Share this article
CHICAGO, May 4, 2021 /PRNewswire/ According to a research report Marine Battery Market by Battery Type (Lithium, Fuel Cell, Lead-acid), Propulsion Type (Fully Electric, Hybrid, Conventional), Application, Sales Channel, Ship Range, Nominal Capacity, Battery Design, Battery Function and Region - Global Forecast to 2025 , published by MarketsandMarkets™, the Marine Battery Market is estimated to be USD 250 million in 2020 and is projected to reach USD 812 million by 2025, at a CAGR 26.5% from 2020 to 2025.
Implementation of sulfur 2020 rule and rise in the conversion of propulsion systems in passenger vessels are the major factors anticipated to boost the demand for marine batteries during the forecast period. The rise in seaborne trade across the globe, growing maritime tourism industry, and the development of lithium batteries are the other factors anticipated to fuel the growth of the marine battery market.
Global Grid-Scale Battery Market to Accelerate at a CAGR of Over 22% During 2020-2024 | Technavio businesswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesswire.com Daily Mail and Mail on Sunday newspapers.
Technavio Research: Global Grid-Scale Battery Market to Accelerate at a CAGR of Over 22% During 2020-2024 | Technavio
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201223005608/en/
Technavio has announced its latest market research report titled Global Grid-scale Battery Market 2020-2024 (Graphic: Business Wire)
Worried about the impact of COVID-19 on your business? Here is an exclusive report talking about Market scenarios, Estimates, The impact of lockdown, and Customer behavior.
Get FREE Sample Report in Minutes!
The report on the grid-scale battery market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
Dual-purpose batteries segment to register the highest CAGR during the forecast period
Northbrook, IL (SBWIRE) 12/18/2020 The marine battery market is estimated to be USD 250 million in 2020 and is projected to reach USD 812 million by 2025, at a CAGR of 48.1% from 2020 to 2025. The implementation of the sulfur 2020 rule and growing maritime tourism industry are among the major factors driving the marine battery market.
Fully electric segment to register the highest CAGR during the forecast period
By propulsion type, the fully electric segment is anticipated to witness the highest CAGR during the forecast period. Fully electric-driven ships have a positive effect on the environment as the inclusion of high energy storage in batteries and optimized power control can reduce fuel consumption, maintenance, and emissions. The growth of the fully electric segment can be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several