According to a report by the international market research company Technavio, the market share of marine batteries is expected to increase by more than 600 million dollars between 2022 Y 2026. The growth momentum of this market will accelerate with a CAGR of 18,19%.
One of the key factors driving the growth of the global marine battery market is the increasing demand for lithium batteries.. Their light weight and small size make them ideal for deployment on ships to improve functionality and energy efficiency..
The profitability of lithium batteries is increasing thanks to improvements in manufacturing technology. The increased use of lithium batteries in commercial ships is also driving the expansion of the market.
According to the International Convention for the Prevention of Pollution from Ships MARPOL, From January 2020, the sulfur content of ship fuel must be reduced from 3,5% al 0,5%.
The application of this agreement is promoting the conversion of ship propulsion systems. It is also a major factor driving the growth in demand for marine batteries..
At the same time, the growth of maritime trade and maritime tourism on a global scale are also the factors driving the growth of marine batteries, as well as of marine wires and cables.
In terms of power, the market for marine batteries is expected to be in the range of 75-150 kW achieve the highest CAGR growth during the forecast period. The demand for the use of short-range all-electric boats is increasing. And the use of hybrid boats is growing in line with the profitability of marine batteries..
Besides, the ease of installation offered by innovative marine batteries is accelerating their adoption. This is also driving the growth of the market for marine electrical systems.
Countries and regions like Japan, New Zealand and Australia are also moving towards the use of fully electric powered ferries for passenger transport.. Norway has incorporated hybrid technology into its ferries.
Nevertheless, there are challenges for the global marine battery market. One of the main challenges is the limitation of the capacity and autonomy of fully electric ships.
Average, These boats can go up to 80 kilometers on a single charge. This limitation can be alleviated by combining diesel engines. This means using a hybrid boat when more power is needed or when batteries are low..
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