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Marine Battery Market Segmented By battery type such as Gel batteries, Absorbed glass mat (AGM) batteries, Flooded batteries used in Marine starting service, Deep cycle service, Dual purpose service.
Batteries used for marine application have to withstand extreme vibrations and stresses, hence the marine batteries are specially engineered in order to perform under worst conditions. Apart from a general starter battery, marine battery is intended to store power and release it over a much longer period of time.
Marine battery is used in providing back up power to the safety equipment and powering trolling motor and various other electronic component and systems. With growing environmental regulations on air and water pollution regarding NOx, SOx, and CO2 emissions, the manufacturers are focused to obtain new technologies in order to reduce the emissions while increasing the efficiency of the marine batteries.
Growing demand for transportation through marine is increasing the need for more reliable and efficient power backup batteries for safety and trouble free operations of the watercraft in case of power failure. Increasing public attraction towards water sports activities is expected to increase the demand for marine battery across the globe. Growing requirement of new technologies, with increased profitability and emitting less pollution is expected to contribute to the growth of global marine battery market over the forecast period.
Increasing water sports industry as well as growing public attraction towards leisure boating is one of the key driver for global marine battery market. Now a days people like to spend their vacation time at the coast or at the sea, leading to the increased demand for marine vehicles which in turn is increasing the demand for more efficient marine batteries. Increasing global concern regarding harmful air emissions is propelling the demand for new battery designs and technologies in order to obtain cleaner marine transport including commercial and passenger.
The use of dual purpose service batteries in marine vehicles is an ongoing trend in marine battery market. Owing to its salient features such as achieving various demands of starting and deep cycling services, the demand for dual purpose marine battery is increasing with a significant pace. In order to meet the environment friendly demands, some of the key manufactures have initiated to provide lithium ion battery technology in the marine battery market
The manufacturers may go through certain challenges in order to fulfill the current demands of the customers which includes cost efficient batteries with higher safety and environment friendly technologies.
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Growing use of water crafts for commerce, transportation of cargo and passengers, military, recreation or for leisure activities is expected to increase the demand for marine battery during the forecast period. With increasing attraction towards leisure boating, mainly for powerboats is expected to propel the demand for marine battery in the Europe and North American region during the forecast period.
Growing countries such as China, India, South Korea and Singapore in the region of Asia Pacific hold a significant share in the trade of goods and commerce through marine transport leading to the increased demand for new technologies in marine battery which in turn is expected to fuel the growth of marine battery market over the forecast period.
Presence of Large number of oil exporters in the region of Middle East & Africa makes it an attractive region for the marine battery market. Growing leisure marine and shipbuilding sectors in Brazil is expected to boost the demand for marine battery in the region of Latin America.
Examples of some of the market participants identified across the value chain of the global Marine Battery Market include: