Fuel Cells Market Forecast 2023: Marine Vessels Industry Growth Factors, Trends and Top Companies Analysis for Business Development
Jun 18, 2019
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 (200KW), & Region – Global Forecast till 2023
pune, India - June 18, 2019 /MarketersMedia/ —
Global Fuel Cells For Marine Vessels Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Key Player's Market Share Analysis, Competitive Landscape and Supply Chain Analysis.
Market Overview
As per a detailed analysis by Market Research Future (MRFR), the global fuel cells for marine vessels market is anticipated to garner a CAGR of 6% during the forecast period (2018-2023). Fuel cells are highly flexible and can be used either in stacks or as a single cell. The power produced is further channelized with the help of a ship without a rise in the consumption of conventional fuel. Fuel cells are extensively used in marine vessels to cater to the requirements of onboard energy consumption and power the propulsion system.
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Industry Updates
May 22, 2019: Ballard Power Systems is planning to collaborate with ABB and other consortium partners. The company is planning to develop and launch a hydrogen fuel cell-powered river push boat in France. The company has decided to deliver two of its next-generation 200-kilowatt fuel cell modules in 2020. This will also provide propulsion power for the vessel.
Competitive Dashboard
The prominent players dominating the global fuel cells for marine vessels market comprises-
• MEYER WERFT GmbH & Co. KG (Germany)
• Fiskerstrand Verft AS (Norway)
• Dynad International BV (Netherland)
• Nuvera Fuel Cells LLC (U.S.)
• SerEnergy A/S (Denmark)
• PowerCell (Sweden)
• Siemens (Germany)
• Toshiba Corporation (Japan)
• Watt Fuel Cell Corporation (U.S.)
• Proton Motor GmbH (Germany)
Market Potential and Pitfalls
The fuel cells for marine vessels market has witnessed a tectonic surge over the past few years due to the surging demand for alternative propulsion systems, high focus to curb environmental pollution, and low operating cost. Moreover, several contracts have fueled the growth of the market in the past few years. For instance, Meyer Werft GmbH & Co. KG has signed a contract with ThyssenKrupp Marine Systems GmbH in 2016 to develop a fuel cell system for seagoing vessels under the e4ships program. Nuvera Fuel Cells, LLC has signed a contract with the Italian Shipbuilder, Fincantieri S.p.A. in 2013 in order to produce and deliver fuel cell stacks for use on marine vessels. Such contracts have positively impacted the growth of the market during the assessment period. The evolution of hydrogen as a marine fuel and the surge in the bunker fuel oil prices are recognized as recent trends in the market. Hydrogen helps to reduce vibrations, noise, and the formation of NOx. Also, the marine sector is making investments in the transportation application in order to reduce the emission of greenhouse gases. Such factors are positively impacting the growth of fuel cells for marine vessels market across the globe. Moreover, companies are heavily investing in technology development to develop alternate propulsion systems with low carbon emissions due to strict policies. Thus, higher investments are made on the development of alternate propulsion systems. This is likely to influence market growth in the coming years.
On the contrary, the concerns associated with designing the propulsion systems remains a major restraining factor to the growth of the market. The propulsion systems face constraints related to technical and design issues in a generator, combustion systems, electric motor, and battery in terms of factors like charge rate, weight, size, and battery life. Moreover, the low life of fuel cell stacks along with the high capital costs are restricting the growth of the market in the foreseeable future.
Global Fuel Cells for Marine Vessels Market: Segmental Analysis
The fuel cells for marine vessels market is segmented on the basis of type, application, and power output.
By mode of type, the fuel cells for marine vessels market is segmented into solid oxide fuel cell (SOFC), polymer electrolyte membrane fuel cell (PEMFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC), and others. Among these, the PEMFC segment is extensively used across the globe. The segment is predicted to comprise the largest share owing to its high operational flexibility, affordability, and durability.
The application segment of fuel cells for marine vessels market is bifurcated into defense and commercial. It is anticipated that the commercial vessels are gaining the largest demand in the market owing to their increased maritime trade and surging demand for cargo vessels across the globe.
Based on power output, the market spits into less than 200 KW and greater than 200KW. Among these, > 200 kW fuel cells are widely accepted and acquire the largest share owing to the surging demand for optimized power generation to augment heavy marine vessels.
Regional Frontiers
The fuel cells for marine vessels market span across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Considering the global scenario, North America is predicted to dominate the fuel cells for marine vessels market. The region is likely to retain its dominance owing to the extensive investments made in the fuel cell technology in commercial marine as well as military sectors. With the U.S. heavily investing in the development of hydrogen fuel cell technology and supporting technological innovations through robust concept-to-commercialization policies, the regional market is gaining huge prominence.
Europe closely follows North America and is likely to acquire a significant position in the global market. The growth can be ascribed to the growing number of industry consortia developing fuel cell powered vessels. For instance, Germany is considered an active economy which engages itself in the development of fuel cell systems for marine vessels.
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