The global marine battery market size was USD 583.4 million in 2020. The market is expected to grow from USD 676.2 million in 2021 to USD 2,055.8 million by 2028, exhibiting a CAGR of 17.05% during the forecast period. The rising focus on developing low emission solutions and increasing development of alternative energy resources is expected to propel market growth. Fortune Business Insights™ presents this information in its report titled “Marine Battery Market, 2021-2028.”
The utilization of marine batteries is widespread in marine-related activities to provide power and reduce emissions. The increasing emphasis on creating low-emission alternatives and the growing exploration of alternative energy sources are anticipated to drive the global adoption of marine batteries. The surge in pollution levels worldwide has led to a shift toward alternative resources that minimize environmental harm. Additionally, the depletion of lithium-ion reserves is likely to entice consumers towards marine battery options, thereby promoting the advancement of the industry in the foreseeable future.
List of Key Players Profiled in the Report:
Browse Summary
https://www.fortunebusinessinsights.com/marine-battery-market-106582
Segments
By battery, the market is segmented into lithium-ion, fuel cell, lead acid battery, nickel cadmium, and sodium-based. As per capacity, it is classified into less than 100Ah, 100-250 Ah, and greater than 250 Ah. On the basis of design, it is bifurcated into a solid-state battery and flow battery. Based on application, it is classified into defense and commercial. Regionally, it is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.