CHICAGO, UNITED STATES, November 17, 2022 /EINPresswire.com/ — Asia Pacific Marine Battery Market revenue was US$ 123.9 Mn in 2021 and the market is forecast to reach US$ 1,017.1 Mn by 2027, registering a CAGR of 51.1% over the forecast period 2022-2027.
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Marine batteries are made for use on a boat, with larger plates and sturdy construction intended to endure the vibration and hammering that can arise onboard on any powerboat. These batteries come in several forms, including fuel-cell batteries, lead-acid, and lithium. As a result, it can be easily employed in both defense and commercial usage.
Factors Influencing Market Growth
The foundation of trade and the global economy is maritime transit. According to UNCTAD Review of Maritime Transport 2021, Asia continued to dominate the maritime trade in the world in 2021, maintaining a 41% share of all products loaded, increasing its volume of commodities discharged, and remaining the region with the highest supply of seafarers. As a result, the increasing maritime trade in the Asia Pacific drives the market growth.
Government efforts to prevent marine pollution are also accelerating the market’s expansion. For instance, reducing emissions from marine diesel engines and their fuels is a goal of the International Convention on the Prevention of Pollution from Ships. Additionally, growing measures by APAC nations to cut emissions, such as the Green Port Project of India, Japan’s government canceling port fees for LNG & hydrogen ships, and the Domestic Emission Control Areas of China, among others, are boosting the market’s growth.
In addition, due to the fact that lithium batteries have the highest electrochemical potential, the lowest resistance, and are substantially lighter than other batteries, their use in marine applications has significantly expanded recently. Thus, the adoption of hybrid and fully electric vessels owing to reduce water pollution is likely to offer a lucrative possibility for market expansion. For instance, in Dec 2019, general engineering giant Kawasaki Heavy Industries unveiled the world’s first liquefied hydrogen transporter in Japan, which can be created using water and electricity and then stored, transported, and utilized again, is used by this ship to provide power.
However, the expensive cost of battery maintenance may impede the industry expansion.
In 2021, on the basis of propulsion type, the hybrid batteries segment accounted for a significant market share of 40%. On the other hand, the fully electric segment will experience a growth rate of 54% from 2022 to 2027 owing to the rising trend of decreased usage of fuel and growing government support in the countries for marine vessel electrification.
In 2021, based on battery type, the lead-acid batteries segment held a market share of more than 55% and will lead the highest CAGR throughout the projection period owing to the higher efficiency obtained and longer life span of these batteries. In addition, these batteries are available in different of-the-shelf pack sizes.
In 2021, in terms of battery function, the deep-cycle batteries segment dominated the market owing to the primary feature of steadiness offered by deep-cycle batteries in current flow and their capability to withstand multiple recharge/discharge cycles. On the other hand, the dual-purpose batteries segment will exhibit the highest growth rate from 2022 to 2027.
In 2021, based on battery design, the solid-state batteries segment dominated as the solid-state batteries enable a long cycle life and provide the opportunity of utilizing high-voltage cathodes, which raises the practical battery energy density.
In 2021, by application, the commercial segment dominated the APAC market. However, the defense application segment will maintain the highest growth rate over the prediction time as a result of the growing number of defense shipping building programs, the increase in the usage of marine batteries in naval vessels by commercial and government naval shipyards, and the rising defense budgets in countries such as Japan, China, India, and Indonesia.
In 2021, by country, China acquired a share of 40% in the Asia Pacific marine battery market and is likely to have the highest annual growth rate for the prediction period. China is the leading market and producer of batteries, driven by growing output from manufacturing and growing consumer spending. Additionally, the China Classification Society of Shipping has approved 62 types of approval certificates for lithium battery-related products, covering modules, battery cells, battery packs, and BMS.
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The prominent companies in the Asia Pacific marine battery market are:
Ever Exceed Industrial Co. Ltd.
Furukawa Battery Solutions
Spear Power Systems
Kokam Co. Ltd.
Other Prominent Players
The Asia Pacific marine battery market segmentation focuses on Propulsion Type, Battery Function, Battery Design, Application, Battery Type, Ship Power, Ship Range, and Region/Country.
By Propulsion Type Segment
By Battery Function Segment
By Battery Design Segment
By Application Segment
By Battery Type Segment
By Ship Power Segment
By Ship Range Segment
By Region/Country Segment
Rest of Asia Pacific
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