Global Lithium-ion Batteries for Marine Market Trends: Revenue Increasing with a CAGR of 20.29% from 2024 to 2029

Global Lithium-ion Batteries for Marine Market Overview

According to Global Market Monitor, the global lithium-ion batteries for marine market size will reach $95.32 billion in 2024 with a CAGR of 20.29% from 2024 to 2029.

A lithium-ion battery is a type of rechargeable battery in which lithium ions move from the negative electrode to the positive electrode during discharge and back when charging. It can be used in work boats, ferries, offshore support, cruise ships, and cargo ships, where they perform better than many lead-acid batteries, last longer, weigh less, and take up less space.

Policies Support

In response to rising maritime emissions and environmental hazards, the United Nations intergovernmental body on Climate Change and the International Maritime Organization (IMO) on sulfur dioxide emissions have formalized regulations to curb these emissions. Since January 2020, the IMO has implemented a regulation to curb growing sulfur dioxide emissions from ships, with strict regulation in four ECAS (Emission Control Areas) in the Baltic Sea region, the North Sea Region, North America Region, and the US Caribbean region. Among these ECAS, the market is expected to experience the demand for alternative Marine power technologies and the high adoption rate of Marine batteries and related technologies, which are driving the growth of the Marine lithium-ion battery market.

Performance Advantages

Lithium-ion batteries are the preferred choice for Marine applications due to their high energy density, fast charging capability, and longer cycle life. In addition, ongoing research and development efforts are focused on improving the safety, efficiency, and sustainability of Marine batteries, further driving market growth. Due to increasing environmental concerns and the need for cleaner and more sustainable energy solutions in the maritime industry, the global market is experiencing significant growth. As regulators implement stricter emissions standards, they are turning to advanced battery technology to reduce their carbon footprint and comply with regulations. This shift to clean energy is spurring innovation in Marine battery technology, leading to the development of more efficient, high-performance batteries tailored for Marine applications.

The Asia-Pacific region dominates the lithium-ion Marine battery market, and the Asia-Pacific region is a hub for international trade, which contributes to the increase in merchant ships requiring efficient and reliable batteries. China accounts for a significant share of the growth, which is driven by the Chinese government's policies to promote clean maritime technologies, creating an enabling environment for domestic manufacturers and incentivizing the use of electric and hybrid vessels powered by Marine batteries.

The major factors for the growth of the North American market are the increasing demand for sustainable Marine solutions, stringent environmental regulations, and technological advancements. The American Bureau of Shipping (ABS) released the April 2024 edition of the "Lithium-ion battery application requirements in the Marine and offshore industry", and the development of lithium-ion batteries in large-scale energy applications is still in a relatively initial stage, especially in the Marine and offshore industry. ABS has developed this requirement to provide requirements and reference standards to facilitate the efficient installation and operation of lithium-ion battery systems.

Europe is an important growth region due to the significant increase in tourism, entertainment, and leisure activities, and the development of the shipbuilding industry is one of the most critical factors driving the demand for hybrid vessels in the region. According to the European Commission, the European shipbuilding industry is the largest market in the world, with more than 150 shipyards and more than 120,000 employees. At the same time, Europe is a pioneer in green technology, and the adoption of lithium-ion batteries for Marine applications has surged, driven by the growing concern for clean energy alternatives.

By Type	Lithium Nickel Manganese Cobalt (LI-NMC)
	Lithium Iron Phosphate (LFP)
	Lithium Cobalt Oxide (LCO)
	Lithium Titanate Oxide (LTO)
	Lithium Manganese Oxide (LMO)
	Lithium Nickel Cobalt Aluminium Oxide (NCA)
By Application	Boats
	Yachts
	Underwater Vehicles