Marine Battery Market: Introduction
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.
Marine Battery Market: Dynamics
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.
Marine Battery Market: Segment
Global marine battery market can be segmented by battery type, by application type, and by sales channel
By battery type the global marine battery market can be segmented as
By application the global marine battery market can be segmented as
By sales channel type the global marine battery market can be segmented as
Marine Battery Market: Regional Outlook
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.
Marine Battery Market: Key Participants
Examples of some of the market participants identified across the value chain of the global Marine Battery Market include:
The purpose of marine batteries is very different from the normal batteries owing to the important applications that they fulfill and the critical conditions they are adhered to. The extended storage of power and its utilization in the functioning of different vital functions such as powering safety equipment and other components has increased its demand in marine applications.
Government Regulations Define Growth Trajectory Of Developments
The surge in the rate of marine transportation has increased the efforts of the market leaders to enhance the efficiency, power backup, and reliability of the marine batteries. Growing preference for water sports on the global level acts as a major growth driver in the market. The global initiatives to reduce harmful emissions has compelled the market players to develop new designs and technologies for these batteries that contribute towards sustainability.
The global market can be broadly segmented based on battery type into gel batteries, flooded batteries an absorbed glass mat batteries. Dual-purpose service application of marine batteries is expected to generate major revenue in the market owing to its escalating demand. Its positive attributes such as efficient starting and deep cycling services accounts for the burgeoning demand. Other applications generating significant market include the individual services, marine starting service, and deep cycle service. The prominent sales type in the global market are original equipment manufacturers and Aftermarket.
Regional Market Analysis
The utilization of watercraft is progressing at a rapid pace for different commercial and domestic purposes, which is expected to influence the marine battery market dynamics of the regional markets. Growth in the water-based leisure activities is expected to impart the markets of North America and Europe prominent positions in the global market. The commercial applications of marine transport is projected to propel the growth of the market of developing nations such as India and China. The Middle East and Africa regions are forecasted to generate lucrative opportunities in the market on the back of the huge concentration of oil exporters in the region. Latin America is projected to witness a steep hike in the demand for marine batteries owing to augmenting shipbuilding and leisure activities in Brazil.
The market players are leveraging advanced technologies to develop batteries that go in terms with the environmental norms set up by the government against the emission of air polluting gases such as NOx and SOx. Lithium-Ion battery technology is one of the significant introductions in marine batteries as an initiative towards eco-friendliness. Manufacturers are developing batteries that offer enhanced safety and trouble-free operations during different watercraft. They are introducing new technology in marine batteries to increase their profitability prospects in the market.
Market participants are competing in terms of the cost-effectiveness and safety of their products. They are exploring revenue prospects in the expanding markets in developing economies such as China and India to market their new products. Established players profiled in the global marine battery market include Exide Technologies, Shield Batteries Limited, Staab Battery Mfg. Co., Inc., East Penn Manufacturing Company, Saft and Battery Supplies.