WiseGuyReports.com adds “Global Marine Battery Market Research Report 2020 Analysis and Forecast 2027” reports to its database.
PUNE, MAHARASTRA, INDIA, July 29, 2020 /EINPresswire.com/ — Marine Battery Market:
Global Marine Battery Market is valued approximately USD 178 million in 2019 and is anticipated to grow with a healthy growth rate of more than 21.6 % over the forecast period 2020-2027.
Batteries used for marine applications must endure extreme vibrations and pressures, and so the marine batteries are specially designed to operate in the extreme conditions. In comparison to a general starter battery, the marine battery is designed to store and release power for a much longer period of time. The marine battery is used to back up the safety equipment and to power the trolling motor, as well as various other electronic components and systems. Growth in seaborne trade globally along with increasing marine tourism industry are prominent factors towards market growth. Also, rising environmental regulations on air and water pollution, manufacturers are focusing on acquiring new technologies to reduce emissions while increasing performance of marine batteries. The key players of global marine battery market have adopted various strategies to gain competitive advantage including product launch, mergers and acquisition, partnerships and agreements, investment, funding and others. For instance, Akasol AG announced plans to open a manufacturing facility in the US in June 2019. This project is in response to demand from major foreign manufacturers for the company's high energy battery modules. Similarly, in 2019, EST-Floattech obtained a contract from Netherlands based Bijlsma Wartena to provide 1,050 Green Orca batteries with an energy capacity of more than 2,5 MWh of Lithium-ion Polymer NMC battery fuel. This contract is likely to help enhance the company 's position on the marine battery market. However, limited range and capacity of fully electric ships impedes the growth of the market over the forecast period of 2020-2027.
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The regional analysis of global Marine Battery market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing demand for powerboats for leisure activities in the region. Whereas, Europe is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies would create lucrative growth prospects for the Marine Battery market across Europe region.
Major market player included in this report are:
Spear Power Systems (US)
Sterling PBES Energy Solutions
The Furukawa Battery Co.Ltd
Lithium Werks B.V
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By sales channel:
By propulsion type:
By battery type
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Marine Battery Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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Source: EIN Presswire