Marine battery market is anticipated to grow at a CAGR of 18.5% during the forecast period. The growing establishment of start-ups across the globe is the major factor driving the growth of the market. Start-up companies are increasingly inclined towards the development of marine battery in the market. For instance, in June 2022, Alsym Energy Inc, the US start-up company announced the development of energy storage solutions for electric vehicles (EVs), stationary storage, and marine applications. The battery will provide the performance of lithium-ion batteries at a low cost with reduced risk of fire, which is extremely high in lithium-ion batteries. The company uses low-cost materials in manufacturing batteries, which makes it less sensitive to raw material shortages. Furthermore, to accelerate the development of affordable battery systems, the company partnership with an India-based automaker in a joint effort to develop Alsym’s batteries, in order to expand the business and its footprints across the globe.
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The global marine battery market is segmented based on battery type, ship type, battery design, and nominal capacity. Based on the battery type, the market is sub-segmented into lithium, nickel cadmium, fuel cell, and lead-acid. Based on the ship type, the market is divided into commercial and defense. Based on the battery design, the market is further sub-segmented into solid-state batteries, and flow batteries. Based on the nominal capacity, the market is sub-segmented into <100 Ah, 100–250 Ah, and>250 Ah. Among these, the solid-state batteries sub-segment is expected to hold a considerable share in the market due to its higher energy density feature than other battery that uses liquid electrolyte solution.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Marine Battery Market Report Segment
By Battery Type
- Lithium
- Nickel Cadmium
- Fuel Cell
- Lead-Acid
By Ship Type
- Commercial
- Defense
By Battery Design
- Solid-State Batteries
- Flow Batteries
By Nominal Capacity
- <100 AH
- 100–250 Ah
- >250 Ah
Global Marine Battery Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global marine battery market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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