The global marine battery market size is expected to reach USD 1,563.5 million by 2030, according to a new study by Polaris Market Research. The report “Marine Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Lithium-Ion, Nickel Cadmium, Sodium, Fuel Cell, Flooded, Gel, Lead-acid); By Application (Commercial, Defense, Unmanned); By Design (Solid-State Batteries, Flow Batteries); By Function; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global sea cell industry is being driven by the growing maritime tourism, the adoption of the I.M.O. sulfur 2020 rule, and the increase of seaborne trade. The Indian Ministry of Commerce and Industry has formed the Marine Products Export Development Authority as a statutory entity to encourage sea products from India.
From 2020 to 21, this statutory organization benefited India by exporting 11,49,341 MT of seafood worth USD 5.96 billion. As a result, the demand for sea batteries is expected to rise over the forecast period. Furthermore, greater usage of renewable energy for charging is one of the main prospective opportunities for producers and key participants in the global sea industry. In addition, as hybrid propulsion innovation improves, the sea business will have greater chances.
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Based on the type, the lithium-ion segment accounted for the leading share in the industry in 2021. Lithium-ion sea batteries are highly effective, lighter, and last 10 times longer than lead-acid batteries. Lithium batteries are an excellent choice for maritime applications since they offer these benefits. With the continued growth of commercial vessels across the industry, the demand for powered vessels is also growing. A rechargeable batteries ship contributes towards more ecologically friendly maritime operations and greater efficiency and reliability.
Industry players such as EnerSys, East Penn Manufacturing Co., EverExceed Industrial Co. Ltd., Exide Industries Limited, G.S.G.S. Yuasa, Exide Technologies, H.B.L. Power Systems Limited, Korea Special Battery, Saft Groupe SA, Manbat Ltd, Shield Batteries Limited, Systems Sunlight S.A., Staab Battery Mfg. Co., Inc. and Zibo Torch Energy are some key players operating in the global industry.
In February 2021, Wartsila, a technology company, formed a strategic relationship with SAACKE. The arrangement enhanced the company’s ability to provide shipyards and ship owners with a complete variety of cutting-edge technology solutions. Partnership on safety is a major element of the agreement, specifically with Inert Gas Systems (IGS) and Gas Combustion Units (GCU). Due to the agreement, both partners have offered larger and more comprehensive supply scopes. Thus, the agreement between significant players boosts market growth during the forecast period.
Polaris Market Research has segmented the marine battery market report based on type, application, design, function, and region:
Marine Battery, Type Outlook (Revenue - USD Million, 2018 - 2030)
Marine Battery, Application Outlook (Revenue - USD Million, 2018 - 2030)
Marine Battery, Design Outlook (Revenue - USD Million, 2018 - 2030)
Marine Battery, Function Outlook (Revenue - USD Million, 2018 - 2030)
Marine Battery, Regional Outlook (Revenue - USD Million, 2018 - 2030)