Marine Battery Sourcing and Procurement Market Size to Increase by USD 1.5 Billion By 2028 – GlobeNewswire

| Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 11, 2022 (GLOBE NEWSWIRE) — The Global Marine Battery Market size is expected to reach over USD 1.5 billion by 2028, exhibiting a CAGR of 19.6% during the forecast period.

Market Synopsis
The factors affecting the growth of the market for marine battery significantly are rising water sports activities and increase in marine transportation demand. However, safety from being cheated on price and proper maintenance of the current hinders the growth of market for marine battery. On the other hand, renewable energy use and hybrid propulsion technology advancement is facilitating the marine battery market growth, states Vantage Market Research, in a report, titled “Marine Battery Market by Propulsion Type (Fully Electric, Hybrid, Conventional), By Application (Commercial, Defence, Unmanned), by Battery Function (Starting Batteries, Deep-Cycle Batteries, Dual-Purpose Batteries), by Battery Design (Solid-State Batteries, Flow Batteries), by Nominal Capacity (<100AH, 100-250AH, >250AH), by Battery Type (Lead-Acid Battery, Lithium-Ion, Nickel Cadmium, Sodium Type, Flooded, Gel, Fuel cell), by Sales Channel (OEM, Aftermarket), and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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List Of Prominent Players in the Marine Battery Market:
Market Dynamics:
Restraint: Limited Range and Capacity of Fully Electric Ships
Limited travel capacity and distance are key restraints for full-electric ships. On average these ships, can cover 80 km distance on a single charge. A major limitation associated with electric ships is the range they can cover before the batteries need recharging. Hybrid ships can relieve this restraint to an extent by the installation of diesel generators as they can charge these batteries and fuels the ship in times for the extra requirement of the power or when the batteries are exhausted. Nonetheless, this cannot solve the difficulty of having a shipping with “zero-emission” and transport industry concept.
The quantity that fully electric ships can transport with respect to deadweight tonnage is also restricted. China’s first cargo ship which is fully electric can travel 80 km and can take 2,200 tons of cargo. A ship which has large container can carry 2 Lakh container loads of cargo approximately. The engine weighs 2,300 tons itself approximately. There is a huge gap between the capacity of the engine of an electric ship and a diesel ship in terms of the amount of it can haul.
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Opportunity: Hybrid Propulsion for Large Ships
Currently, a technology referred as hybrid propulsion is most appropriate for small vessels like, cruise ships and ferries. However, with the expansion of electric propulsion technology in marine and alternative fuels like fuel cells is a huge opportunity to work on electric propulsion systems is available for manufacturers of larger ships.
In the UK, Ferguson Marine, a shipbuilder, has built a ferry which is diesel-electric hybrid, the Catriona, which is worth USD 14 million to use on its Hebridean and Clyde routes for CalMac. It works by combining electric battery power with diesel power. According to A Smarter Journey, a report published by Bellona and Siemens in 2018 June, out of180-strong Norwegian ferry fleet 70% could be converted to a hybrid or battery propulsion, 43 to some form of hybrid technology, and 84 to all-electric.
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Regional Trends
Europe is anticipated to witness largest market share in the market for marine battery in the forecast period globally owing to an increasing shipbuilding sector in Europe which is contributing to the ships demand with hybrid propulsion batteries. Furthermore, the efforts undertaken by manufacturing companies of ship and increasing investment in the ships electrification are additional factors fuelling the marine battery market growth in Europe.
The marine battery market in Asia Pacific and North America are likely to grow at a significant rate during in the coming years. The market in South America and Middle East & Africa is likely to develop at a moderate pace in the coming years.
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Recent Developments
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Marine Battery Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Browse market data Tables and Figures spread through Pages and in-depth TOC on “Marine Battery Market by Battery Type (Lithium, Nickel Cadmium, Fuel Cell, Lead-acid), by Propulsion Type (Fully Electric, Hybrid, Conventional), by Application (Commercial, Defense), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Table of Content here –
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