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The fuel cells for marine vessels market size is forecast to increase by USD 188.58 million and is estimated to grow at a CAGR of 6.82% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand for increasing R&D activities in fuel cell technology, the adoption of AIP technology, and the emergence of hybrid propulsion systems.
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A key factor shaping the fuel cells for marine vessels market growth is the adoption of AIP technology. Air-independent propulsion (AIP) refers to a technology to power the propulsion system of marine vessels, including submarines, through fuel cells. In addition, it allows non-nuclear submarines to operate without the need to surface for oxygen.
Moreover, non-nuclear submarines typically run on battery power as opposed to nuclear ones, which use onboard nuclear reactors to generate power. In addition, this enhances the stealth capabilities of non-nuclear submarines owing to their low acoustic signature. Furthermore, nuclear submarines, on the other hand, generate some noise produced by operations in the nuclear reactor. Therefore, AIP technology can further enhance the stealth capabilities of non-nuclear submarines when they use fuel cells. Hence, such factors are driving the market growth during the forecast period.
There is an increasing demand for zero-emission power for applications such as marine propulsion and auxiliary and cold ironing requirements in commercial vessels to meet environmental goals, including zero-emission, and water protection. In addition, fuel cells and batteries are the only promising options for ship-based zero-emission power production.
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Moreover, for the propulsion system based on an electric architecture, electric power systems are combined together to meet the total power requirement. In addition, the combined power system includes hybrid architectures of battery and combustion engine, battery and fuel cell, or combustion engine with fuel cell and battery. Furthermore, a hybrid power system architecture, including fuel cells and batteries, is suitable for smaller vessels, such as ferries. Therefore, for auxiliary power requirements, the waste heat and water produced by the fuel cell can be utilized. Hence, such factors are fuelling the growth of the segment which in turn will drive the market growth during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the US pioneered the deployment of fuel cell technology, and the first commercial use of fuel cells was for the National Aeronautics and Space Administration (NASA) space programs. In addition, over the last few years, the US Navy has initiated multiple programs to incorporate fuel cell technology into naval vessels. Therefore, such programs, coupled with the country growing investment in fuel cell technology in both military and commercial marine sectors, will fuel the market in the region. Moreover, the country is investing extensively in developing hydrogen fuel cell technology and supports technology innovations through robust concept-to-commercialization policies. Furthermore, the US also aims to improve the power generation capabilities of fuel cells to keep pace with the evolving future marine platforms that demand greater agility. Hence, such factors are driving the market growth in North America during the forecast period.
One of the key factors driving the fuel cells for marine vessels market growth is the rapid developments in the marine propulsion industry. Several market players operating in this domain remain strongly committed to strengthening their market position and improving their competitive edge in the global marine energy market. In addition, to achieve this objective, they emphasize developing products and services that are reliable, efficient, and cost-effective.
Moreover, governments of different countries have set stringent regulatory policies regarding emissions, which has propelled the global shipping sector to concentrate on fuel systems that have minimal environmental footprint throughout their lifecycle. Therefore, market players are directing a substantial proportion of their investments in product development that complies with environmental regulations and provides short- and long-term benefits. Hence, such factors are driving the market growth during the forecast period.
Competition from alternative technologies is one of the key challenges hindering the fuel cells for marine vessels market growth. Due to the availability of alternative technologies such as clean power technologies and energy storage such as batteries and ICEs, which are commercially established, the global fuel cells for marine vessels market is highly competitive, and the threat of substitutes is high. Therefore, the widespread adoption of fuel cells is challenging.
For instance, energy storage systems such as batteries have been gaining popularity due to the rising need for backup power, the increasing adoption of renewables, and the declining costs of battery technology. In addition, rooftop solar PV systems have gained prominence in power generation owing to their availability and scalability at various power ranges. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Fuel Cells for Marine Vessels Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers fuel cells for marine vessels such as hydrogen proton exchange membrane fuel cells.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The fuel cells for marine vessels market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Fuel Cells For Marine Vessels Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.82% |
Market Growth 2024-2028 |
USD 188.58 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.36 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Advent Technologies Holdings Inc., Ballard Power Systems Inc., Bloom Energy Corp., Cummins Inc., Echandia Marine AB, General Electric Co., Hyster Yale Materials Handling Inc., Intelligent Energy Ltd., MEYER WERFT GmbH and Co. KG, Nedstack Fuel Cell Technology BV, Nuvera Fuel Cells LLC, Plug Power Inc., Proton Motor Power Systems PLC, SFC Energy AG, Siemens AG, Sunfire GmbH, TECO 2030 ASA, Watt Fuel Cell Corp., and Toshiba 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, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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