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Marine lithium-ion batteries are a specialized type of power storage device intended for use in marine settings. They utilize lithium-ion technology, which provides for greater energy density, extended cycle life, and quicker charging times than the conventional lead-acid batteries that are frequently employed in marine applications. The global marine lithium-ion battery market is expected to grow at a steady rate of around 39.81% owing to the growing government regulations to reduce the emissions and achieve the net zero emissions targets. Moreover, the growth in offshore energy projects has positively created the demand for the lithium-ion battery. The expanding number of offshore wind, oil, and gas projects globally has significantly increased the demand for marine lithium-ion batteries in recent years. Offshore energy projects require vessels for construction, maintenance, and operational transport. Lithium-ion batteries are increasingly being used to power these vessels instead of diesel generators. This reduces emissions, noise, and risk of diesel spills. For instance, there has been a surge in the adoption of hybrid and fully electric crew transfer vessels (CTVs) that transport workers to offshore wind farms and oil/gas rigs. In 2021, companies like Windcat Workboats and Echandia delivered numerous battery-electric CTVs to support offshore projects in Northern Europe.

Moreover, major offshore oil and gas players like Equinor and Shell have also begun using hybrid supply vessels powered by lithium-ion batteries. As offshore operations ramp up to meet growing energy needs, more such vessels will be required. Lithium-ion batteries are also finding application in producing and storing power for offshore oil/gas platforms and subsea equipment. They can offer an efficient and lower emission solution compared to traditional diesel generators. With offshore wind capacity additions growing steadily in Europe, Asia Pacific, and North America, similar strong demand is expected from vessels supporting these projects over the next decade. The rise in offshore energy activities will therefore continue to propel the adoption of lithium-ion batteries in the marine sector.

• Based on type, the market is divided into 12V, 24V, 36V, 48V, 60V, 72V, and others (96V and 144V). The 12V segment dominated the market in 2022 and is expected to show the same fashion in the forecast period. 12-volt lithium-ion batteries are well-suited to meet the specific energy storage needs of marine applications. Their high energy density provides compact power storage and delivery. For example, a 12V 30Ah li-ion battery by weight can provide the same power as 3-4 traditional lead acid batteries, in 1/3 the weight and size. In the US, the Inflation Reduction Act extended tax credits up to 30% for electric marine vessels using qualifying lithium-ion propulsion through 2032. Such policies encourage manufacturers like Volta Power Systems to develop lithium-ion powered electric marine engines. This drives marine industry demand for 12V lithium-ion batteries as auxiliary and starter power sources.
• Based on application, the market is divided into passenger ferries, fishing boats, cargo ships, military, and others. The passenger ferries segment holds a significant market share in 2022 and is expected to showcase the same trend in the forecast period due to the growing tourism industry specially in the coastal countries such Norway and Italy. Passenger ferries typically operate in congested coastal areas and emit significant amounts of air pollutants and greenhouse gases. To address these concerns, ferry operators are increasingly adopting electric and hybrid-electric propulsion systems powered by lithium-ion batteries.
• For a better understanding of the market adoption of the shipbuilding industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Norway, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Europe Marine Lithium-ion Battery market dominated the market and is expected to behave in the same fashion in the forecast period. The region is constantly dominating with the number of ships being operated by battery and Norway only covered almost 41% market. Moreover, the European Union is one of the most practicing supranational political and economic union on the issues such as carbon emission and need to reduce greenhouse gas emissions and reliance on fossil fuels is driving the demand for more sustainable and efficient energy storage solutions, such as lithium-ion batteries for the marine industry. For instance, in June 2021, The European Commission (EC) and the Batteries European Partnership Association (BEPA) launched a public-private partnership aiming to encourage research into smart battery technology for Europe. Moreover, various partnerships happened in the region to boost the demand for lithium-ion batteries. For instance, in 2022, Prime Batteries Technology and EIT InnoEnergy join forces to scale up battery and storage production in Europe. Moreover, lithium-ion batteries are becoming one of the most popular options for ship operators for energy storage systems.
• Some of the major players operating in the market include Corvus Energy, Siemens Energy, ReLion Battery, Mastervolt, MG Energy Systems B.V., C&D Technologies, Inc., Saft, EVE Energy Co., Ltd., Super B Lithium Power B.V, XALT Energy.