Marine battery market to grow to US$1.50bn by 2030

According to Research and Markets’ Marine Battery Market by Type, Vessel Type Function, Capacity, Propulsion, Power, Design, Form, Sales, Regions, Global Forecast to 2030 report, surging demand for hybrid and electric vessels will cause the marine battery market to grow from US$882.3m to US$1.50bn, at a CAGR of 9.3% during the forecast period from 2024 to 2030.

The report highlighted that the marine battery market is experiencing growth due to factors such as technological advancements and stringent environmental regulations. Siemens Energy (Germany), Leclanché (Switzerland), Corvus Energy (Canada), Toshiba Corporation (Japan) and EnerSys (US) are some of the leading players operating in the marine battery market.

Commercial segment

The marine battery market has been segmented into commercial, defense, unmanned underwater vehicles (UUVs) and unmanned surface vehicles (USVs) based on ship type. The commercial segment is projected to grow at the highest market share during the forecast period 2024 to 2030. The adoption of sustainable propulsion systems in cargo ships, tankers and passenger vessels is reportedly rising fast, due to strict environmental regulations such as IMO 2020, which sets up the requirement for lesser emissions and fuel consumption. Commercial ships frequently sail in emission-controlled zones and seek hybrid or fully electric solutions to maintain compliance with these regulations. Increasing investment in electrifying ferries, cruise ships and offshore support vessels to enhance operational efficiency and reduce operating costs further supports the demand for marine batteries in this segment.

Dual-purpose batteries

The marine battery market has been segmented into starting batteries, deep-cycle batteries and dual-purpose batteries based on function. The dual-purpose segment is expected to hold the highest CAGR from 2024 to 2030 based on its versatility in providing both starting power and deep-cycle capabilities, making it suitable for a myriad of maritime applications. Dual-purpose batteries are increasingly popular due to the strong demand for reliable engine starting and consistent power for onboard systems such as navigation, lighting and auxiliary equipment. In addition, dual-purpose batteries reduce the requirement for separate battery systems, thereby optimizing space and cost for operators. With the increasing demand for hybrid propulsion systems and advanced marine technologies, the use of dual-purpose batteries is gaining popularity within the maritime industry due to their efficiency, durability and flexibility to meet varied functional requirements.

The European market

A series of environmental regulations, government incentives and stringent sustainability initiatives in the maritime sector have driven the growth of the marine battery market. Europe has taken the lead in enforcing zero-emission transportation through initiatives like the European Green Deal and strict IMO 2020 laws enforcing substantial reductions in greenhouse gas emissions from ships. Countries such as Norway, the Netherlands and Sweden, for instance, are embracing new technologies to electrify their fleets – most noticeably in ferries and short-range vessels – where battery systems would be most efficient. Strong infrastructure exists, including charging stations and a widespread network of ports with sustainable energy sources.

In related news, the global market for electric ships was recently estimated at US$7.8bn in 2023 and is projected to reach US$15.7bn by 2030, growing at a CAGR of 10.5% from 2023 to 2030. Click here to read the full story.