Fuel Cells For Marine Vessels Market Research Report 2019: Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation By Type (PEMFC, SOFC, PAFC, DMFC, and Others), Application (Commercial, Defense), Power Output (<200 KW, >200KW), & Region – Global Forecast till 2023
Market Scenario
The global fuel cells for marine vessels market is predicted to demonstrate 4% CAGR during the forecast period (2018-2023) owing to the rising demand for alternative propulsion systems, asserts Market Research Future (MRFR). Fuel cells are generally used in the marine vessels in order to power the propulsion system and cater to the requirement of the onboard energy consumption. They are flexible in nature and can be utilized in stacks or as a single cell. Therefore, the power produced can be channelized with the help of a ship without increasing the consumption of conventional fuel.
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Leading Players
- PowerCell (Sweden)
- SerEnergy A/S (Denmark)
- Nuvera Fuel Cells LLC (U.S.)
- Dynad International BV (Netherland)
- Fiskerstrand Verft AS (Norway)
- Siemens (Germany)
- Proton Motor GmbH (Germany)
- Watt Fuel Cell Corporation (U.S.)
- Toshiba Corporation (Japan)
- MEYER WERFT GmbH & Co. KG (Germany)
Industry Updates
September 2018: Red and White had recently launched the Enhydra, which is the first aluminum hulled, lithium-ion battery plug-in hybrid vessel. Built in the U.S. Designed by Teknicraft Design in Auckland, the 128-by 30-foot aluminum monohull vessel is considered the largest lithium-ion battery, the electric hybrid-powered vessel in the North American region built under the certification of Coast Guard Subchapter K.
Drivers and Constraints Impacting the Market
Companies are extensively investing in technological development in order to produce alternate propulsion systems containing low carbon emissions. Thus, investments are being made to develop alternative propulsion systems like fuel cells for marine vessels, which is likely to contribute to the market growth. With the augmenting demand for alternative propulsion systems, focus on curbing environmental pollution, and low operating cost, the global fuel cells for marine vessels market is considered to propel during the assessment period. The advent of hydrogen as a marine fuel coupled with the increasing bunker fuel oil prices are some of the recent trends in the market. As hydrogen fuel helps to reduce vibrations, noise, and NOx formation, it is widely accepted as a marine fuel.
On the flip side, the issues of the designing propulsion systems are considered to dampen the market growth to a great extent. The propulsion system faces technical and design issues in the combustion system, battery, generator, and electric motor in terms of charge rate, weight, size, and battery life. As the development of alternate propulsion system is dependent on parameters such as emissions, power, cost, and energy efficiency, it is difficult to drive a vessel on renewable propulsion systems alone. The energy required by the vessels is immense. Moreover, the low life of the fuel cell stacks and high capital costs are impeding the market growth during the appraisal period.
Global Fuel Cells for Marine Vessels Market: Segmental Analysis
The global fuel cells for marine vessels market has been segmented on the basis of type, application, and power output.
By mode of type, the global fuel cells for marine vessels market has been segmented into polymer electrolyte membrane fuel cell (PEMFC), solid oxide fuel cell (SOFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC), and others. Among these, the polymer electrolyte membrane fuel cell is extensively used and occupies the largest share in the market owing to its greater durability, operational flexibility, and affordability.
By mode of application, the global fuel cells for marine vessels market has been segmented into defense and commercial. Among these, the commercial vessels segment is presumed to occupy the largest share globally owing to their extensive maritime trade and worldwide demand for cargo vessels.
By mode of power output, the global fuel cells for marine vessels market has been segmented into less than 200 kW and more than 200 kW. Among these, more than 200 kW fuel cells are widely adopted and occupy the largest share owing to the demand for optimized power generation.
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Regional Insights
Geographically, the fuel cells for marine vessels market span across regions namely, Asia Pacific, North America, the Middle East & Africa, Europe, and Latin America.
Among all the regions, the North American region is anticipated to dominate the global market and is predicted to retain its dominance in the future. The growth is attributed to the augmenting investments in the fuel cell technology, both in the military as well as commercial marine sectors. The US is also highly investing in the development of hydrogen fuel cell technology besides supporting technological innovations through robust concept-to-commercialization policies. Such factors are likely to augment the market growth in this region.
The European region is estimated to occupy the second position owing to the accelerating number of industry consortia developing fuel cell powered vessels. For instance, Germany engages in developing fuel cell systems for marine vessels.
Scope of Report
The report for Global Fuel Cells for Marine Vessels Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macroeconomic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
List of Tables
Table 1 Global Fuel Cells for Marine Vessels Market: by Region, 2018-2023
Table 2 North America Global Fuel Cells for Marine Vessels Market: by Country, 2018-2023
Table 3 Europe Global Fuel Cells for Marine Vessels Market: by Country, 2018-2023
Table 4 Asia Pacific Global Fuel Cells for Marine Vessels Market: by Country, 2018-2023
Table 5 Middle East & Africa Global Fuel Cells for Marine Vessels Market: by Country, 2018-2023
Table 6 Latin America Global Fuel Cells for Marine Vessels Market: by Country, 2018-2023
Table 7 Global Fuel Cells for Marine Vessels Market, by Type, by Regions, 2018-2023
Table 8 North America Global Fuel Cells for Marine Vessels Market, by Type, by Country, 2018-2023
Continued………
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top Down & Bottom Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Fuel Cells for Marine Vessels Market Share, by Type, 2018 (%)
Continued…….
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