MARINE BATTERY MANAGEMENT SYSTEM
- Marine battery management system is an electric system that regulates rechargeable batteries used in marine vessels such as cruisers, yachts, defense vessels, cargos, and container ships. Commonly used marine batteries in the market are lithium-ion, lead-acid, and absorbent glass mat (AGM).
- The marine battery management system manages the output, and charging and discharging of batteries; and provides information on the status of the battery pack. It also provides critical safeguards to protect batteries from damage.
- The marine battery management system is selected depending upon the operation, i.e. starting batteries, deep-cycle batteries, and dual-purpose batteries
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- The implementation of IMO 2020 regulation has boosted the demand for alternative fuels such as liquefied natural gas (LNG), fuel cells, and battery operated vessels
- Demand for fully electric and hybrid vessels has been rising. This is likely to drive the demand for marine battery management system.
KEY DRIVERS OF GLOBAL MARINE BATTERY MANAGEMENT SYSTEM MARKET
- Demand for marine battery management system has been increasing owing to rise in tourism activities and per capita income of the people. Steady rise in demand for pleasure and recreational activities around the globe is also anticipated to propel the demand for marine batteries, thereby propelling the marine battery management system market.
- Increase in seaborne trade across the globe is also likely to boost the demand for marine battery management system in the near future
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COVID-19 IMPACT
- Manufacture of batteries has been adversely affected by the COVID-19 pandemic. Many manufacturing companies have completely or partially shut their manufacturing plants. Decrease in global demand for batteries has hampered the demand and supply of marine battery management systems.
- Many battery suppliers have halted their operations owing to lockdowns imposed to curtail the pandemic
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KEY DEVELOPMENT
- On June 26, 2019, AKASOL AG announced plans to open a production facility in the U.S. This expansion is in response to the demand for the company’s high energy battery modules from major international manufacturers. The State of Michigan has given its full backing to Akasol’s plans, awarding the company a one-digit million Euro Michigan Business Development Program grant toward the construction of the production facility. The new facility is expected to generate total investment in the mid two-digit million Euro volume over a duration of five years
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Key Players Operating in the Market
Leading player operating in the marine battery management system market include:
- Corvus Energy
- Furukawa Battery Solutions
- XALT Energy
- Lifeline Batteries
- Toshiba Corporation
- Spear Power Systems
- Lithium Werks
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