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Marine Battery Market (Battery Type - Lithium, Fuel Cell, and Lead-acid; Application - Inland Vessels, Seafaring Vessels, Frigate, Corvettes, Submarines, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : August, 2020

  • Rep Id : AT00212

  • Category : Automotive, Aerospace & Defence

  • Status : Published

A recent report published by Infinium Global Research on marine battery market provides in-depth analysis of segments and sub-segments in the global as well as regional marine battery market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional marine battery market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global marine battery market. According to the report, the global marine battery market is projected to grow at a CAGR of 40.6% over the forecast period of 2020-2026.

 

Market Insight

Marine batteries are designed particularly for use on a boat, with heavier plates and robust construction designed to withstand the vibration and pounding that can occur onboard any powerboat. However, the recreational boating industry being one among the most affected sector by the COVID-19 economic lockdowns, the profiability of the marine battery manufacturers and suppliers will fall sharply over the short term. Further, as both businesses and consumers take longer time restart and return to normal activity due to the lockdown orders, the market recovery will be slow. Additionally, as marine batteries are usually more expensive than automobile batteries, several boat owners tend to purchase an auto battery instead of a marine battery, which in turn will lower profitability of the manufacturers. Nevertheless, as the boating and tourism industry recuperates from the impact of the pandemic, the demand for marine batteries will gradually improve over the forecast period.

 

Presently, the ongoing advancements in the battery charger technologies are showing exceptional growth in the market. The marine batteries are specially designed to meet the energy requirements of modern boats to start an engine and other appliances on the boat. Thus, the growing preference of marine batteries over the other batteries to meet the unique need of the inboard or outboard motors of the boat is driving the growth of the market. Additionally, the rapid expansion in marine tourism is promoting the adoption of advanced products in the marine battery market. Furthermore, the vast development in lithium-ion batteries and their adoption in various sectors have a positive impact on the growth of the marine battery market. On the other hand, the relative difficult maintenance and repair as compared to other batteries such as car batteries is expected to hinder the growth of the marine battery market. Moreover, the growing production of duel-purpose batteries is propelling the growth of the market. In addition, the major key players in the market are primarily focusing on new product launches, partnerships, and agreements as major expansion strategies. Accordingly, these adoptions of major strategies are projected to create various growth opportunities in the near future.

 

Among the region, North America is accounted to hold maximum share in the global marine battery market due to the increasing adoption of electric propulsion naval vessels in this region. Additionally, presences of leading players such as East Penn Manufacturing Co., EnerSys, Exide Technologies, and many others drive the growth of the marine battery market. The factor such as growing demand for ships with hybrid propulsion is boosting the demand for the European marine battery market in the forecast period. The increasing demand for new and advanced naval vessels in developing countries such as China and India is escalating the demand of the market in the Asia Pacific region. The Middle East and Africa and Latin America are expected to grow at a healthy CAGR owing to the increase in defense expenditure.

 

Segment Covered

The report on global marine battery market covers segments such as battery type, and application. On the basis of battery type, the sub-markets include lithium, fuel cell, and lead-acid. On the basis of application, the sub-markets include inland vessels, seafaring vessels, frigate, corvettes, submarines, and other applications.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Corvus Energy, Exide Technologies, Lithium Werks B.V., Furukawa Battery Solutions, Echandia Marine AB, Spear Power Systems, Siemens AG, EST-Floattech, Akasol AG., and Other companies.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of marine battery market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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