Global Marine Battery Market.
Global Marine Battery Market is projected to register a CAGR of 7.8% from 2020 to 2026.
The growth in the seaborne trade and maritime tourism industry globally is driving the growth of the market. Furthermore, the implementation of the Sulfur 2020 regulation by the IMO is fueling the growth of the market.
An increase in the electrification of ships requires advanced batteries.
Growth Opportunities in the Market
Valve-regulated lead-acid (VRLA) batteries segment expected to register high growth: The valve-regulated lead-acid (VRLA) batteries segment accounted for the largest market share in 2019 and is expected to exhibit a high CAGR during the review period. These batteries are maintenance-free and do not require electrolyte or water. Moreover, these batteries have captive electrolyte, which prevents it from spilling even when the case is punctured.
Deep cycle service segment expected to register a high growth rate: The deep cycle service segment accounted for the largest market share in 2019 and is expected to exhibit a high CAGR during the review period. The increasing use of batteries for deep cycle applications such as running a trolling motor or heavy marine accessory load is driving the growth of the segment.
The dual-purpose service segment is expected to grow at the highest CAGR during the forecast period. The dual-purpose batteries are specially designed for both starting and deep cycle applications. Hence the demand for these batteries is increasing from the last few years.
Commercial ship segment expected to register the higher growth rate: The commercial ship segment is expected to exhibit a high CAGR during the review period. Increasing investments in the development of electric propulsion cargo and passenger vessels are expected to boost the demand for advanced batteries
East Penn Manufacturing Co. (US)
EverExceed Industrial Co., Ltd (China)
Exide Industries Limited (India)
Exide Technologies (US)
GS Yuasa (Japan)
HBL Power Systems Limited (India)
Korea Special Battery (South Korea)
Manbat Ltd (UK)
Saft Groupe SA (France)
Systems Sunlight SA (Greece)
Zibo Torch Energy (China)