The APAC marine battery market held a market value of USD 123.9 Million in 2021 and is estimated to reach USD 1017.1 Million by the year 2027. The market is anticipated to register a CAGR of 51.1% during the forecast period.
The marine battery industry in Asia-Pacific region is propelling at a high rate owing to numerous factors, such as increasing demand for fully electric propulsion type, rising awareness regarding solid state batteries, and the increasing need for large ship power and range in developed countries.
According to the United Nations Conference on Trade and Development (UNCTAD), in 2020, international seaborne trade volume reached 10.7 Billion tons. Moreover, maritime shipping continues to cover the majority of the movement of goods over long distances. Thus, such measures drive the growth rate of the market. The contradicting factors related to the flow batteries decreases the preference rate of the industry.
Increasing awareness of fully electric ships
The rising awareness of fully electric ships in Asian countries propels the growth rate of the industry. For instance, in November 2020, W?rtsil? begged the contract to supply the engines and a range of its electric solutions for two new ferries under construction at the China Merchants Jinling Shipyard (Weihai) in China. Thus, such measures indirectly boost the sales of marine batteries in these countries.
Rising demand for marine freight transportation vessels
Seaborne trade has observed noteworthy growth and is expected to gain high demand during the forecast period. For instance, according to ITF transport outlook by The Organisation for Economic Co-operation and Development (OECD), 70% total freight will be transported by using maritime transport by 2030. Increase in marine freight transportation owes to the rise in traffic congestion in trade lanes in Indian and Pacific Ocean.
The APAC marine battery market is segmented into propulsion type, battery function, battery design, application, battery type, ship power, and ship range.
By Propulsion Type,
? Fully Electric
The hybrid segment held a major share of 40% in 2021 and is projected to dominate throughout the forecast period. The fully electric segment is estimated to grow at the highest rate of 54%.
By Battery Function
? Starting batteries
? Deep-cycle batteries
? Dual-purpose batteries
The dual-purpose batteries segment is estimated to cross the mark of USD 100 Million revenue by 2023.
By Battery Design
? Solid-state batteries
? Flow batteries
Solid-state batteries are gaining high traction in the recent years. The major restraint with flow batteries are its low energy density of 20- 60 Wh/L and specific energy of 20-35 Wh/kg. The high price of electrolytes also hinders its application in various end usages.
The commercial segment is estimated to cross the mark of USD 250 Million revenue by 2023.
By Battery Type
? Fuel Cell
The lead-acid battery type segment held the largest market share of more than 55% in 2021.
By Ship Power
? <75 KW
? 75?150 KW
? 150?745 KW
? 745?7,560 KW
? >7,560 KW
The >7,560 KW segment held the highest market of more than 40% in the year 2021 which is estimated to maintain its dominance by 2027.
By Ship Range
? <50 KM
? 50-100 KM
? 100-1,000 KM
? >1,000 KM
The 100-1,000 KM segment is likely to grow at the highest CAGR of 55.1%. Moreover, the >1,000 KM segment held an opportunity of more than USD 600 Million during 2021 to 2027.
The Asia-Pacific marine battery industry, based on country, is segmented into China, India, Japan, Korea, Southeast Asia, and rest of Asia-Pacific. The China market for marine battery held the largest share of more than 40% of the market share in 2021. In addition to that, the Southeast Asian industry for marine battery is likely to cross USD 100 Million revenue in 2023.
Key players operating in the APAC marine battery market include Corvus Energy, Akasol AG, Siemens, EST-Floattech, Spear Power Systems, Sterling PBES Energy Solutions, Echandia Marine, Furukawa Battery Solutions, Exide Technologies, Craftsman Marine, Power Tech System, Lithium Werks, Kokam Co. Ltd., XALT Energy, Toshiba Corporation, Ever Exceed Industrial Co. Ltd., Lifeline Batteries, U.S. Battery, Saft, Leclanche, Forsee Power, among others.
These market players are investing in research, agreements, and product launches, to lure customers. For instance, in September 2019, Akasol expanded its relationship with leading battery manufacturer Samsung SDI, as supplier of lithium-ion battery cells and modules for leading global commercial vehicle manufacturers.
The APAC marine battery market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the APAC marine battery market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing
? Manufacturing Cost Analysis: Cost-share of various components in canning jars, cost analysis of canning jars
The APAC marine battery market report answers questions such as:
? What is the market size and forecast of the APAC marine battery market?
? What are the inhibiting factors and impact of COVID-19 on the APAC marine battery market during the assessment period?
? Which are the products/segments/areas to invest in over the assessment period in the APAC marine battery market?
? What is the competitive strategic window for opportunities in the APAC marine battery market?
? What are the technology trends and regulatory frameworks in the APAC marine battery market?
? What is the market share of the leading players in the APAC marine battery market?
? What modes and strategic moves are considered favorable for entering the APAC marine battery market?