“The report on Battery Pack for Marine Hybrid & Full Electric Propulsion Market was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. Moreover, the report also contains identification and investigation of the market structure, in-depth qualitative analysis, restraints & challenges, growth drivers, emerging product trends & market opportunities and Porter’s five forces.
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Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Overview
- In the marine industry, batteries are used for various purposes such as starting, storage of power, providing backup power to safety equipment, and in propulsion systems. With the growing number of environmental regulations regarding NOx, SOx, and CO2 emissions, shipping companies are shifting toward battery-operated propulsion systems.
- Rising demand for marine transportation is driving the demand for more reliable and efficient power backup batteries for safe and trouble-free operations
- Rise in water sports activities and marine tourism is likely to drive the global battery pack for marine hybrid & full electric propulsion market in the near future
Stringent Government Regulations to Reduce Emissions to Drive Battery Pack for Marine Hybrid & Full Electric Propulsion Marketbunker fuel, which is the most pollution-causing fuel. Furthermore, greenhouse gases is becoming a major concern across the globe. Every year, air pollutants, such as carbon monoxide, nitrogen oxides, sulfur oxides, and particulate matter, are released in large amounts.
- In order to reduce pollution, governments of countries across the world are implementing rules and regulations. For instance:
- In 2017, the U.S. Government and the Government of Canada have passed bills to formulate the fuel-sulfur limits and NOx emissions in emission control areas in North America. These areas includes coastal waters of up to 200 nautical miles from coasts of Alaska and Hawaii, the U.S. and Canada.
- The vessels entering these areas must meet the requirement that fuel-sulfur concentrations should not exceed 0.10 weight%. Engines above 130 kW installed on vessels built since 2000 must be certified to meet appropriate emission standards corresponding to the building date of vessels. As of January 1, 2016, engines installed on new and modified vessels were subject to the Annex VI Tier III NOx standards.
- Hybrid and full electric vessels can play a major role in reducing pollution, as these vessels run on batteries. Thus, stringent government regulations to reduce emissions are expected to drive the global battery pack for marine hybrid & full electric propulsion market during the forecast period.
High Initial Investments and Inadequate Infrastructure for Charging to Hamper Global Market
- The initial cost required to install a battery setup and additional machinery required for a propulsion system is high. The battery system costs seven times more than that of a normal diesel engine. These batteries require additional space, which can increase the dead weight of the ship. This, in turn, affects profitability.
- Furthermore, in several developing and underdeveloped countries, there exists limited or no charging infrastructure for these batteries. The port authority as well as ship owners require additional investments for these charging stations.
- Thus, high initial investments and inadequate infrastructure for charging are projected to be major restraints of the global battery pack for marine hybrid & full electric propulsion market during the forecast period
Innovations in Battery Systems to Offer Growth Opportunities
- Companies are currently focusing on improvement in the battery capacity and reduction in the battery size. This can be beneficial for the marine industry, as the dead weight of batteries would reduce, which would provide additional space for goods. Companies are also focusing on increasing the life span of batteries, which would be also beneficial for the marine industry, as the cost of batteries is high and frequent replacement increases operational costs.
- Furthermore, companies are currently aiming at the advancement in charging stations, which would provide rapid charging. This can help shipping companies by reducing the downtime required for charging of batteries.
- Hence, innovations in battery systems is expected to be a lucrative opportunity for the global battery pack for marine hybrid & full electric propulsion market during the forecast period
Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Key Developments
- On March 12, 2020, Corvus Energy announced to have been selected to supply lithium-ion battery-based energy storage systems for a new, hybrid propulsion-based coastal cargo vessel. Westcon Power & Automation selected Corvus Energy to provide an energy storage system for a vessel. The vessel is being built for Arriva Shipping at Dayang Offshore Equipment in China. In addition to large battery packs and electric propulsion systems, the vessel would also have a fuel-efficient and improved hull design made by Marine Design and Consulting (MDC).
Asia Pacific to Dominate Battery Pack for Marine Hybrid & Full Electric Propulsion Market
- Asia Pacific held a significant share of the global battery Pack for marine hybrid & full electric propulsion in 2019. The region is anticipated to maintain its dominance during the forecast period. This can be ascribed to increase in investments in the adoption of hybrid and full electric propulsion systems for marine vessels in Asia Pacific, especially in China, Japan, and South Korea. China is anticipated to lead the battery pack for marine hybrid & full electric propulsion in the region during the forecast period.
- Europe holds a considerable share of the global battery pack for marine hybrid & full electric propulsion market. Currently, Europe has the maximum number of full electric vessels among all regions. Norway is likely to lead the battery pack for marine hybrid & full electric propulsion market in Europe during the forecast period.
- The number of countries accepting the Paris Climate Change Agreement is increasing significantly across the globe. This agreement mandates countries to decrease their carbon footprint and greenhouse gases in sea and near-harbor areas. This creates growth potential for the global battery pack for marine hybrid & full electric propulsion market.
- North America is another key region of the global battery pack for marine hybrid & full electric propulsion market, as the first full electric propulsion-based vessels are expected to become operational in the latter half of 2020. In North America, the U.S. is a major market for the battery pack for marine hybrid & full electric propulsion. This can be ascribed to stringent government rules and regulations to reduce the level of carbon emissions and greenhouse gases in port and nearby areas.
- In 2019,Latin America held a minimal share of the global battery pack for marine hybrid & full electric propulsion market. This can be ascribed to lack of infrastructure and investments in hybrid and full electric marine vessels coupled with lenient government rules and regulations regarding emissions of carbon and greenhouse gases.
- Middle East & Africa is the leading region in terms of crude oil production, which is a major restraining factor for the battery pack for marine hybrid & full electric propulsion market in the region. Thus, market share of Middle East & Africa in the global battery pack for marine hybrid & full electric propulsion market is expected to be low during the forecast period.
Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Competition Landscape
- The global battery pack for marine hybrid & full electric propulsion market is highly consolidated, with the presence of a very few number of players operating at regional and international levels
- Key players operating in the global battery pack for marine hybrid & full electric propulsion market are
- Corvus Energy
- Eco Marine Power
- Rolls-Royce plc
- Nidec Group
- RELiON Batteries
Battery Pack for Marine Hybrid & Full Electric Propulsion Market – Scope of the Report
A latest study collated and published analyzes the historical and present-day scenario of the global battery pack for marine hybrid & full electric propulsion market to accurately gauge its future growth. The study presents detailed information about important growth factors, restraints, and trends that are creating a landscape for future growth of the global battery pack for marine hybrid & full electric propulsion market in order to identify opportunities for market stakeholders. The report also provides insightful information about how the global battery pack for marine hybrid & full electric propulsion market would expand during the forecast period i.e. 2022–2031.
The report offers intricate dynamics about different aspects of the global battery pack for marine hybrid & full electric propulsion market, which aids companies operating in the market in making strategic decisions. The study also elaborates on significant changes that are anticipated to configure growth of the global battery pack for marine hybrid & full electric propulsion market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global battery pack for marine hybrid & full electric propulsion market and estimates statistics related to growth of the market in terms of volume (Units) and value (US$ Mn).
This study covers a detailed segmentation of the global battery pack for marine hybrid & full electric propulsion market, along with key information and competition outlook. The report mentions company profiles of players that are currently dominating the global battery pack for marine hybrid & full electric propulsion market, wherein various developments, expansions, and winning strategies practiced and implemented by leading players have been presented in detail.
For more information about this report visit: Battery Pack for Marine Hybrid & Full Electric Propulsion Market“
Key Questions Answered in the Report on Battery Pack for Marine Hybrid & Full Electric Propulsion Market
The report provides detailed information about the global battery pack for marine hybrid & full electric propulsion market on the basis of comprehensive research on various factors that are playing a key role in accelerating the market growth. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global battery pack for marine hybrid & full electric propulsion market so as to help them design successful strategies and make target-driven decisions.
- Which propulsion type segment would emerge as a revenue generator for the global battery pack for marine hybrid & full electric propulsion market during the forecast period?
- How are key market players successfully earning revenues in the competitive global battery pack for marine hybrid & full electric propulsion market?
- What would be the Y-o-Y growth trend of the global battery pack for marine hybrid & full electric propulsion market between 2022-2031?
- What are the winning imperatives of leading players operating in the global battery pack for marine hybrid & full electric propulsion market?
- Which power rating segment is expected to offer maximum potential to the global battery pack for marine hybrid & full electric propulsion market during the forecast period?
Research Methodology – Battery Pack for Marine Hybrid & Full Electric Propulsion Market
The research methodology adopted by analysts for compiling the report on the global battery pack for marine hybrid & full electric propulsion market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global battery pack for marine hybrid & full electric propulsion market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on the data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global battery pack for marine hybrid & full electric propulsion market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global battery pack for marine hybrid & full electric propulsion market.
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