Boat accumulator allows the storage of energy on boats for starting engines or other power requirements and are known to improve reliability and efficiency of electrical systems on boats. They ensure continuous power supply on boats and yachts to start engines, operate electronics and other systems even during low battery voltage.
The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of connected boating technologies is driving the boat accumulator market. Connected boating technologies allow boat owners to monitor, control and optimize various boat systems remotely through devices like smartphones and tablets. This has increased the use of electronics and automation on boats which in turn is increasing the demand for reliable power backup solutions like boat accumulators. Accumulators ensure uninterrupted power supply for running connected boating technologies even during low battery voltage conditions. With proliferation of technologies like vessel monitoring systems, infotainment systems and digital navigation solutions, the boat accumulator market is expected to witness significant growth over the forecast period.
SWOT Analysis
Strength: The boat accumulator market has high demand from various end-use industries like marine, oil & gas industry. It provides efficient storing of pressurized gas or liquids in boats.
Weakness: Lack of standardization in accumulator design increases operational challenges. High costs associated with accumulator manufacturing limits market growth.
Opportunity: Growing application of accumulators in underwater hydraulic tools and equipment widens growth opportunities. Advancements in accumulator design and materials boosts efficiency and performance.
Threats: Economic downturns hamper investments in offshore oil & gas exploration activities affecting demand. Stringent maritime regulations increase compliance costs for accumulator manufacturers.
Key Takeaways
The global boat accumulator market share is expected to witness high growth. The marine segment dominates the application landscape due to extensive use of accumulators in commercial and passenger vessels. The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regionally, Asia Pacific captures a major share of the boat accumulator market and is expected to grow at the fastest rate during the forecast period due to brisk investments in marine infrastructure development projects across emerging economies like China and India.
Key players operating in the boat accumulator market are Atlassian Corporation Plc, Microsoft Corporation, Monday.com Ltd., Wrike, Inc., Asana, Inc., Jira Software, Smartsheet Inc., Trello, Inc., Basecamp LLC, Teamwork.com Ltd., Zoho Corporation Pvt. Ltd., Pivotal Software, Inc., and VersionOne Inc.. These players are focusing on new product launches and partnerships to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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