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Fuel Cells for Marine Vessels Market by Technology and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR43046
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The fuel cells for marine vessels market share is expected to increase by USD 64.91 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.2%.

This fuel cells for marine vessels market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers fuel cells for marine vessels market segmentations by technology (PEMFC, SOFC, and other fuel cells) and geographic (North America, APAC, Europe, South America, and MEA). The fuel cells for marine vessels market report also offers information on several market vendors, including Bloom Energy, Dynad International BV, Hyster-Yale Materials Handling Inc., PowerCell Sweden AB, Proton Power Systems plc, SerEnergy AS, SFC Energy AG, Siemens AG, Toshiba Corp., and Watt Fuel Cell Corp. among others.

What will the Fuel Cells for Marine Vessels Market Size be During the Forecast Period?

Fuel Cells for Marine Vessels Market Size

Download the Free Report Sample to Unlock the Fuel Cells for Marine Vessels Market Size for the Forecast Period and Other Important Statistics

 

Fuel Cells for Marine Vessels Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The demand for alternate propulsion systems is notably driving the fuel cells for marine vessels market growth, although factors such as issues in designs of propulsion systems. may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fuel cells for marine vessels industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Fuel Cells for Marine Vessels Market Driver

One of the key factors driving the fuel cells for marine vessels market growth is the demand for alternate propulsion systems. Conventional systems are typically based on diesel engines and gas turbines that convert the chemical energy of the fuel into mechanical energy. Though such systems are still prominent, a shift toward alternative propulsion systems has been observed in recent years. Diesel and gas are non-renewable resources of energy that are scarce and are subject to price fluctuations. Additionally, they release harmful gases on combustion, and the operation of diesel engines generates considerable noise and vibration. The engines also require regular maintenance, thereby resulting in high operational costs. Owing to such disadvantages, marine vessel operators are increasingly switching to other propulsion systems such as electric propulsion systems. Electric propulsion systems power not only the propellers but also the ship's other electrical systems such as computers, lighting, radar, and communication equipment. This advantage contributes to the increasing adoption of electric propulsion systems.

Key Fuel Cells for Marine Vessels Market Trend

Another key factor driving the fuel cells for marine vessels market growth is the adoption of AIP technology. Air-independent propulsion (AIP) is a technology to power the propulsion system of marine vessels, such as submarines, through fuel cells. It allows non-nuclear submarines to operate without the need to surface for oxygen. Non-nuclear submarines typically run on battery power as opposed to nuclear ones, which use onboard nuclear reactors to generate power. This enhances the stealth capabilities of non-nuclear submarines owing to their low acoustic signature. Nuclear submarines, on the other hand, generate some noise produced by operations in the nuclear reactor. AIP technology can further enhance the stealth capabilities of non-nuclear submarines when they use fuel cells. Fuel cells have no moving parts and enable silent power generation to facilitate quieter operation. Fuel cells, such as PAFCs and PEMFCs, are used in some submarines. Currently, France is developing a next-generation fuel cell as a successor of MESMA AIP. Similarly, India is also developing a fuel cell-based AIP system that can be integrated into submarines.

Key Fuel Cells for Marine Vessels Market Challenge

Issues in designs of propulsion systems is one of the key challenges hindering the fuel cells for marine vessels market growth. Proper designing and engineering of propulsion systems are often challenged by technical problems in combustion systems, generators, batteries, and the electric motor in terms of factors such as weight, charge rate, battery life, and size. The development of the propulsion system of marine vessels considers multiple aspects such as power, drivability, emissions, infrastructure support, cost, and energy efficiency. As the energy required by marine vessels is immense, it is extremely difficult to drive an entire ship only on renewable propulsion systems. Further, to enhance the energy efficiency, fuel cell propulsion systems are introduced in the marine propulsion setup by integrating advanced technologies in various components and sub-components. This mechanism uses different power sources in combination with energy storage devices to deliver optimum performance. However, the introduction of such new design issues and system solutions challenge the existing rules and regulations. Hence, the development of compact fuel cell systems that comply with regulative developments is facing challenges.

This fuel cells for marine vessels market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global fuel cells for marine vessels market as a part of the global construction machinery and heavy trucks market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the fuel cells for marine vessels market during the forecast period.

Who are the Major Fuel Cells for Marine Vessels Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

  • Bloom Energy
  • Dynad International BV
  • Hyster-Yale Materials Handling Inc.
  • PowerCell Sweden AB
  • Proton Power Systems plc
  • SerEnergy AS
  • SFC Energy AG
  • Siemens AG
  • Toshiba Corp.
  • Watt Fuel Cell Corp.

This statistical study of the fuel cells for marine vessels market encompasses successful business strategies deployed by the key vendors. The fuel cells for marine vessels market is fragmented and the vendors are deploying growth strategies such as product innovations to compete in the market.

Product Insights and News

  • Bloom Energy Corp. - The company produces fuel cells for ships which help them obtain immediate emissions reductions for the cleanest and most efficient operation by utilizing liquefied natural gas (LNG) as the primary fuel source.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The fuel cells for marine vessels market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Fuel Cells for Marine Vessels Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the fuel cells for marine vessels market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Fuel Cells for Marine Vessels Market?

Fuel Cells for Marine Vessels Market Market segmentation by region

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39% of the market's growth will originate from APAC during the forecast period. Japan and China are the key markets for fuel cells for marine vessels in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The market in APAC is dominated by China, followed by South Korea, Australia, and India. These countries are consistently investing in developing marine platforms that operate on low GHG-emission fuels. Each year, an estimated $5 trillion worth of goods are transported through the South China Sea shipping lanes, which accounts for one-third of the global maritime traffic and over half the world's annual merchant fleet tonnage. Therefore, countries in this region are adopting measures to ensure the smooth functioning of marine vessels for uninterrupted trading activities. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 outbreak in 2020 had an adverse impact on several countries in the region. Several countries such as India, China, Malaysia, and others in the region were affected. This resulted in disruptions, affecting ports, shipping, and supply chains. Vendors faced challenges along their supply chains, such as raw material shortages, equipment and labor shortages, as well as truck or transport capacity constraints. However, during the pandemic, several governments allowed continued port access to commercial ships and ensured that the region continued to function for essential services. Also, the maritime trade has persistently been delivering food, energy and raw materials, as well as manufactured goods and components, including vital medical supplies, across the world. In the first half of 2021, travel bans were lifted, and trade restrictions were relaxed. Thus, the regional demand for fuel cells for marine vessels is expected to grow at a steady pace during the forecast period.

What are the Revenue-generating Technology Segments in the Fuel Cells for Marine Vessels Market?

Fuel Cells for Marine Vessels Market Segmentation

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The fuel cells for marine vessels market share growth by the PEMFC will be significant during the forecast period. Proton exchange membrane fuel cell (PEMFC) or polymer electrolyte membrane (PEM) fuel cells cater to maritime transport applications and can be fixed or portable. High-temperature PEMFC (HTPEMFC) and direct methanol PEMFC (DMPEMFC) are subcategories of PEMFC, which differ in their operating temperatures. DMPEMFC offers the benefit of easy transportation of methanol under all environmental conditions and is capable of operating efficiently at high temperatures and pressures. Owing to such advantages, the overall market for PEMFC for marine vessels is expected to grow steadily over the forecast period.

Besides the above-mentioned factors, the post-COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel cells for marine vessels market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Fuel Cells for Marine Vessels Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.2%

Market growth 2021-2025

$ 64.91 million

Market structure

Fragmented

YoY growth (%)

4.00

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 39%

Key consumer countries

US, Japan, Germany, and China

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Bloom Energy, Dynad International BV, Hyster-Yale Materials Handling Inc., PowerCell Sweden AB, Proton Power Systems plc, SerEnergy AS, SFC Energy AG, Siemens AG, Toshiba Corp., and Watt Fuel Cell Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for forecast period.

Customization purview

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What are the Key Data Covered in this Fuel Cells For Marine Vessels Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive fuel cells for marine vessels market growth during the next five years
  • Precise estimation of the fuel cells for marine vessels market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the fuel cells for marine vessels industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of fuel cells for marine vessels market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Construction machinery and heavy trucks

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces analysis 2020 & 2025
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Technology

    • 5.1 Market segments
      • Exhibit 15: Technology - Market share 2020-2025 (%)
    • 5.2 Comparison by Technology
      • Exhibit 16: Comparison by Technology
    • 5.3 PEMFC - Market size and forecast 2020-2025
      • Exhibit 17: PEMFC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: PEMFC - Year-over-year growth 2020-2025 (%)
    • 5.4 SOFC - Market size and forecast 2020-2025
      • Exhibit 19: SOFC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: SOFC - Year-over-year growth 2020-2025 (%)
    • 5.5 Other fuel cells - Market size and forecast 2020-2025
      • Exhibit 21: Other fuel cells - Market size and forecast 2020-2025 ($ million)
      • Exhibit 22: Other fuel cells - Year-over-year growth 2020-2025 (%)
    • 5.6 Market opportunity by Technology
      • Exhibit 23: Market opportunity by Technology

    6 Customer landscape

    • 6.1 Customer landscape
      • Exhibit 24: Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 25: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 26: Geographic comparison
    • 7.3 North America - Market size and forecast 2020-2025
      • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
    • 7.4 APAC - Market size and forecast 2020-2025
      • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
    • 7.5 Europe - Market size and forecast 2020-2025
      • Exhibit 31: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)
    • 7.6 MEA - Market size and forecast 2020-2025
      • Exhibit 33: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
    • 7.7 South America - Market size and forecast 2020-2025
      • Exhibit 35: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 36: South America - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 37: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 38: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 39: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Overview
          • Exhibit 40: Vendor landscape
        • 9.2 Landscape disruption
          • Exhibit 41: Landscape disruption
          • Exhibit 42: Industry risks

        10 Vendor Analysis

        • 10.1 Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 44: Market positioning of vendors
          • 10.3 Bloom Energy Corp.
            • Exhibit 45: Bloom Energy Corp. - Overview
            • Exhibit 46: Bloom Energy Corp. - Product and service
            • Exhibit 47: Bloom Energy Corp. - Key news
            • Exhibit 48: Bloom Energy Corp. - Key offerings
          • 10.4 Dynad International BV
            • Exhibit 49: Dynad International BV - Overview
            • Exhibit 50: Dynad International BV - Product and service
            • Exhibit 51: Dynad International BV - Key offerings
          • 10.5 Hyster-Yale Materials Handling Inc.
            • Exhibit 52: Hyster-Yale Materials Handling Inc. - Overview
            • Exhibit 53: Hyster-Yale Materials Handling Inc. - Business segments
            • Exhibit 54: Hyster-Yale Materials Handling Inc. - Key offerings
            • Exhibit 55: Hyster-Yale Materials Handling Inc. - Segment focus
          • 10.6 Plug Power Inc.
            • Exhibit 56: Plug Power Inc. - Overview
            • Exhibit 57: Plug Power Inc. - Product and service
            • Exhibit 58: ?Plug Power Inc. - Key news
            • Exhibit 59: Plug Power Inc. - Key offerings
          • 10.7 PowerCell Sweden AB
            • Exhibit 60: PowerCell Sweden AB - Overview
            • Exhibit 61: PowerCell Sweden AB - Product and service
            • Exhibit 62: PowerCell Sweden AB - Key offerings
          • 10.8 Proton Power Systems plc
            • Exhibit 63: Proton Power Systems plc - Overview
            • Exhibit 64: Proton Power Systems plc - Product and service
            • Exhibit 65: ?Proton Power Systems plc - Key news
            • Exhibit 66: Proton Power Systems plc - Key offerings
          • 10.9 SFC Energy AG
            • Exhibit 67: SFC Energy AG - Overview
            • Exhibit 68: SFC Energy AG - Business segments
            • Exhibit 69: ?SFC Energy AG - Key news
            • Exhibit 70: SFC Energy AG - Key offerings
            • Exhibit 71: SFC Energy AG - Segment focus
          • 10.10 Siemens AG
            • Exhibit 72: Siemens AG - Overview
            • Exhibit 73: Siemens AG - Business segments
            • Exhibit 74: ?Siemens AG - Key news
            • Exhibit 75: Siemens AG - Key offerings
            • Exhibit 76: Siemens AG - Segment focus
          • 10.11 Toshiba Corp.
            • Exhibit 77: Toshiba Corp. - Overview
            • Exhibit 78: Toshiba Corp. - Business segments
            • Exhibit 79: ?Toshiba Corp. - Key news
            • Exhibit 80: Toshiba Corp. - Key offerings
            • Exhibit 81: Toshiba Corp. - Segment focus
          • 10.12 Watt Fuel Cell Corp.
            • Exhibit 82: Watt Fuel Cell Corp. - Overview
            • Exhibit 83: Watt Fuel Cell Corp. - Product and service
            • Exhibit 84: Watt Fuel Cell Corp. - Key offerings

          11 Appendix

          • 11.1 Scope of the report
            • 11.2 Currency conversion rates for US$
              • Exhibit 85: Currency conversion rates for US$
            • 11.3 Research methodology
              • Exhibit 86: Research Methodology
              • Exhibit 87: Validation techniques employed for market sizing
              • Exhibit 88: Information sources
            • 11.4 List of abbreviations
              • Exhibit 89: List of abbreviations

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            Fuel Cells for Marine Vessels Market market growth will increase by $64.91 mn during 2021-2025.
            The fuel cells for marine vessels market market is expected to grow at a CAGR of 4.2% during 2021-2025.
            Technavio has segmented the fuel cells for marine vessels market market by technology (PEMFC, SOFC, and Other fuel cells) ,geography (North America, APAC, Europe, and South America) , and geographic (North America, APAC, Europe, and South America).
            Bloom Energy, Dynad International BV, Hyster-Yale Materials Handling Inc., PowerCell Sweden AB, Proton Power Systems plc, SerEnergy AS, SFC Energy AG, Siemens AG, Toshiba Corp., Watt Fuel Cell Corp. are a few of the key vendors in the fuel cells for marine vessels market market.
            APAC will register the highest growth rate of 39% among the other regions. Therefore, the fuel cells for marine vessels market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the fuel cells for marine vessels market market growth are:
            • demand for alternate propulsion systems
            • Increasing R&D activities
            The fuel cells for marine vessels market market vendors should focus on grabbing business opportunities from the pemfc segment as it accounted for the largest market share in the base year.
            • What are the key global market and the regional market share?
            • What are the revenue-generating key market segments?
            • What are the key factors driving and challenging this market’s growth?
            • Who are the key market vendors and their growth strategies?
            • What are the latest trends influencing the growth of this market?
            • What are the variables influencing the market growth in the primary regions?
            • What are the factors influencing the growth of the parent market?
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            • Five-force market analysis

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