Tunisia Weekly
No Result
View All Result
  • Register
  • Login
  • About Us
  • Contact Us
  • Home
  • News
  • Business
  • Finance
  • Technology
  • Lifestyle
  • Africa
  • Middle East
  • Press Releases
Submit a News Release
  • Home
  • News
  • Business
  • Finance
  • Technology
  • Lifestyle
  • Africa
  • Middle East
  • Press Releases
No Result
View All Result
Tunisia Weekly
Submit PR
Home Press Releases

Marine Battery Market Worth $2,056 Million by 2030 at a CAGR of 18.6 %

by
February 23, 2023
in Press Releases
Share on FacebookShare on Twitter


(EMAILWIRE.COM, February 23, 2023 ) The Marine Battery Market is projected to grow from USD 527 Million in 2022 to USD 2,056 Million by 2030, at a CAGR of 18.6 % from 2022 to 2030. The global rise in sea-borne trade is likely to drive growth in the Marine Battery market across many categories. Furthermore, the demand for hybrid and fully electric maritime vessels is boosting the adoption of battery systems, which are aimed at reducing carbon and sulfur emissions and decreases operating and maintenance costs for end users, as compared to conventional fuel-propulsion systems.

Ask for Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=210222319

Based on Ship Type, the commercial segment is expected to dominate market share during the forecast period on account of hybrid and fully electrical propulsion systems that are being adopted to replace conventional propulsion on the account of rising environmental concerns and focusing on reducing fuel and operational costs.

Based on Battery Function, the Dual-Purpose segment of the Marine Battery market dominates market share because of their ability to meet the requirements of high cranking power and low-ampere cycles with respect to many electrical accessories on-board a marine vessel. They are a popular choice of battery amongst smaller vessels for carrying out their operations.

Based on Nominal Capacity, the less than 100 AH segment is projected to lead the market share during the forecast period. This is owing to the significant share of these batteries in small-sized marine vessels, where they serve the purpose as starting batteries. These batteries can be recharged easily and thus are a popular choice for small boats/vessels and inland ferries.

Based on Propulsion Type, the fully electric segment is projected to have the highest CAGR during the forecasted period. The continuous fleet expansion initiatives in terms of fully electric-driven ships positively affects the environment as the inclusion of high energy storage in batteries and optimized power control can reduce fuel consumption, maintenance, and emissions. The growth of the fully electric segment can be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several manufacturers are jointly investing in the manufacturing of ships adhering to the IMO 2020 rule.

Based on Ship Power, the 150-745 kW segment is expected to have the larger market share during the forecast period owing to lower cost of retrofitting the vessels, such as small inland cargo vessels, medium-sized passenger ferries and container vessels, to hybrid-propulsion systems. This will lead the marine battery market at a CAGR of 19.0% from 2022-2030.

By Battery Design, the liquid/gel-based battery segment is expected to lead the marine battery market during the forecast period owing to Liquid/gel-based batteries can increase their energy output (kWh) without increasing their power output (kWh), which helps vessel operators in saving high costs on long-duration (multi-hour) sailing. These batteries have simpler monitoring and controls and less degradation, which increases their reliability and durability.

Based on Battery Type, the Lithium battery segment is expected to account for the major market share of the marine battery system owing to have a long lifecycle and high-power storage capacity in terms of charge/discharge efficiency and low maintenance needs. In the future, lithium batteries are expected to be preferred over diesel fuel by ship owners/operators to meet emission restrictions and cost reduction targets.

By Sales Channel, the OEM segment is expected to lead the market for marine batteries during the forecasted period because compared to operating on marine gas oil, the conventional fuel source, an all-electric vessel offers a significant reduction in emissions of CO2 by at least 15%. The extent of hybridization will determine the effect of emissions reduction on a hybrid vessel. In comparison to the OEM market, various shipowners and builders employ hybrid technology in their ships used for long travel routes.

By Energy Density, the greater than 500 WH/Kg segment is expected to lead the marine battery market, as these batteries are capable of delivering a large amount of power and are generally deployed for the purpose of propulsion on-board a vessel.

Based on Region, Europe accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the demand for ships with hybrid propulsion in the region. Increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the marine battery market in Europe.

Key Market Players

Major players operating in the marine battery market include Corvus Energy (Norway), Leclanché S.A. (Switzerland), Siemens AG (Germany), Saft SA (France) and Shift Clean Energy (Canada). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.

News Also Covered: https://www.prnewswire.com/news-releases/marine-battery-market-worth-2-056-million-by-2030—exclusive-report-by-marketsandmarkets-301749589.html

Related Reports:

Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Component, Application, System, Platform (Commercial, Military, Business & General Aviation, UAV, AAM) and Region (2021-2030)

Electric Aircraft Market by Platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software), Technology, Application, and Region (2021-2030)

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.



Source link

Previous Post

High Density Interconnect (HDI) Rigid-Flex PCBs Boast of Significant Opportunity Within Healthcare & Medical Devices Market

Next Post

Tunisia’s president calls for halt to sub-Saharan immigration amid crackdown on opposition – The Guardian

RECOMMENDED NEWS

Drone Simulator Market worth $1,501 million by 2027 at a CAGR of 13.4%

8 months ago
Chromatography Instruments Market to Expand at a Healthy Growth Rate in the Coming Years

Chromatography Instruments Market to Expand at a Healthy Growth Rate in the Coming Years

1 month ago

Partner Relationship Management Market Share, Growth Prospects and Key Opportunities by 2026

12 months ago

Veterinary Orthopedics Market Increasing Demand For The Rising Number Of Pets Is Expected To Augment Market Growth

8 months ago

BROWSE BY CATEGORIES

  • Africa
  • Business
  • Finance
  • Lifestyle
  • Middle East
  • News
  • Press Releases
  • Technology

POPULAR NEWS

  • ZainTech partners with LigaData to deliver data-driven digital services in MENA

    ZainTech partners with LigaData to deliver data-driven digital services in MENA

    0 shares
    Share 0 Tweet 0
  • NOWA outlines 16 major achievements of Hajiya Aisha Gambo in 2 Years

    0 shares
    Share 0 Tweet 0
  • Wahyd Expands Tech-Enabled Logistics Platform to Saudi Arabia

    0 shares
    Share 0 Tweet 0
  • تم إطلاق VOYAH FREE في أوروبا وتم افتتاح معرض VOYAH.

    0 shares
    Share 0 Tweet 0
  • Vidliz Expands Its Data-Driven Online Marketing Services in the Middle East

    0 shares
    Share 0 Tweet 0

About Us

Tunisia Weekly™ reports and aggregates business, socio-economic, Tech and industrial news on Tunisia,Africa and the Middle East.

We provide press release distribution to media outlets in Tunisia, other countries in the Arab World, the Middle East and Africa (MEA). Submit a press release or contact us today.

Categories

News

Business

Finance

Technology

Lifestyle

AFRICA

Middle East

Press Releases

Recent News

Recent Posts
  • Tunisia's financial crisis leaves the sick struggling to find medicine – Yahoo Lifestyle Australia
  • 14 migrants found in the desert near Libyan border with Tunisia – Libya Update
  • Neutrino Energy: استكشاف الإمكانات غير المستغلة لطاقة النيوترينو
  • الرياض تستضيف فعاليات الدورة الثانية من المنتدى العالمي لإدارة المشاريع

Subscribe to Our Newsletter

    Share Us

    Contact Us

    • +1 832 716 2363
    • +12816454086
    • Email: Email Us
    • Skype: groupwebmedia

    The TunisiaWeekly.com™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC

    • About Us
    • Contact Us
    • Submit a Press Release
    No Result
    View All Result
    • Register
    • Login
    • News
    • Business
    • Finance
    • Technology
    • Lifestyle
    • Africa
    • Middle East
    • Press Releases
    • About Us
      • Contact Us

    The TunisiaWeekly.com™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC