Global Fuel Cells for Marine Vessels Market to Expand owing to Strict Environmental Norms to Curb Environmental Pollution
Fuel cells have gained traction as an alternative energy source for merchant ships of late and substantial investment have been made on them which is impacting the market growth positively. The global fuel cells for marine vessels market is expected to grow at a CAGR of 4% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in a detailed research report.
Owing to strict environmental norms, there is a strict obligation to use alternative and environmentally less polluting energy source to reduce the carbon footprint on the environment. As a result, higher investments are being made on fuel cells for marine vessels to curb pollution.
The evolution of hydrogen as a marine fuel has been a major driver of the market. Hydrogen helps in noise reduction, vibrations and NOx formation other than producing zero emissions which has made it popular among the marine industry and spurred adoption.
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Adoption of Air-independent propulsion (AIP) in marine vessels is another significant driver. AIP technology makes use of fuel cells for powering the propulsion system of marine vessels which consequently generates high demand for fuel cells.
However, a marine vessel cannot be entirely run on a renewable energy source since it requires immense high amounts of energy, which might act as a restraint to the growth of the market. In addition, capital-intensive nature of fuel cells and low lifetime are possible bottlenecks to the growth of the global fuel cells for marine vessels market.
- SerEnergy A/S (Denmark)
- Siemens (Germany)
- Proton Motor GmbH (Germany)
- PowerCell (Sweden)
- Dynad International BV (Netherland)
- Toshiba Corporation (Japan)
- Watt Fuel Cell Corporation (U.S.)
- Nuvera Fuel Cells LLC (U.S.)
- Fiskerstrand Verft AS (Norway)
- MEYER WERFT GmbH & Co. KG (Germany)
These are some of the key players operating in the global fuel cells for marine vessels market.
In November 2018, ABB Marine and Norway’s research firm Sintef Ocean collaborated to undertake a research which would test the viability of fuel cells as a feasible energy source for main ship propulsion. Sintef will be developing the testing methodology to model the operation and control of a marine power system in a megawatt-scale propulsion plant.
In November 2018, Bay Ship & Yacht begun the construction of the first hydrogen fuel cell vessel. The company had won the contract for the same in July 2018. A grant of USD 3 Mn has been provided by California Air Resources Board (CARB) for the building of the vessel.
The global fuel cells for marine vessels market has been segmented based on type, application, and power output.
By 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.
By application, the global fuel cells for marine vessels market has been segmented into commercial and defense.
By power output, the global fuel cells for marine vessels market has been segmented into < 200 KW and > 200 KW.
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America are the key markets for fuel cells for marine vessels. The North America market is driven by growing investment in the fuel cell technology from both military and commercial marine sector. In addition, the US supports technological innovations which further boosts the market growth.
Europe market is a significant one and is spurred by the rise in the number of industry consortia developing fuel cells powered vessels. Germany is a key contributor to the Europe market.
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.
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Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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
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
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