• Register
  • Login
  • About Us
  • Contact Us
Sunday, March 26, 2023
Kuwait 247 News Club
No Result
View All Result
SUBMIT NEWS
  • HOME
  • BUSINESS
  • ENTERTAINMENT
  • FASHION
  • FOOD
  • HEALTH
  • LIFESTYLE
  • SPORTS
  • TRAVEL
  • AFRICA
  • MIDDLE EAST
  • PRESS RELEASES
  • HOME
  • BUSINESS
  • ENTERTAINMENT
  • FASHION
  • FOOD
  • HEALTH
  • LIFESTYLE
  • SPORTS
  • TRAVEL
  • AFRICA
  • MIDDLE EAST
  • PRESS RELEASES
No Result
View All Result
Kuwait 247 News Club
Submit News
Home PRESS RELEASES

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

NEWSROOM by NEWSROOM
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

GCC Data Center Market Report 2023-2028: Investment … – Business Wire

Next Post

FLASHBACK: Cast of Telenovela Gathers at Iconic Cemetery for VIP Screening

Related News

Infusion Pump Market: Growing adoption of specialty infusion systems

Infusion Pump Market: Growing adoption of specialty infusion systems

by NEWSROOM
March 20, 2023

 (EMAILWIRE.COM, March 20, 2023 ) The adoption of several specialty infusion pumps is on the rise globally. Patient-controlled analgesia (PCA)...

Methyl Soyate Market expected to hit USD1.57 Bn by 2029 throughout the forecast period

Methyl Soyate Market expected to hit USD1.57 Bn by 2029 throughout the forecast period

by NEWSROOM
March 20, 2023

 (EMAILWIRE.COM, March 20, 2023 ) Pune 6 Mar 2023: As per the Maximize Market research, a global business and consultancy...

Electric Aircraft Market Worth $37.2 billion in 2030 at a CAGR of 19.8%

by NEWSROOM
March 20, 2023

(EMAILWIRE.COM, March 20, 2023 ) The Electric Aircraft Market report provides an analysis of the market from 2022 to 2030....

Award Ceremony Celebrates Best in LGBTQ Culture and Media!

Award Ceremony Celebrates Best in LGBTQ Culture and Media!

by NEWSROOM
March 20, 2023

   (EMAILWIRE.COM, March 20, 2023 ) LOS ANGELES - The top LGBTQ performers, celebrities and influentials turned out for another fabulous...

Next Post
FLASHBACK: Cast of Telenovela Gathers at Iconic Cemetery for VIP Screening

FLASHBACK: Cast of Telenovela Gathers at Iconic Cemetery for VIP Screening

Aircraft Electric Motors Market Worth $12.9 Billion by 2027 at a CAGR of 9.4%

Trending News

OmanNews.Club™ Adds to Arab Newswire Media Lists for Press Release Distribution to GCC/MENA Countries

OmanNews.Club™ Adds to Arab Newswire Media Lists for Press Release Distribution to GCC/MENA Countries

August 14, 2022
ZainTech partners with LigaData to deliver data-driven digital services in MENA

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

June 16, 2022
MTN Cameroon implements new data analytics and AI solution powered by LigaData

MTN Cameroon implements new data analytics and AI solution powered by LigaData

July 6, 2022

About

Kuwait247.Club™ gathers and publishes business, cultural, socio-economic, Tech and industrial news on Egypt, Middle East and North Africa (MENA).

Press release distribution services:
We provide press release distribution to media in Egypt, the Arab world and the GCC/MENA regions. Submit a press release today or contact us.

Share Us

Category

BUSINESS
ENTERTAINMENT
FASHION
FOOD
HEALTH
LIFESTYLE

SPORTS
TRAVEL
AFRICA
MIDDLE EAST
PRESS RELEASES

Newsletter

    Recent News

    Recent Posts
    • The Dhahab Sports Web 3.0 is going to be the biggest sports digital asset launching for 2023
    • BZR on Coinstore – a Significant Milestone for Bazaars
    • BZR on Coinstore – a Significant Milestone for Bazaars
    • Kaafmeem to Provide VIP Clothing for Saudi Motorsport Company during Formula1 event in KSA.

    Kuwait247.Club™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC

    About Us / Contact Us / Submit News

    No Result
    View All Result
    • REGISTER
    • LOGIN
    • HOME
    • BUSINESS
    • ENTERTAINMENT
    • FASHION
    • FOOD
    • HEALTH
    • LIFESTYLE
    • SPORTS
    • TRAVEL
    • MIDDLE EAST
    • PRESS RELEASES
    • ABOUT US
      • CONTACT US

    Kuwait247.Club™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC