Battery Pack Market for Marine Propulsion: Trends Driving Growth from US$ 977.6 Million to US$ 2.4 Billion by 2034

battery pack market for marine hybrid and full electric propulsion was valued at $977.6M in 2023 and is expected to grow at an 8.7% CAGR, reaching $2.4B by 2034

WILMINGTON, DELAWARE, INDIA, December 13, 2024 /EINPresswire.com/ -- The global battery pack for marine hybrid & full electric propulsion market was valued at US$ 977.6 Mn in 2023. It is projected to grow at a CAGR of 8.7% from 2024 to 2034, reaching US$ 2.4 Bn by the end of 2034. This growth is driven by the marine sector’s transition toward electrification and stringent emission regulations.

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Analyst Viewpoint

The electrification of the marine sector is propelling the market for battery packs used in hybrid and fully electric propulsion systems. The industry is undergoing a paradigm shift from traditional fuel sources to marine battery systems for propulsion, navigation, and onboard operations. Stricter emission regulations aimed at environmental sustainability are further boosting the adoption of electric and hybrid vessels.

Key market players are focusing on innovations to improve energy density and reduce costs, broadening their customer base and accelerating market adoption.

Drivers

Rise in Electrification of Marine Sector
Increasing concerns about carbon emissions and global warming are driving the adoption of carbon-neutral marine propulsion systems.
According to the International Energy Agency (IEA), international shipping contributed to 2% of global energy-related CO2 emissions in 2022. Efforts to reduce these emissions align with the Paris Agreement goals.

Battery packs facilitate renewable energy integration, shore connection systems, and Battery Energy Storage Systems (BESS), enhancing the sustainability of marine transportation.

For instance, Cochin Shipyard Limited (CSL) received an international order in May 2024 for constructing a hybrid service operation vessel (SOV).
Implementation of Stringent Emission Regulations

Governments and regulatory bodies are enforcing strict emission norms to mitigate the environmental impact of maritime operations.
International Maritime Organization (IMO) regulations, including Tier III, Emission Control Area (ECA), and Energy Efficiency Design Index (EEDI), are pushing the industry toward cleaner propulsion technologies.

Examples include the California Air Resources Board’s (CARB) updates to Commercial Harbor Craft Regulation, aiming to reduce diesel soot and nitrogen oxide emissions from harbor crafts.

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Regional Outlook

Asia Pacific

Asia Pacific dominated the market in 2023, driven by investments in hybrid-electric vessels.
AtoB@C Shipping launched “Ecomar,” a plug-in hybrid vessel in India, in January 2024.

Europe

Investments in hybrid-electric crew transfer vessels (CTVs) are accelerating market growth. NAV Engineering & Technology announced plans for hybrid-electric vessels for offshore windfarms in Europe.
North America

North America is emerging as a significant player, with an emphasis on decarbonizing maritime operations through innovative battery technologies.

Competitive Landscape

Key players in the battery pack for marine hybrid & full electric propulsion market include:

Corvus Energy
Eco Marine Power
Rolls-Royce plc
NIDEC CORPORATION
RELiON Batteries

These companies are focusing on:

Developing integrated power control solutions combining traditional diesel generators with electric battery systems.
Reducing emissions and operational costs while maintaining performance.

Key Developments

May 2024: Rolls-Royce introduced JMS Sunshine, a hybrid tug powered by mtu gas engines and a battery system with 904 kWh capacity.
March 2024: Corvus Energy secured a contract for providing a battery energy storage system for Magellan Discoverer, South America’s first hybrid diesel-electric vessel.

Market Segmentation

By Power Rating

Up to 1 MW
1 MW - 2 MW
2.1 MW - 3.5 MW
Above 3.5 MW

By RPM

0 RPM - 1000 RPM
1001 RPM - 2500 RPM
Above 2500 RPM

By Propulsion Type

Hybrid
Full Electric

By Vessel Type

Tugboats & Offshore Support Vessels (OSVs)
Ferries
Defense Vessels
Yachts
Cruise Ships
Others

The battery pack for marine hybrid & full electric propulsion market is poised for significant growth as the maritime industry intensifies its focus on sustainability and innovation. By addressing emission challenges and leveraging advanced technologies, the industry is set to achieve substantial progress in the coming decade.

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