Skip to main content

Marine Battery Market is driven by rise in the conversion of propulsion systems in passenger vessels

The global report Marine Battery Market is estimated to be USD 250 million in 2020 and is projected to reach USD 812 million by 2025, at a CAGR 26.5% from 2020 to 2025. Implementation of sulfur 2020 rule and rise in the conversion of propulsion systems in passenger vessels are the major factors anticipated to boost the demand for marine batteries during the forecast period. The rise in seaborne trade across the globe, growing maritime tourism industry, and the development of lithium batteries are the other factors anticipated to fuel the growth of the marine battery market.

By ship power, the 75–150 kW segment of the marine battery market is projected to register the highest CAGR during the forecast period. Medium-size passenger ferries are considered under ships having power between 75 and 150 kW. The need for a reduced or zero-emission transport system is high across countries. As per the International Maritime Organization’s MARPOL convention for the prevention of pollution from ships, the sulfur content present in the fuel of ships need to be reduced from 3.5% to 0.5% from January 2020. Countries such as Japan, New Zealand, and Australia are also moving toward using battery propelled fully electric ferries for passenger transport. Norway has incorporated fully electric and hybrid technologies in its ferries.

Browse In-depth Insights: https://www.marketsandmarkets.com/Market-Reports/marine-battery-market-210222319.html

By ship range, the 50–100 KM segment is estimated to witness the highest CAGR during the forecast period. This segment includes inland container vessels, small cruise ships, fishing vessels, and research vessels. Yara’s (Norway) 120 TEU container ship, Yara Birkeland, can travel 56 km and is a fully electric ship. Another all-electric ship was constructed by Guangzhou Shipyard International Company Ltd. in December 2017. This ship can travel 80 km on a single charge. Operational and fuel cost savings are benefits offered by fully electric ships for operators, but the high capital expenditure and port side development are major challenges faced by ship manufacturers.

Regional Outlook

Europe marine battery market is projected to register the highest CAGR from 2020 to 2025

By region, Europe is expected to witness substantial growth in the marine battery market during the forecast period. International shipping is a large and growing source of greenhouse gas emissions. Thus, the European Union and the International Maritime Organization have come up with regulations on CO2 emissions and the presence of sulfur in fuel. Awareness about carbon emissions is leading shipowners and integrators to switch from traditional diesel-driven engines to battery propulsion systems. Domestic shipping in European countries has already been experimenting with battery-electric propulsion, and this trend is expected to continue.

The marine battery market has been gaining traction over the past few years due to the presence of several established companies as well as startups. Some of the major market players 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).

Get Sample Here: https://www.marketsandmarkets.com/requestsampleNew.asp?id=210222319

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Comments

Post a Comment

Popular posts from this blog

Ice Protection Systems Market, By Technology, Application, Type, Platform & Region Outlook BY 2021

  The growth of the ice protection systems market is expected to be propelled by increase in air traffic, new airline business models in emerging economies, and new airport projects in developed economies. The requirement of ice protection system varies according to the platforms in which it is being used. As military operations are usually carried out from non-traditional airfields with limited facilities, it is quite imperative that the aircrafts should be equipped with ice protection systems. For chemical deicing in military aircrafts, deicing fluids with different chemical composition are used. Ice protection systems are used to prevent atmospheric ice from accumulating on aircraft surfaces. The  global ice protection systems market  is estimated to be USD 7.91 Billion in 2016, and is projected to reach USD 10.17 Billion by 2021, at a CAGR of 5.14% from 2016 to 2021. The major difference between anti-icing and deicing system is that the former system prevents ice form...
Post a Comment
Read more

Cannabis Market Is Poised To Reach $39.4 billion by 2023

The global  cannabis market  size is expected to grow from USD 10.3 billion in 2018 to USD 39.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period. The major factors driving the cannabis market include the growing medicinal application of cannabis and the increasing legalization of cannabis. Browse 76 market data Tables and 44 Figures spread through 149 Pages and in-depth TOC on "Cannabis Market - Global Forecast to 2023" The flower segment is estimated to be the dominant segment in 2018. The cannabis market, by product type, is estimated to be dominated by the flower segment in 2018. The dominance of this segment is largely attributable to its wider availability and its method of delivery, as smoking or vaping the cannabis flower has a quicker effect and is preferred for fast-acting relief by medical and recreational cannabis consumers. Additionally, in comparison with concentrates, flowers are able to retain a hi...
Post a Comment
Read more

Food Glazing Agents Market Size worth 3.74 Billion by 2021 | Top Companies are Mantrose-Haeuser Co., Inc. (U.S.), & Capol GmbH (Germany)

The global  food glazing agents market  is projected to reach USD 3.74 Billion by 2021, at a CAGR of 8.8% between 2016 and 2021. The report includes an estimation of market size in terms of value (USD million). Both, top-down and bottom-up approaches have been used to estimate and validate the size of the food glazing agents market and various other dependent submarkets in the overall market. Browse 108 market data tables with 41 figures spread through 138 pages and in-depth TOC on "Food Glazing Agents Market - Global Forecasts to 2021" The report defines and segments the food glazing agents market on the basis of various ingredient types, ingredient functions, applications, and regions, with analyses and projections of the market size of each of these segments in terms of value and volume. It also identifies the driving and restraining factors for the food glazing agents market with an analysis of the trends and opportunities in the market. Browse In-dept...
Post a Comment
Read more