Westford, US, Oct. 22, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Marine Battery Market will reach a value of USD 2304.59 Million by 2031, with a CAGR of 20.2% during the forecast period (2024-2031). Marine battery market is witnessing remarkable growth impacted by growing demand for efficient and sustainable energy solutions in the maritime industry. The leading drivers of the market comprise improvements in battery technology, growing adoption of hybrid and electric vessels, and regulatory burden for reduced emissions. Furthermore, the market is anticipated to be fueled by the growing inclination towards renewable energy incorporation in maritime activities and expansion of recreational boating and offshore sectors.
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Browse in-depth TOC on the “Marine Battery Market” Pages – 197, Tables – 95, Figures – 76
Marine Battery Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 528.88 Million |
| Estimated Value by 2031 | USD 2304.59 Million |
| Growth Rate | Poised to grow at a CAGR of 20.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Ship Type, Function, Battery Design, Battery Type, Sales Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Use of Hybrid Propulsion Technology for Large Sailing Ships |
| Key Market Drivers | Growing Need for Better Maritime Connectivity and Infrastructure |
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Commercial Segment to Dominate Market Owing to Growing Need for Efficiency
By ship type, the commercial segment dominated the market and will lead over the forecast period due to growing demand for efficiency and regulatory compliance. Commercial vessels comprise ferries and cargo ships that are widely adopting hybrid and electric systems to reduce operational costs and improve efficiency. Moreover, strict ecological standards are driving commercial operators to lessen emissions, thus increasing attraction of battery solutions and electric propulsion. On the other hand, the defense segment to be the fastest-growing segment due to strategic importance and increased investment and funding. Defense applications emphasize the use of advanced technologies for efficiency, stealth, and operational capability, impacting better performance of batteries. Governments are also increasing funding for modernization and naval competencies, comprising upgrading to hybrid and electric propulsion systems.
Solid-State Segment to Lead Market Owing to Greater Energy Density
By battery design, the solid-state segment led the market in the past years and is expected to continue dominance over the forecast period owing to high energy density and enhanced safety. Solid state batteries hold high energy density as compared to conventional lithium-ion batteries, thus enabling reduced weight and longer range in maritime uses. They can handle extreme heat and have low risk of fire, increasing their safety for maritime uses. Conversely, the liquid/gel-based segment is the fastest-growing owing to developed technology and cost-efficiency. Liquid and gel batteries like gel-cell types and lead-acid have been used for many years, offering proven performance and reliability in maritime uses. They are usually more budget-friendly than the new technologies. This increases their attraction for different marine operations, mainly in commercial shipping.
Growing Number of Technological Developments in North America to Help the Region Grow Impressively
Geographically, North America led the market significantly in 2023 and is expected to continue to lead in future as well owing to the number of technological advancements and strong maritime industry. North America is the leading center for key advancements in battery, mainly in hybrid and electric maritime solutions, impacted by research and development investments. The region also has strong maritime infrastructure, comprising recreational boating, commercial shipping, and defense, which increases the demand for marine batteries.
Asia Pacific is predicted to be the fastest growing segment due to speedy growth of maritime activities and favorable government initiatives. The region holds progressing boating and shipping industry for recreational boats and commercial vehicles, impacting the adoption of battery technology. most nations in Asia-Pacific are adopting policies to encourage electrification in marine transportation, emphasizing reduction of emission and better sustainability.