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Marine Battery Market by Battery Type (Lithium, Fuel Cell, Lead-acid), Propulsion Type (Fully Electric, Hybrid, Conventional), Application, Sales Channel, Ship Range, Nominal Capacity, Battery Design, Battery Function, and Region - Global Forecast to 2025

  • ID: 5128989
  • Report
  • May 2020
  • Region: Global
  • 224 Pages
  • Markets and Markets
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Increase in Seaborne Trade Across the Globe and Development of Lithium Batteries Are Driving the Market Growth

FEATURED COMPANIES

  • Akasol AG
  • Echandia Marine
  • Forsee Power
  • Leclanché Sa
  • Powertech Systems
  • Spear Power Systems, Inc.
  • MORE

The marine battery market is projected to grow from USD 250 million in 2020 to USD 812 million by 2025, at a CAGR of 48.1% between 2020 and 2025 period. The increase in seaborne trade across the globe and the development of lithium batteries are anticipated to drive the growth of the marine battery market. However, the limited range and capacity of fully electric ships are limiting the overall growth of the market.

Based on sales channel, the aftermarket segment is anticipated to grow at a higher CAGR during the forecast period

Based on sales channel, the aftermarket segment is anticipated to grow at a higher CAGR than the OEM segment during the forecast period. Shipowners are updating or retrofitting the equipment installed on their existing vessels to increase efficiency and durability. Ships can be retrofitted with batteries and electric motors to reduce the load demand on engines for propulsion. A growing number of offshore vessel owners/operators are upgrading their diesel-electric propulsion systems to hybrid configurations to provide greater operational flexibility and minimize fuel consumption across their fleets.   

Based on propulsion type, the fully electric segment is projected to register the highest CAGR during the forecast period

Based on propulsion type, the fully electric segment is projected to witness the highest CAGR during the forecast period. Fully electric-driven ships have a positive effect on the environment as the inclusion of high energy storage in batteries and optimized power control can reduce fuel consumption, maintenance, and emissions. The growth of the fully electric segment can be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several manufacturers are jointly investing in the manufacturing of ships adhering to the IMO 2020 rule.

Europe is estimated to lead the marine battery market in 2020 The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the demand for ships with hybrid propulsion in the region. Increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the marine battery market in Europe.

The break-up of profiles of primary participants in the marine battery market: 

  • By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20% 
  • By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40% 
  • By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World – 5%

Key players in the marine battery market are Corvus Energy (Canada), Akasol AG (Germany), EST-Floattech (Netherlands), Siemens (Germany), Spear Power Systems (US), Echandia Marine (Sweden), Sterling PBES Energy Solutions (Canada), Furukawa Battery Solutions (Japan), Lithium Werks (Netherlands), Exide Technologies (US), Craftsman Marine (Netherlands), PowerTech Systems (France), Kokam Co. Ltd. (South Korea), Toshiba Corporation (Japan), XALT Energy (US), EverExceed Industrial Co. Ltd. (China), U.S. Battery (US), Lifeline Batteries (US), Saft (France), Forsee Power (France), and Leclanché (Switzerland).  

Research Coverage:

The report covers the marine battery market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as battery type, propulsion type, sales channel, application, nominal capacity, ship range, ship power, battery function, battery design, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.  

Reasons to buy this report:

This report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall marine battery market and its subsegments. The report covers the entire ecosystem of the maritime industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Akasol AG
  • Echandia Marine
  • Forsee Power
  • Leclanché Sa
  • Powertech Systems
  • Spear Power Systems, Inc.
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Regional Scope
1.3.3 Years Considered for the Study
1.4 Currency & Pricing
1.5 USD Exchange Rates
1.6 Limitations
1.7 Market Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Breakdown of Primaries
2.2 Market Definition & Scope
2.2.1 Segment Definitions
2.2.1.1 Marine Battery Market, by Sales Channel
2.2.1.2 Marine Battery Market, by Battery Type
2.2.1.3 Marine Battery Market, by Propulsion Type
2.2.1.4 Marine Battery Market, by Nominal Capacity
2.2.1.5 Marine Battery Market, by Ship Power
2.2.1.6 Marine Battery Market, by Ship Range
2.2.1.7 Marine Battery Market, by Application
2.2.1.8 Marine Battery Market, by Battery Design
2.2.1.9 Marine Battery Market, by Battery Function
2.2.2 Exclusions
2.3 Market Size Estimation & Methodology
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Data Triangulation
2.5 Market Sizing & Forecasting
2.6 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Marine Battery Market
4.2 Marine Battery Market, by Ship Range
4.3 Marine Battery Market, by Application
4.4 Marine Battery Market, by Ship Power
4.5 Marine Battery Market, by Region

5 Market Overview
5.1 Introduction
5.1.1 Roadmap of Marine Electrification
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Implementation of Sulfur 2020 Rule
5.2.1.2 Rise in Conversion of Propulsion Systems in Passenger Vessels
5.2.1.3 Increase in Seaborne Trade Across the Globe
5.2.1.4 Growing Maritime Tourism Industry
5.2.1.5 Development of Lithium Batteries
5.2.2 Restraints
5.2.2.1 Long Downtime During Retrofitting of Ships Resulting in Revenue Loss
5.2.2.2 Limited Range and Capacity of Fully Electric Ships
5.2.3 Opportunities
5.2.3.1 Potential for Marine Battery Manufacturers to Develop High Power Batteries
5.2.3.2 Potential for Battery Charging Via Renewable Energy Sources
5.2.3.3 Hybrid Propulsion Technology for Large Ships
5.2.4 Challenges
5.2.4.1 Inadequate Charging Infrastructure
5.2.4.2 High Initial Capital Expenditure

6 Industry Trends
6.1 Introduction
6.2 Roadmap Toward Emission-Free Shipping Industry
6.3 Phasing of Marine Propulsion Technologies
6.4 Value Chain Analysis
6.5 Average Selling Price Trend
6.6 Case Study Analysis
6.6.1 Rolls-Royce Marine – 2020
6.6.2 Kongsberg and Yara – 2020
6.6.3 Japanese Consortium – 2025
6.7 Technology Analysis
6.7.1 Electrification of Leisure Boats
6.7.2 Potential of Hybrid Technology
6.7.3 Fully Electric Ferries for Passenger Transport
6.7.4 Solar Sails
6.7.5 Advanced Batteries for Electric Ships
6.7.6 Potential of Hydrogen as a Zero-Emission Fuel for Shipping Industry
6.8 Patent Analysis

7 Marine Battery Market, by Application
7.1 Introduction
7.2 Commercial
7.2.1 Inland Vessels
7.2.1.1 Passenger Vessels
7.2.1.1.1 Yachts
7.2.1.1.1.1 Fully Electric Yachts Can Use Solar Power to Charge Their Batteries
7.2.1.1.2 Ferries
7.2.1.1.2.1 Adoption of Electric Ferries is High in North America and Europe Due to Changing Environmental Regulations
7.2.1.1.3 Cruise Ships
7.2.1.1.3.1 Adoption of Hybrid-Electric Propulsion Technologies for Cruise Ships to Increase in the Coming Years
7.2.1.2 Cargo Vessels
7.2.1.2.1 Inland Cargo Ships
7.2.1.2.1.1 High Market Potential for Inland Cargo Ships
7.2.1.2.2 Inland Tankers
7.2.1.2.2.1 Lithium-Ion Battery-Based Fully Electric Shipping Tanker Designed by Japanese Companies
7.2.1.2.3 Dry Cargo Carriers
7.2.1.2.3.1 Rise in Demand for New Dry Cargo Carriers to Handle Increasing Cargo Volume Will Increase the Demand for Battery Propulsion
7.2.1.2.4 Barges
7.2.1.2.4.1 More Manufacturers Are Looking Forward to Developing Battery-Driven Barges for Emission-Free Sailing
7.2.1.3 Other Inland Vessels
7.2.1.3.1 Fishing Vessels
7.2.1.3.1.1 Fuel Consumption of Fully Electric Fishing Vessel Has Been Reduced by 80% as Compared to Other Fishing Vessels
7.2.1.3.2 Tugs & Workboats
7.2.1.3.2.1 Electrification of Tugs & Workboats Will Help Significantly Reduce Emissions at Ports
7.2.1.3.3 Research Vessels
7.2.1.3.3.1 the Market for Retrofitting Research Vessels is Larger Than That of Newbuilds at Present
7.2.1.3.4 Submarines
7.2.1.3.4.1 Fully Electric Submarines Are Useful for Underwater Exploration as There is Minimal Vibration from the Motor
7.2.2 Seafaring Vessels
7.2.2.1 Passenger Vessels
7.2.2.1.1 Cruise Ships
7.2.2.1.1.1 Adoption of Hybrid-Electric Propulsion Technologies for Cruise Ships to Increase in the Coming Years
7.2.2.2 Cargo Vessels
7.2.2.2.1 Container Vessels
7.2.2.2.1.1 Electrification of Container Ships Will Happen First, Gradually Followed by Larger Container Ships
7.2.2.2.2 Bulk Carriers
7.2.2.2.2.1 Bulk Carriers Can Only Be Fitted With Hybrid-Electric Propulsion Systems Due to Constraints Faced by Pure Battery Systems
7.2.2.2.3 Tankers
7.2.2.2.3.1 Japanese Companies Designed a Domestic Fully Electric Shipping Tanker That Uses Lithium-Ion Batteries
7.2.2.2.4 General Cargo Vessels
7.2.2.2.4.1 Batteries Installed on Cargo Vessels Can Sustain Them to Sail in and Out of Harbors for Approximately 30 Minutes, After Which the Vessels Will Switch to a Diesel Engine
7.2.3 Other Seafaring Vessels
7.2.3.1 Fishing Vessels
7.2.3.1.1 Fuel Consumption on Electric Fishing Vessels Can Be Reduced by 80% as Compared to Other Fishing Vessels by Using Battery-Driven Propulsion System
7.2.3.2 Research Vessels
7.2.3.2.1 the Market for Retrofitting Research Vessels is Larger Than That of Newbuilds at Present
7.2.3.3 Submarines
7.2.3.3.1 Fully Electric Submarines Are Useful for Underwater Exploration as There is Minimal Vibration from the Motors
7.3 Defense
7.3.1 Destroyers
7.3.1.1 Defense Forces of Countries Like the Us, the Uk, and India Are Focusing on Integrating Electric Propulsive Destroyers to Their Fleet to Gain High Operational Efficiency
7.3.2 Frigates
7.3.2.1 Naval Forces of Countries Like India Are Planning to Install Hybrid Propulsion Systems for Frigates
7.3.3 Corvettes
7.3.3.1 Defense Forces of Countries Such as South Korea Are Ordering All-Electric Propulsion Corvettes
7.3.4 Amphibious Ships
7.3.4.1 Naval Forces Across the Globe Are Considering the Possibility of Using Amphibious Ships With Hybrid Propulsion
7.3.5 Offshore Support Vessels (Osvs)
7.3.5.1 Offshore Support Vessels (Osvs) Are Available in Hybrid and Electric Propulsion Setups
7.3.6 Submarines
7.3.6.1 Countries Such as the Us, France, and India Are Currently Using or Developing Electric Propulsion Systems for Their Fleet of Submarines

8 Marine Battery Market, by Battery Design
8.1 Introduction
8.2 Solid-State Batteries
8.2.1 Demand for Greater Energy Density is Anticipated to Drive the Market for Solid-State Batteries
8.3 Flow Batteries
8.3.1 Demand for Safer Battery Service is Anticipated to Drive the Market for Flow Batteries

9 Marine Battery Market, by Battery Function
9.1 Introduction
9.2 Starting Batteries
9.2.1 Demand for Quick and Powerful Spurt of Energy to Start Ship Engines to Drive the Market for Starting Batteries
9.3 Deep-Cycle Batteries
9.3.1 Demand for Recovering Fully After Heavy Discharge Will Fuel the Market for Deep-Cycle Batteries
9.4 Dual-Purpose Batteries
9.4.1 Rise in Small Sized Vessels Across the Globe Will Lead to Increased Demand for Dual-Purpose Batteries

10 Marine Battery Market, by Battery Type
10.1 Introduction
10.2 Lithium
10.2.1 Currently, Hybrid and Fully Electric Vessels Rely on Lithium Batteries as a Prime Power Source
10.3 Lead-Acid Battery
10.3.1 Lead-Acid Batteries Are Preferred in Marine Vessels as They Are Durable, Easily Recyclable, Cost-Effective, and Enable Simple Charging
10.3.2 Flooded
10.3.3 Gel
10.3.4 AGM
10.4 Fuel Cell
10.4.1 Fuel Cell is An Alternative Technology of Lithium-Ion and Lead-Acid Batteries That Can Help in Cutting Down Carbon Emissions, Especially in Comparison to Traditional Diesel-Driven Propulsion Systems
10.4.2 Hydrogen-Based
10.4.3 Ammonia-Based
10.4.4 Oxide-Based
10.4.5 Carbon-Based

11 Marine Battery Market, by Nominal Capacity
11.1 Introduction
11.2 <100 Ah
11.2.1 Inland Ferries Adopt Batteries With Nominal Capacity of Less Than 100 Ah
11.3 100–250 Ah
11.3.1 Demand for Batteries With Nominal Capacity of 100–250 Ah from Dry Cargo Vessels and Barges
11.4 >250 Ah
11.4.1 Rise in Seafaring Vessels Across the Globe Will Lead to Increased Demand for Batteries With >250 Ah Nominal Capacity

12 Marine Battery Market, by Propulsion Type
12.1 Introduction
12.2 Fully Electric
12.2.1 Fully Electric-Driven Ships Have a Positive Effect on the Environment as the Inclusion of High Energy Storage in Batteries and Optimized Power Control Can Reduce Fuel Consumption, Maintenance, and Emissions
12.3 Hybrid
12.3.1 Development of Advanced Battery Technology and Hybrid Battery Power Systems Has Become a Necessity for Ships for Power Generation
12.4 Conventional
12.4.1 Major Shipowners With Conventional Propulsion Are Retrofitting Their Systems With Hybrid-Electric Propulsion to Reduce Greenhouse Emissions
12.5 Ship Autonomy, by Propulsion Type
12.5.1 Manned Ship
12.5.2 Partially Autonomous Ship
12.5.3 Fully Autonomous Ship

13 Marine Battery Market, by Sales Channel
13.1 Introduction
13.2 0Em
13.2.1 High Demand for Fully Electric Ferries in Europe to Drive the Market for Batteries
13.3 Aftermarket
13.3.1 Shipowners Update or Retrofit Equipment Installed on Existing Vessels to Increase Efficiency and Extend Durability

14 Marine Battery Market, by Ship Power
14.1 Introduction
14.2 <75 kW
14.2.1 Demand for Fully Electric Yachts in Europe to Drive the Marine Battery Market
14.3 75–150 kW
14.3.1 Use of Fully Electric Ferries for Transport Will Drive the Marine Battery Market
14.4 150–745 kW
14.4.1 Large Retrofit Potential for Cargo Vessels in the 150–745 Kw Range
14.5 740–7,560 kW
14.5.1 Increased Investment in Hybrid-Electric Propulsion Systems Drive the Market for Electric Ships
14.6 >7,560 kW
14.6.1 Adoption of Hybrid-Electric Propulsion Systems is Challenging in Ships With High Power Capacity

15 Marine Battery Market, by Ship Range
15.1 Introduction
15.2 <50 Km
15.2.1 Adoption of Fully Electric Passenger Ferries and Tugs Drive the Demand for Electric Ships
15.3 50–100 Km
15.3.1 Demand for Fully Electric Container Ships Will Drive the Demand for Electric Propulsion
15.4 100–1,000 Km
15.4.1 Retrofit of Cargo Vessels to Drive the Market for Electric Ships
15.5 >1,000 Km
15.5.1 Increased Investment in Hybrid-Electric Propulsion Systems Will Bear Fruit as Adoption Rate Increases for Long-Voyage Ships

16 Regional Analysis
16.1 Introduction
16.2 North America
16.2.1 US
16.2.1.1 Growing Demand for Luxury Sailing Will Increase the Adoption of Electric Boats
16.2.2 Canada
16.2.2.1 Canadian Government’S Strategic Decision to Develop Its Indigenous Marine Industry to Grow the Market
16.3 Europe
16.3.1 Norway
16.3.1.1 Implementation of IMO Rule is a Major Factor Driving the Adoption of Battery Propulsion in the Shipping Industry in Norway
16.3.2 Sweden
16.3.2.1 Stringent Imo 2020 Rule is Driving the Demand for Marine Batteries in Sweden
16.3.3 Netherlands
16.3.3.1 Push Toward Zero-Emission Ships Driving the Marine Battery Market in the Netherlands
16.3.4 France
16.3.4.1 Presence of Stringent Regulations Drive the Demand for Marine Batteries in France
16.3.5 Denmark
16.3.5.1 Stringent Environmental Regulations Drive the Demand for Marine Batteries in Denmark
16.3.6 UK
16.3.6.1 Rising Focus on the Adoption of Batteries by Shipbuilders in the UK
16.3.7 Finland
16.3.7.1 Major Focus on Green Marine Technologies is Anticipated to Drive the Growth of the Marine Battery Market in Finland
16.3.8 Rest of Europe
16.4 Asia-Pacific
16.4.1 China
16.4.1.1 Presence of Several Shipbuilding Companies Boost the Growth of the Marine Battery Market in China
16.4.2 South Korea
16.4.2.1 Development of Fuel Cells for Ships’ Propulsion Systems the Aim Toward Achieving a Hydrogen Economy Are Expected to Fuel the Marine Battery Market in South Korea
16.4.3 Japan
16.4.3.1 Increasing Focus on Reducing Greenhouse Gas Emissions from International Shipping
16.4.4 Australia
16.4.4.1 a Switch from Diesel-Driven Ships to Battery Propelled Ships in Australia to Reduce Operational Costs
16.4.5 India
16.4.5.1 Demand to Reduce Carbon Emissions
16.4.6 Rest of Asia-Pacific
16.4.6.1 Development of Electric Passenger Ferries Expected to Fuel the Demand for Marine Batteries in Rest of Asia-Pacific
16.5 Rest of the World
16.5.1 Latin America
16.5.1.1 Large Fleet Size of Ships in Latin America Encourages the Adoption of Hybrid Propulsion
16.5.2 Middle East & Africa
16.5.2.1 Retrofitting of the Existing Fleet of Ships is Driving the Demand for Marine Batteries in the Middle East & Africa

17 Competitive Landscape
17.1 Introduction
17.2 Revenue & Ranking Analysis of Key Market Players, 2020
17.3 Key Market Developments
17.3.1 New Product Launches/Investments/Certifications/Expansions
17.3.2 Contracts
17.3.3 Partnerships & Agreements
18 Company Evaluation and Company Profiles
18.1 Company Evaluation Matrix
18.1.1 Star
18.1.2 Emerging Leaders
18.1.3 Pervasive
18.1.4 Emerging Companies
18.2 Company Profiles
18.2.1 Corvus Energy
18.2.2 Akasol AG
18.2.3 Est-Floattech
18.2.4 Saft
18.2.5 Siemens AG
18.2.6 Leclanché Sa
18.2.7 Spear Power Systems, Inc.
18.2.8 Echandia Marine
18.2.9 Powertech Systems
18.2.10 Lifeline Batteries
18.2.11 Sterling Pbes Energy Solutions
18.2.12 Furukawa Battery Co. Ltd.
18.2.13 Lithium Werks
18.2.14 Exide Technologies
18.2.15 Everexceed Industrial Co. Ltd.
18.2.16 U.S. Battery Mfg. Co.
18.2.17 Craftsman Marine
18.2.18 Kokam Co. Ltd.
18.2.19 Toshiba Corporation
18.2.20 Xalt Energy
18.2.21 Forsee Power

19 Appendix
19.1 Discussion Guide
19.2 Knowledge Store
19.3 Available Customizations
19.4 Related Reports
19.5 Author Details

Note: Product cover images may vary from those shown
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  • Akasol AG
  • Corvus Energy
  • Craftsman Marine
  • Echandia Marine
  • Est-Floattech
  • Everexceed Industrial Co. Ltd.
  • Exide Technologies
  • Forsee Power
  • Furukawa Battery Co. Ltd.
  • Kokam Co. Ltd.
  • Leclanché Sa
  • Lifeline Batteries
  • Lithium Werks
  • Powertech Systems
  • Saft
  • Siemens AG
  • Spear Power Systems, Inc.
  • Sterling Pbes Energy Solutions
  • Toshiba Corporation
  • U.S. Battery MFG. Co.
  • Xalt Energy
Note: Product cover images may vary from those shown
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