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Marine lithium-ion batteries can be used for workboats, ferries, offshore support, cruise ships, and cargo ships. They perform better than many lead-acid batteries, have a longer service life, are lighter, and take up less space. Li-ion batteries can provide a higher percentage of the nominal capacity than lead-acid batteries without shortening their service life. They maintain voltage for most of the discharge cycle.
More and more ships are switching to hybrid or fully electric, relying more and more on lithium batteries and energy storage as power sources. The technology has proven to be reliable and robust. In recent years, the number of hybrid and fully electric ships in the maritime industry has increased. It is estimated that almost all merchant ships will soon install some energy storage system as part of their power system, and lithium-ion batteries are becoming one of the most popular options for ship operators. These factors will help drive the market during the forecast period.
There are some restraints for the market as well. Thermal runaway is the most significant risk associated with the use of lithium-ion batteries. If the battery cell is damaged or receives intense heat, it will undergo an exothermic reaction, which will generate more and more heat. This risk is prevalent in marine environments due to the large batteries required for ship operations than batteries used in automobiles or airplanes. For shipping, the possibility of people near the battery is very high. Lithium battery failure can also release explosive gas, especially when water is involved. Water can react with lithium to produce highly flammable hydrogen, and since ship battery systems are often indoors, the risk of explosion is significantly increased.
As leisure activities drive the market's demand for marine lithium batteries and the need for water activities continues to increase, North America is expected to see significant growth during the forecast period.
The marine lithium-ion battery market is expected to take a significant amount of time before recovering from the COVID-19 pandemic due to the reduction of cross-border trade and a general reduction in the marine industry.
Although the maritime industry is slowly gaining momentum due to the easing of COVID-19 restrictions, marine lithium-ion battery demand is anticipated to rise slower. With the need for further technological developments, coupled with slow growth in the electric maritime sector, marine lithium-ion batteries will slowly gain traction.
The report will cover the following key insights:
The global marine lithium-ion battery market can be divided into 12V, 24V, 36V, 48V, 60V, 72V, and others based on type. The 12V segment is anticipated to dominate the market. Deep Cycle Lithium Battery maintains a 12.5V-13.4V voltage when discharged to 95% or more. Then the voltage drops rapidly. As the current increases, the voltage of the other marine batteries, such as the lead-acid battery, which is an alternative to the lithium battery, drops from 13 volts to below 11.5 volts. Once fully charged, the marine battery maintains a relatively low voltage to keep it charged, usually 13.2 to 13.4 volts. Higher voltage levels will "wear out" the battery and cause the electrolyte to evaporate, again shortening the battery's life.
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Europe is an important region for growth during the forecast period, as tourism, entertainment, and leisure activities have increased significantly. It is expected that the European marine lithium-ion battery market will have the highest growth during the forecast period. The development of the European shipbuilding industry is one of the most critical factors driving the demand for hybrid ships in the region. The increase in investment in ship electrification and the restructuring of shipbuilding companies are additional factors driving the growth of the European marine battery market. The European Commission stated that the European shipbuilding industry is the largest market globally, with over 150 shipyards and over 120,000 people employed.
The report will include key players such as Corvus Energy, Siemens - Industrial Automation, RELiON Battery, Mastervolt, MG Energy Systems, Super B Lithium Power B.V., Trojan Battery Company, Battery Smart, Saft, Samsung SDI, and Eve Energy Co. Ltd.
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