Marine Battery Market expected to hit USD 1783 Mn by 2029 at a CAGR of 18.3 percent

Marine Battery Market is segmented into Battery Type and Load Capacity for the analysis of the market. The growth rate of Marine Batteries has increased globally due to more sustainable and environmentally friendly transportation options, and the demand for electric and hybrid boats is growing rapidly. The bottom-up approach was used to estimate the Marine Battery Market size.

Pune, June 05, 2023 (GLOBE NEWSWIRE) -- A global Energy & Power research and business-consulting firm, Maximize Market Research, has published a market intelligence report on the "Marine Battery Market". The report is a combination of primary data and secondary data and domain experts have analyzed Marine Battery Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 551 Mn in 2022 to USD 1783 Mn in 2029 at a CAGR of 18.3 percent.

Marine Battery Market Report Scope and Research Methodology

Market Size in 2022

USD 551 Mn.

Market Size in 2029

USD 1783 Mn.

CAGR

18.3 percent (2023-2029)

Forecast Period

2023-2029

Base Year

2022

Number of Pages

277

No. of Tables

119

No. of Charts and Figures

114

Segment Covered

Battery Type and Load Capacity

Regional Scope

North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage

Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

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The report offers a quantitative analysis of the current drivers, restraints, trends, estimations, and opportunities in the Marine Battery Market, providing insights into prevailing opportunities during the forecast period. PORTER's five forces analysis evaluates the profit-oriented strategic decisions and supplier-buyer networks of market participants. In-depth analysis, market size, and segmentation aid in determining the current market potential. The report provides a comprehensive analysis to stakeholders interested in investing in the global Marine Battery Market, encompassing past and current market scenarios with forecasted size. It includes strategic profiling of key players, analyzing their core competencies, growth strategies, and market presence to guide investors. Mergers and acquisitions are among the strategies employed by players to expand market share and seize growth opportunities.

Marine Battery Market Overview

Marine batteries are more robust than car batteries. They are made up of thicker lead plates and tend to have a sturdier overall structure in order to cope with the vibrations and shaking that come with moving across lakes, oceans, and rivers. The collected data was analyzed using various statistical tools and techniques. The analysis includes both quantitative and qualitative analysis of the market, including market size, growth rate, market share, and market trends. The future growth of the Marine Battery Market is predicted based on historical data and analysis of the current market trends and growth drivers. The report includes a detailed analysis of the competitive landscape of the Marine Battery Market, including market share, competitive strategies, and product portfolio of the key players in the market.

Marine Battery Market Dynamics

The marine battery market showed extensive developments in past years and provided support by growth factors such as increasing demand for electric and hybrid passenger vessels with the launch of marine batteries. Marine electric batteries have a long life and also they last twice as long and weigh half as much as lead-acid batteries. Steve Sanford Lithium batteries weigh substantially less than comparable lead-acid models. The average life of a boat battery is around 3-4 years, although they can last up to 6 years in the right conditions. This benefit from electric and lithium batteries heightens the marine battery market growth. High performance and Economical factors of Lithium Deep Cycle Batteries are driving the marine battery market.

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A Lithium deep cycle battery holds its voltage over the cycle, giving more power for marine applications than lead-acid battery which releases fewer Amps limiting the use of appliances. Lithium batteries provide more usable amp hours capacity than lead-acid batteries before they are needed to recharge without worrying to damage the battery. Cost-effectiveness and long-lasting power support are boosting the marine battery market. Deep cycle batteries are maintenance-free, cost-effective, and have longer-lasting power than lead-acid batteries. Lithium deep cycle batteries can still work and can hold out against cold weather or climate and are also the best fit during a camping trip. These factors are boosting the growth of the marine battery market.

Marine Battery Market Regional Insights

Europe is the leading region in the marine battery market and the fastest-growing market share globally. The growing market showed a rising number of commercial marine vessel operators and market players and the largest chain network in Europe. The rapid technological growth for developing advanced electric ships increases the demand for marine batteries. The development and automatic electric vessels in manufacturing industries and the commercial and Defense sector are propelling the market growth in the European marine battery market. Asia-Pacific is prophesied to hold the second-highest growth in the global marine battery market with Japan, India, and China making significant contributions. The demand for marine batteries in the region is unexpectedly high, influencing the increasing popularity of water sports and boating activities. The regions boast strong production capacities due to the large-scale availability of raw materials and increasing research and development surrounding different battery chemistries.

The Asia-Pacific has industry-friendly regulatory policies strengthened by supportive government regulations. North America experienced exponential growth in the forecast period. The increasing adoption of electric marine batteries is supporting the growth of the marine battery market. As well as the propulsion by government agencies such as NOAA, Rising battery-powered marine vessels for commercial improvement and governmental support, and Defense systems utilization. The large-scale demand for marine batteries in the North American region for leisure boats marine applications is providing support for higher growth in the marine battery market.

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Marine Battery Market Segmentation

By Battery Type:

Lead-acid

Lithium-ion

Nickel-cadmium

Other

Lead Acid Batteries are the most commonly used type of battery in the marine industry. They are relatively inexpensive and have a long history of use in marine applications. The global marine battery market is projected to grow owing to the increasing focus on sustainability, especially in the marine industry. This sector has registered high levels of water pollution mainly due to the ever-expanding water activities conducted for various commercial and recreational purposes.

By Load Capacity:

Below 100 Ah

100-200 Ah

Above 200 Ah

Marine Battery Market Key Competitors include:

East Penn Manufacturing - Lyon Station, Pennsylvania, USA

Exide Technologies - Milton, Georgia, USA

Johnson Controls - Milwaukee, Wisconsin, USA

Saft - Bagnolet, France

Trojan Battery Company - Santa Fe Springs, California, USA

EnerSys - Reading, Pennsylvania, USA

Leoch Battery - Guangdong, China

NorthStar Battery - Springfield, Missouri, USA

Mastervolt - Amsterdam, Netherlands

Power Sonic Corporation - San Diego, California, USA

GS Yuasa Corporation - Kyoto, Japan

Rolls-Royce Power Systems - Friedrichshafen, Germany

Siemens Energy - Munich, Germany

Tesla Inc. - Palo Alto, California, USA

ABB Ltd. - Zurich, Switzerland

Corvus Energy - Richmond, British Columbia, Canada

Kokam Co. Ltd. - South Korea

LG Chem Ltd. - Seoul, South Korea

Panasonic Corporation - Osaka, Japan

Samsung SDI Co. Ltd. - South Korea

Sonnen GmbH - Wildpoldsried, Germany

Toshiba Corporation - Tokyo, Japan

VARTA AG - Ellwangen, Germany

Winston Battery Limited - Huizhou, Guangdong, China

Victron Energy BV - Almere Haven, Netherlands

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Key questions answered in Marine Battery Market are:

What is the Marine Battery Market?

What was the Marine Battery Market size in 2022?

What is the expected Marine Battery Market size during the forecast period?

What are the global trends in the Marine Battery Market?

What are the major restraints for the Marine Battery Market?

Which segment dominated the Marine Battery Market growth?

What is the demand pattern for the Marine Battery Market?

What growth strategies are the players considering to increase their presence in the Marine Battery Market?

What are the upcoming industry applications and trends for the Marine Battery Market?

Who are the leading companies and what are their portfolios in the Marine Battery Market?

Which region dominates the largest market share in the Marine Battery Market?

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)

Past Pricing and price curve by region (2018 to 2021)

Market Size, Share, Size & Forecast by different segment | 2022−2029

Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application, and Industry Vertical

Market Segmentation – A detailed analysis by Battery type, and Load Capacity

Competitive Landscape – Profiles of selected key players by region from a strategic perspective

Competitive landscape – Market Leaders, Market Followers, Regional player

Competitive benchmarking of key players by region

PESTLE Analysis

PORTER's analysis

Value chain and supply chain analysis

Legal Aspects of Business by Region

Lucrative business opportunities with SWOT analysis

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.