Marine Lithium-ion Battery Market: Current Analysis and Forecast (2023-2030)

Report Description

The Marine Lithium-ion Battery market is expected to grow at a strong CAGR of around 39.81% during the forecast period (2023-2030) due to the increased adoption of hybrid and electric propulsion systems. The maritime industry has seen a major shift towards hybrid and fully electric propulsion systems in recent years. This has been a key driver for the increased demand and usage of lithium-ion batteries in the marine sector. One of the main reasons for this trend is the push for decarbonization and sustainability. With stricter emissions regulations being enforced, shipping companies are looking for cleaner energy alternatives to traditional diesel and heavy fuel oil engines. Electric and hybrid systems powered by lithium-ion batteries generate zero emissions and help shipping lines reduce their carbon footprint. Major investments are being made in battery-powered and hybrid electric ferries, tugboats, and offshore support vessels. For instance, in 2021 alone, there were over 130 battery and hybrid electric vessels contracted globally, indicating the speed at which this technology is being adopted. Major shipping companies like Maersk, CMA CGM, and Viking Cruises have already added or ordered electric vessels to their fleets. Furthermore, the costs of lithium-ion batteries have also reduced dramatically in the last decade, making hybrid and electric solutions more financially viable. Further improvements in energy density and cycle life are enhancing the economic attractiveness of these options. This has led to increased confidence and willingness to invest in green marine technologies.

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Some of the major players operating in the market include Corvus Energy, Siemens Energy, ReLion Battery, Mastervolt, MG Energy Systems B.V., C&D Technologies, Inc., Saft, EVE Energy Co., Ltd., Super B Lithium Power B.V, XALT Energy. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the 12 V segment dominated the market in 2022.”

Based on type, the market is divided into 12V, 24V, 36V, 48V, 60V, 72V, and others (96V and 144V). The 12V segment dominated the market in 2022 and is expected to show the same fashion in the forecast period. 12-volt lithium-ion batteries are well-suited to meet the specific energy storage needs of marine applications. Their high energy density provides compact power storage and delivery. For example, a 12V 30Ah li-ion battery by weight can provide the same power as 3-4 traditional lead acid batteries, in 1/3 the weight and size. In the US, the inflation reduction act extended tax credits up to 30% for electric marine vessels using qualifying lithium-ion propulsion through 2032. Such policies encourage manufacturers like Volta Power Systems to develop lithium-ion powered electric marine engines. This drives marine industry demand for 12V lithium-ion batteries as auxiliary and starter power sources.

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“Amongst application, the passenger ferries segment generated the highest revenue in 2022.”

Based on application, the market is divided into passenger ferries, fishing boats, cargo ships, military, and others. The passenger ferries segment holds a significant market share in 2022 and is expected to showcase the same trend in the forecast period due to the growing tourism industry specially in the coastal countries such Norway and Italy. Passenger ferries typically operate in congested coastal areas and emit significant amounts of air pollutants and greenhouse gases. To address these concerns, ferry operators are increasingly adopting electric and hybrid-electric propulsion systems powered by lithium-ion batteries.

Marine Lithium-ion Battery Market Report Coverage

“Europe dominated the market for Marine Lithium-ion Battery market in 2022.”

The Europe Marine Lithium-ion Battery market dominated the market and is expected to behave in the same fashion in the forecast period. The region is constantly dominating with the number of ships being operated by battery and Norway only covered almost 41% market. Moreover, the European Union is one of the most practicing supranational political and economic union on the issues such as carbon emission and need to reduce greenhouse gas emissions and reliance on fossil fuels is driving the demand for more sustainable and efficient energy storage solutions, such as lithium-ion batteries for the marine industry. For instance, in June 2021, The European Commission (EC) and the Batteries European Partnership Association (BEPA) launched a public-private partnership aiming to encourage research into smart battery technology for Europe. Moreover, various partnerships happened in the region to boost the demand for lithium-ion batteries. For instance, in 2022, Prime Batteries Technology and EIT InnoEnergy join forces to scale up battery and storage production in Europe. Moreover, lithium-ion batteries are becoming one of the most popular options for ship operators for energy storage systems.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Marine Lithium-ion Battery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Marine Lithium-ion Battery Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Marine Lithium-ion Battery market were the three major steps undertaken to create and analyze the adoption of Marine Lithium-ion Battery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global marine lithium-ion battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Marine Lithium-ion Battery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Marine Lithium-ion Battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Marine Lithium-ion Battery market. Further, we conducted factor analysis using dependent and independent variables such as type, and application of the Marine Lithium-ion Battery market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Marine Lithium-ion Battery market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Marine Lithium-ion Battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Marine Lithium-ion Battery market across the major markets domestically.
• All percentage shares, splits, and breakdowns of market segments and sub-segments.
• Key players in the global Marine Lithium-ion Battery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Marine Lithium-ion Battery market, data was split into several segments & sub-segments after studying various parameters and trends in the areas of type, and application in the global Marine Lithium-ion Battery market.

The main objective of the Marine Lithium-ion Battery Market Study

The current & future market trends of the global Marine Lithium-ion Battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Marine Lithium-ion Battery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type and application.
• Define and analyze the regulatory framework for the Marine Lithium-ion Battery
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Marine Lithium-ion Battery market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profile of the Marine Lithium-ion Battery market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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