Marine Lithium-ion Battery Market Size, Trends and Insights By Type (12 V, 24 V, 36 V, 48 V, 60 V, 72 V, Others), By Application (Fishing Boats, Luxury Yachts, Cargo Ships, Military Ships, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Corvus Energy
- Spear Power Systems
- EST-Floattech
- Forsee Power
- Akasol
- XALT Energy
- Others
Reports Description
The Global Marine Lithium-ion Battery Market was estimated at USD 276 million in 2023 and is anticipated to reach around USD 821 million by 2032, growing at a CAGR of roughly 16% between 2022 and 2030.
CMI research report offers a 360-degree view of the Marine Lithium-ion Battery market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Marine Lithium-ion Battery market.
- Compared to lead-acid batteries, lithium-ion marine batteries are more effective, lighter, and can last up to ten times longer. A great option for boating applications, lithium batteries have all of these advantages.
- There is a weight restriction on every boat. Therefore, it goes without saying that you should try to keep your load as light as possible. Lithium batteries often weigh half as much as lead-acid batteries of the same capacity. For instance, a Dragonfly 100 Ah lithium battery weighs around 31 pounds. Depending on the battery type, a 100 Ah lead-acid battery typically weighs between 60 and 80 pounds.
- Marine deep-cycle lead-acid batteries typically have a lifespan of 500 to 1,000 charge-discharge cycles. As an alternative, a lithium marine battery’s lifecycle typically ranges from 3,000 to 5,000 cycles. To maximize their performance and durability, lithium-ion batteries require essentially minimal maintenance.
- A lead-acid battery’s life is shortened and damaged when discharged below 50% of its capacity. On the other hand, the majority of lithium battery producers rate their batteries to permit an 80% depth of drain.
- The batteries we produce can be fully discharged without suffering any harm. One of the major advantages of lithium batteries is their improved capacity for power storage. You typically get roughly twice as many batteries, so you could only need half of them. As there are half as many batteries, the weight is reduced by approximately four when compared to lead-acid batteries.
Report Scope
The study’s focus is on Marine Lithium-ion Battery market analysis on a global scale, and market sizing includes the income generated by these solutions provided by different market players. In order to support the market projections and growth rates over the anticipated period of 2022-2030, the study additionally monitors important market factors, underlying growth influencers, and significant vendors active in the sector.
The study also examines how COVID-19 has affected the ecology generally. The scope of the study includes market sizing and forecast for segmentation by type, application, and geography.
| Feature of the Report | Details |
| Market Size in 2023 | USD 276 Million |
| Projected Market Size in 2032 | USD 821 Million |
| Market Size in 2022 | USD 215 Million |
| CAGR Growth Rate | 16% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Market Dynamics
- The expansion of the global marine lithium-ion battery market is credited to the expanding maritime industry and rising interest in commercial ships with electric power. These maritime batteries can last up to ten times longer than lead-acid batteries and are lighter and more efficient. The batteries provide a number of benefits, including increased safety, higher discharge rates, and reduced maintenance.
- The lifespan of lithium marine batteries ranges from 3000 to 5000 cycles. These batteries also offer a large capacity for storage and a small size & weight. Because of the increased maritime trade and investment in the marine industry, there will be a greater demand for lithium-ion batteries, which will propel the market’s expansion.
- The marine lithium-ion battery market is expanding as a result of increased investments in vessel modernization projects, rising water sports & leisure activities, and rising demand for maritime freight transportation. In the upcoming years, the market expansion will be fueled by expanding demand for electric and hybrid vessels as well as increasing automation in marine transportation.
- Around 90% of traded commodities are transported by sea, according to the Organization for Economic Co-operation and Development (OECD), which is projected to support the market’s development trajectory during the projection period. Ocean shipping is the primary form of transportation for international trade.
Europe Led the Marine Lithium-ion Battery Market
- The European region with the largest market share for marine lithium-ion batteries is expected to hold onto that position during the projected period. The world’s largest maritime region is Europe.
- According to research by Eurostat, 3.5 billion tons of freight were handled in European Union ports in 2021, and the Netherlands continued to be the region’s top maritime cargo transporter. The market is expanding across Europe due to the presence of numerous commercial vessel operators as well as the rising demand for cutting-edge electric propulsion systems for marine vessels.
- The market growth in Europe is due to an increase in travelers, particularly those interested in maritime travel. Germany saw a significant increase in tourists in 2021. Powerboats were in great demand in the area as a result of the surge in tourism. The need for marine powerboat batteries was thus increased. Therefore, a sizable portion of the market for marine powerboat batteries in 2021 was accounted for by Germany. Throughout the projection period, this tendency is probably going to persist.
- Due to government initiatives to encourage marine tourism in the region, the market in the Asia Pacific is anticipated to experience consistent growth over the forecast period. The market in the region is anticipated to be driven by an increase in leisure activities, particularly sea sports, caused by an increase in consumer disposable income and modifications in local population purchasing patterns throughout the forecast period.
Competitive Landscape
The market is expanding as OEMs place more emphasis on the development of marine batteries that are compact, powerful, operate for longer periods, and are lightweight.
Our market analysis includes a section specifically devoted to key players operating in the Marine Lithium-ion Battery market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
- 2022: The InSight Series 12V battery from RELiON Battery, a producer of lithium batteries, enables boat and vessel owners to run more appliances for a longer period while off the grid. According to the manufacturer, one battery with 120 amp-hours may supply 160 amps of continuous current and several appliances in a nautical vessel at once.
- 2022: ABS and Contemporary Amperex Technology Co., Limited (CATL) have signed a cooperation agreement to collaborate and conduct research on lithium battery propulsion for future ships. According to the agreement, the two businesses would research the technical requirements for battery-powered vessels, including significant safety-related technologies such as the charging system, power battery compartment design, propulsion system, and fire control.
List of the prominent players in the global Marine Lithium-ion Battery market:
- Corvus Energy
- Spear Power Systems
- EST-Floattech
- Forsee Power
- Akasol
- XALT Energy
- EVE Battery
- Saft
- Lithium Werks
- Gotion High-tech Co Ltd
- Toshiba Corporation
- Siemens
- CATL
- Furukawa Battery
- Others
The global Marine Lithium-ion Battery market is segmented as follows:
By Type
- 12 V
- 24 V
- 36 V
- 48 V
- 60 V
- 72 V
- Others
By Application
- Fishing Boats
- Luxury Yachts
- Cargo Ships
- Military Ships
- Others
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Marine Lithium-ion Battery Market, (2024 – 2033) (USD Million)
- 2.2 Global Marine Lithium-ion Battery Market : snapshot
- Chapter 3. Global Marine Lithium-ion Battery Market – Industry Analysis
- 3.1 Marine Lithium-ion Battery Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increase in demand for marine freight transportation vessels
- 3.2.2 Advantage of lithium-ion battery over lead-acid batteries
- 3.2.3 Increase in water sports and leisure activities.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Type
- 3.7.2 Market attractiveness analysis By Application
- Chapter 4. Global Marine Lithium-ion Battery Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Marine Lithium-ion Battery Market: company market share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Marine Lithium-ion Battery Market – Type Analysis
- 5.1 Global Marine Lithium-ion Battery Market overview: By Type
- 5.1.1 Global Marine Lithium-ion Battery Market share, By Type, 2022 and – 2033
- 5.2 12 V
- 5.2.1 Global Marine Lithium-ion Battery Market by 12 V, 2024 – 2033 (USD Million)
- 5.3 24 V
- 5.3.1 Global Marine Lithium-ion Battery Market by 24 V, 2024 – 2033 (USD Million)
- 5.4 48 V
- 5.4.1 Global Marine Lithium-ion Battery Market by 48 V, 2024 – 2033 (USD Million)
- 5.5 36 V
- 5.5.1 Global Marine Lithium-ion Battery Market by 36 V, 2024 – 2033 (USD Million)
- 5.6 60 V
- 5.6.1 Global Marine Lithium-ion Battery Market by 60 V, 2024 – 2033 (USD Million)
- 5.7 72 V
- 5.7.1 Global Marine Lithium-ion Battery Market by 72 V, 2024 – 2033 (USD Million)
- 5.1 Global Marine Lithium-ion Battery Market overview: By Type
- Chapter 6. Global Marine Lithium-ion Battery Market – Application Analysis
- 6.1 Global Marine Lithium-ion Battery Market overview: By Application
- 6.1.1 Global Marine Lithium-ion Battery Market share, By Application , 2022 and – 2033
- 6.2 Fishing Boats
- 6.2.1 Global Marine Lithium-ion Battery Market by Fishing Boats, 2024 – 2033 (USD Million)
- 6.3 Luxury Yachts
- 6.3.1 Global Marine Lithium-ion Battery Market by Luxury Yachts, 2024 – 2033 (USD Million)
- 6.4 Cargo Ships
- 6.4.1 Global Marine Lithium-ion Battery Market by Cargo Ships, 2024 – 2033 (USD Million)
- 6.5 Military Ships
- 6.5.1 Global Marine Lithium-ion Battery Market by Military Ships, 2024 – 2033 (USD Million)
- 6.6 Others
- 6.6.1 Global Marine Lithium-ion Battery Market by Others, 2024 – 2033 (USD Million)
- 6.1 Global Marine Lithium-ion Battery Market overview: By Application
- Chapter 7. Marine Lithium-ion Battery Market – Regional Analysis
- 7.1 Global Marine Lithium-ion Battery Market Regional Overview
- 7.2 Global Marine Lithium-ion Battery Market Share, by Region, 2022 & – 2033 (USD Million)
- 7.3. North America
- 7.3.1 North America Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.3.1.1 North America Marine Lithium-ion Battery Market, by Country, 2024 – 2033 (USD Million)
- 7.3.1 North America Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.4 North America Marine Lithium-ion Battery Market, by Type, 2024 – 2033
- 7.4.1 North America Marine Lithium-ion Battery Market, by Type, 2024 – 2033 (USD Million)
- 7.5 North America Marine Lithium-ion Battery Market, by Application , 2024 – 2033
- 7.5.1 North America Marine Lithium-ion Battery Market, by Application , 2024 – 2033 (USD Million)
- 7.6. Europe
- 7.6.1 Europe Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.6.1.1 Europe Marine Lithium-ion Battery Market, by Country, 2024 – 2033 (USD Million)
- 7.6.1 Europe Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.7 Europe Marine Lithium-ion Battery Market, by Type, 2024 – 2033
- 7.7.1 Europe Marine Lithium-ion Battery Market, by Type, 2024 – 2033 (USD Million)
- 7.8 Europe Marine Lithium-ion Battery Market, by Application , 2024 – 2033
- 7.8.1 Europe Marine Lithium-ion Battery Market, by Application , 2024 – 2033 (USD Million)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.9.1.1 Asia Pacific Marine Lithium-ion Battery Market, by Country, 2024 – 2033 (USD Million)
- 7.9.1 Asia Pacific Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.10 Asia Pacific Marine Lithium-ion Battery Market, by Type, 2024 – 2033
- 7.10.1 Asia Pacific Marine Lithium-ion Battery Market, by Type, 2024 – 2033 (USD Million)
- 7.11 Asia Pacific Marine Lithium-ion Battery Market, by Application , 2024 – 2033
- 7.11.1 Asia Pacific Marine Lithium-ion Battery Market, by Application , 2024 – 2033 (USD Million)
- 7.12. Latin America
- 7.12.1 Latin America Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.12.1.1 Latin America Marine Lithium-ion Battery Market, by Country, 2024 – 2033 (USD Million)
- 7.12.1 Latin America Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.13 Latin America Marine Lithium-ion Battery Market, by Type, 2024 – 2033
- 7.13.1 Latin America Marine Lithium-ion Battery Market, by Type, 2024 – 2033 (USD Million)
- 7.14 Latin America Marine Lithium-ion Battery Market, by Application , 2024 – 2033
- 7.14.1 Latin America Marine Lithium-ion Battery Market, by Application , 2024 – 2033 (USD Million)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.15.1.1 The Middle-East and Africa Marine Lithium-ion Battery Market, by Country, 2024 – 2033 (USD Million)
- 7.15.1 The Middle-East and Africa Marine Lithium-ion Battery Market, 2024 – 2033 (USD Million)
- 7.16 The Middle-East and Africa Marine Lithium-ion Battery Market, by Type, 2024 – 2033
- 7.16.1 The Middle-East and Africa Marine Lithium-ion Battery Market, by Type, 2024 – 2033 (USD Million)
- 7.17 The Middle-East and Africa Marine Lithium-ion Battery Market, by Application , 2024 – 2033
- 7.17.1 The Middle-East and Africa Marine Lithium-ion Battery Market, by Application , 2024 – 2033 (USD Million)
- Chapter 8. Company Profiles
- 8.1 Corvus Energy
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Spear Power Systems
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 EST-Floattech
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Forsee Power
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Akasol
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 XALT Energy
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 EVE Battery
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Saft
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Lithium Werks
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Gotion High-tech Co Ltd
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Toshiba Corporation
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.12 Siemens
- 8.12.1 Overview
- 8.12.2 Financials
- 8.12.3 Product Portfolio
- 8.12.4 Business Strategy
- 8.12.5 Recent Developments
- 8.13 CATL
- 8.13.1 Overview
- 8.13.2 Financials
- 8.13.3 Product Portfolio
- 8.13.4 Business Strategy
- 8.13.5 Recent Developments
- 8.14 Furukawa Battery
- 8.14.1 Overview
- 8.14.2 Financials
- 8.14.3 Product Portfolio
- 8.14.4 Business Strategy
- 8.14.5 Recent Developments
- 8.1 Corvus Energy
List Of Figures
Figures No 1 to 25
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
|
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| Demand-side |
|
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
“Europe” region will lead the global Marine Lithium-ion Battery market during the forecast period 2023 to 2032.
The key factors driving the market are Increase in demand for marine freight transportation vessels, Advantage of lithium-ion battery over lead-acid batteries, Increase in water sports and leisure activities.
The key players operating in the Marine Lithium-ion Battery market are Corvus Energy, Spear Power Systems, EST-Floattech, Forsee Power, Akasol, XALT Energy, EVE Battery, Saft, Lithium Werks, Gotion High-tech Co Ltd, Toshiba Corporation, Siemens, CATL, Furukawa Battery, Others.
The global Marine Lithium-ion Battery market is expanding growth with a CAGR of approximately 16% during the forecast period (2023 to 2032).
The global Marine Lithium-ion Battery market size was valued at USD 155 Million in 2021 and it is projected to reach around USD 700 Million by 2032.
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