenditure in Saudi Arabia, the UAE, and Israel is driving market growth in the Middle East & Africa.



  • Latin America: In Latin America, the increase in naval expenditure in Brazil for the procurement of advanced naval vessels is driving the growth of the market.


Key Players



  • 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)



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.