Fuel Cells for Marine Vessels Market

Fuel Cells for Marine Vessels Market Size is expected to reach USD 3.905 Billion by 2030, registering a CAGR of 3.7% during 2020-2030.

Fuel cells are flexible in nature and can be used as a single cell or in stacks. As a result, the power produced can be channelized through a ship, without an increase in the consumption of conventional fuel. Fuel cells are used in marine vessels to power the propulsion system and cater to the onboard energy consumption requirements.

The increased need for alternate propulsion system will create new growth opportunities for the market players. The factors driving the growth of the fuel cells for the marine vessels market are increasing demand for alternative propulsion systems, low operating costs, and focus on curbing pollution. However, there are some shortcomings in the operative performance of the fuel cells for marine vessels such as high capital cost, low lifetime of fuel cell stack, and issues in the design of propulsion system. According to Fuel Cells for Marine Vessels Market insight market for fuel cells for marine vessels is estimated to witness 6% CAGR during the forecast period.

Market Segmentation:

The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Fuel Cells for Marine Vessels Market by its type, application, power output, and region.

Type Insight

Polymer Electrolyte Membrane Fuel Cell (PEMFC)

Solid Oxide Fuel Cell (SOFC)

Direct Methanol Fuel Cells (DMFC)

Phosphoric Acid Fuel Cells (PAFC)

Others

Application Type Insight

Commercial

Defense

Power Output Type Insight

< 200 KW

> 200 KW

Region Type Insight

North America

Europe

Asia Pacific

Middle East & Africa

Latin America

Key Players:

The Fuel Cells for Marine Vessels Key Market  players in Fuel Cells For Marine Vessels Market Analaysis are Fiskerstrand Verft AS (Norway), MEYER WERFT GmbH & Co. KG (Germany), Nuvera Fuel Cells LLC (U.S.), Dynad International BV (Netherland), PowerCell (Sweden), SerEnergy A/S (Denmark), Toshiba Corporation (Japan), Siemens (Germany), Proton Motor GmbH (Germany),  and Watt Fuel Cell Corporation (U.S.).

Regional Analysis:

The Fuel Cells for Marine Vessels Market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. In North America, the rising investment in the fuel cell technology in both military and commercial marine sectors. In the European region, increase in several industry consortia developing fuel cell powered vessels.

Meanwhile, in 2016, Meyer Werft GmbH & Co. KG signed a contract with thyssenkrupp Marine Systems GmbH to developed fuel cell system for seagoing vessels under e4ships program. Similarly, in 2013, Nuvera Fuel Cells, Llc, signed a contract with Italian Shipbuilder, Fincentieri S.p.A, to produce and deliver fuel cell stacks for use on marine vessels.

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