Global Fuel Cells for Marine Vessels Market Research Information by Type (PEMFC, SOFC, PAFC, DMFC, and Others), Application (Commercial, Defense), Power Output (<200 KW, >200KW), & Region – Global Forecast till 2023

ID: MRFR/A&D/4653-HCR | February 2021 | Region: Global | 100 pages

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. Of late, companies are investing in technology development to produce alternate propulsion systems with low carbon emissions in response to stringent regulatory policies. As a result, higher investments are being made on the development of alternate propulsion systems, such as fuel cells, for marine vessels. This would positively impact the market growth during the forecast period. , However, one of the major restraints of the market is the issue associated with designing propulsion systems. The propulsion systems faced several constraints related to design and technical problems in combustion systems, generator, battery, and electric motor in terms of factors such as weight, charge rate, battery life, and size. The development of the alternate propulsion system of marine vessels is dependent on multiple parameters such as power, emissions, cost, and energy efficiency. It is extremely difficult to drive a vessel on renewable propulsion systems alone, as the energy required by marine vessels is immense. Furthermore, high capital costs and low lifetime of fuel cell stacks has hindered the growth of the market., Moreover, the evolution of hydrogen as a marine fuel and increase in bunker fuel oil prices are the recent trends in the fuel cells for marine vessels market. The benefit of hydrogen fuel is that it helps in the reduction of noise, vibrations, and NOx formation. Moreover, in the recent years, the marine industry is making significant investments in transportation application to lower greenhouse gases emission., The factors responsible for the growing use of fuel cells for marine vessel propulsion are the increasing demand for alternative propulsion systems, low operating costs, and focus on curbing environmental pollution. There were a number of contracts that fueled the market growth. For instance, 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, Fincantieri S.p.A., to produce and deliver fuel cell stacks

Market Scenario

However, one of the major restraints of the market is the issue associated with designing propulsion systems. The propulsion systems faced several constraints related to design and technical problems in combustion systems, generator, battery, and electric motor in terms of factors such as weight, charge rate, battery life, and size. The development of the alternate propulsion system of marine vessels is dependent on multiple parameters such as power, emissions, cost, and energy efficiency. It is extremely difficult to drive a vessel on renewable propulsion systems alone, as the energy required by marine vessels is immense. Furthermore, high capital costs and low lifetime of fuel cell stacks has hindered the growth of the market.

Moreover, the evolution of hydrogen as a marine fuel and increase in bunker fuel oil prices are the recent trends in the fuel cells for marine vessels market. The benefit of hydrogen fuel is that it helps in the reduction of noise, vibrations, and NOx formation. Moreover, in the recent years, the marine industry is making significant investments in transportation application to lower greenhouse gases emission.

The factors responsible for the growing use of fuel cells for marine vessel propulsion are the increasing demand for alternative propulsion systems, low operating costs, and focus on curbing environmental pollution. There were a number of contracts that fueled the market growth. For instance, 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, Fincantieri S.p.A., to produce and deliver fuel cell stacks for use on marine vessels.

The market has been segmented into type, application, power output, and region. Based on type, the Polymer Electrolyte Membrane Fuel Cell (PEMFC) is widely used and comprises the largest share in the market due to its greater operational flexibility, durability, and affordability. Based on application, it is expected that the commercial vessels are expected to witness the largest demand in the global market, during the forecast period, due to their increased maritime trade and worldwide demand for cargo vessels. Based on power output, more than 200 kW fuel cells are widely used and comprise the largest share in the market due to demand for optimized power generation to propel heavy marine vessels

Global Fuel Cells for Marine Vessels Market, By Segmentation

Fuel Cells for Marine Vessels Market

On the basis of region, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. North America is expected to dominate the market in the coming years, due to the rising investments in the fuel cell technology in both military and commercial marine sectors. Europe follows the North American region in the global market due to the increase in number of industry consortia developing fuel cell powered vessels. For example, Germany is an active country that engages in the development of fuel cell systems for marine vessels. Thus, the global fuel cells for marine vessels market is estimated to witness growth at a CAGR of over 4%, during 2018 to 2023.

Key Players

The key players in the global fuel cells for the marine vessels market 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.).

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.

Table of Contents

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

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

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

5 Global Fuel Cells for Marine Vessels Market, By Type

5.1 Introduction

5.2 Polymer Electrolyte Membrane Fuel Cell (PEMFC)

5.2.1 Market Estimates & Forecast, 2018-2023

5.2.2 Market Estimates & Forecast by Region, 2018-2023

5.3 Solid Oxide Fuel Cell (SOFC)

5.3.1 Market Estimates & Forecast, 2018-2023

5.3.2 Market Estimates & Forecast by Region, 2018-2023

5.4 Direct Methanol Fuel Cells (DMFC)

5.4.1 Market Estimates & Forecast, 2018-2023

5.4.2 Market Estimates & Forecast by Region, 2018-2023

5.5 Phosphoric Acid Fuel Cells (PAFC)

5.5.1 Market Estimates & Forecast, 2018-2023

5.5.2 Market Estimates & Forecast by Region, 2018-2023

5.6 Others

5.6.1 Market Estimates & Forecast, 2018-2023

5.6.2 Market Estimates & Forecast by Region, 2018-2023

6 Global Fuel Cells for Marine Vessels Market, By Application

6.1 Introduction

6.2 Commercial

6.2.1 Market Estimates & Forecast, 2018-2023

6.2.2 Market Estimates & Forecast by Region, 2018-2023

6.3 Defense

6.3.1 Market Estimates & Forecast, 2018-2023

6.3.2 Market Estimates & Forecast by Region, 2018-2023

7 Global Fuel Cells for Marine Vessels Market, By Power Output

7.1 Introduction

7.2 <200 KW

7.2.1 Market Estimates & Forecast, 2018-2023

7.2.2 Market Estimates & Forecast by Region, 2018-2023

7.3 >200 KW

7.3.1 Market Estimates & Forecast, 2018-2023

7.3.2 Market Estimates & Forecast by Region, 2018-2023

8 Global Fuel Cells for Marine Vessels Market, By Region

8.1 Introduction

8.2 North America

8.2.1 Market Estimates & Forecast, 2018-2023

8.2.2 Market Estimates & Forecast by Type, 2018-2023

8.2.3 Market Estimates & Forecast by Application, 2018-2023

8.2.4 Market Estimates & Forecast by Power Output, 2018-2023

8.2.5 U.S.

8.2.5.1 Market Estimates & Forecast, 2018-2023

8.2.5.2 Market Estimates & Forecast by Type, 2018-2023

8.2.5.3 Market Estimates & Forecast by Application, 2018-2023

8.2.5.4 Market Estimates & Forecast by Power Output, 2018-2023

8.2.6 Canada

8.2.6.1 Market Estimates & Forecast, 2018-2023

8.2.6.2 Market Estimates & Forecast by Type, 2018-2023

8.2.6.3 Market Estimates & Forecast by Application, 2018-2023

8.2.6.4 Market Estimates & Forecast by Power Output, 2018-2023

8.3 Europe

8.3.1 Market Estimates & Forecast, 2018-2023

8.3.2 Market Estimates & Forecast by Type, 2018-2023

8.3.3 Market Estimates & Forecast by Application, 2018-2023

8.3.4 Market Estimates & Forecast by Power Output, 2018-2023

8.3.7 U.K

8.3.7.1 Market Estimates & Forecast, 2018-2023

8.3.7.2 Market Estimates & Forecast by Type, 2018-2023

8.3.7.3 Market Estimates & Forecast by Application, 2018-2023

8.3.7.4 Market Estimates & Forecast by Power Output, 2018-2023

8.3.8 Germany

8.3.8.1 Market Estimates & Forecast, 2018-2023

8.3.8.2 Market Estimates & Forecast by Type, 2018-2023

8.3.8.3 Market Estimates & Forecast by Application, 2018-2023

8.3.8.4 Market Estimates & Forecast by Power Output, 2018-2023

8.3.8 France

8.3.8.1 Market Estimates & Forecast, 2018-2023

8.3.8.2 Market Estimates & Forecast by Type, 2018-2023

8.3.8.3 Market Estimates & Forecast by Application, 2018-2023

8.3.8.4 Market Estimates & Forecast by Power Output, 2018-2023

8.3.8 Russia

8.3.8.1 Market Estimates & Forecast, 2018-2023

8.3.8.2 Market Estimates & Forecast by Type, 2018-2023

8.3.8.3 Market Estimates & Forecast by Application, 2018-2023

8.3.8.4 Market Estimates & Forecast by Power Output, 2018-2023

8.3.11 Rest of Europe

8.3.11.1 Market Estimates & Forecast, 2018-2023

8.3.11.2 Market Estimates & Forecast by Type, 2018-2023

8.3.11.3 Market Estimates & Forecast by Application, 2018-2023

8.3.11.4 Market Estimates & Forecast by Power Output, 2018-2023

8.4 Asia Pacific

8.4.1 Market Estimates & Forecast, 2018-2023

8.4.2 Market Estimates & Forecast by Type, 2018-2023

8.4.3 Market Estimates & Forecast by Application, 2018-2023

8.4.4 Market Estimates & Forecast by Power Output, 2018-2023

8.4.5 China

8.4.5.1 Market Estimates & Forecast, 2018-2023

8.4.5.2 Market Estimates & Forecast by Type, 2018-2023

8.4.5.3 Market Estimates & Forecast by Application, 2018-2023

8.4.5.4 Market Estimates & Forecast by Power Output, 2018-2023

8.4.6 Japan

8.4.6.1 Market Estimates & Forecast, 2018-2023

8.4.6.2 Market Estimates & Forecast by Type, 2018-2023

8.4.6.3 Market Estimates & Forecast by Application, 2018-2023

8.4.6.4 Market Estimates & Forecast by Power Output, 2018-2023

8.4.7 India

8.4.7.1 Market Estimates & Forecast, 2018-2023

8.4.7.2 Market Estimates & Forecast by Type, 2018-2023

8.4.7.3 Market Estimates & Forecast by Application, 2018-2023

8.4.7.4 Market Estimates & Forecast by Power Output 2018-2023

8.4.8 Rest of Asia Pacific

8.4.8.1 Market Estimates & Forecast, 2018-2023

8.4.8.2 Market Estimates & Forecast by Type, 2018-2023

8.4.8.3 Market Estimates & Forecast by Application, 2018-2023

8.4.8.4 Market Estimates & Forecast by Power Output, 2018-2023

8.5 Middle East and Africa

8.5.1 Market Estimates & Forecast, 2018-2023

8.5.2 Market Estimates & Forecast by Type, 2018-2023

8.5.3 Market Estimates & Forecast by Application, 2018-2023

8.5.4 Market Estimates & Forecast by Power Output, 2018-2023

8.6 Latin America

8.6.1 Market Estimates & Forecast, 2018-2023

8.6.2 Market Estimates & Forecast by Type, 2018-2023

8.6.3 Market Estimates & Forecast by Application, 2018-2023

8.6.4 Market Estimates & Forecast by Power Output, 2018-2023

10 Competitive Landscape

11 Company Profile

11.1 Fiskerstrand Verft AS

11.1.1 Company Overview

11.1.2 Products/Services Offering

11.1.3 Financial Overview

11.1.4 Key Developments

11.1.5 Strategy

11.1.6 SWOT Analysis

11.2 MEYER WERFT GmbH & Co. KG

11.2.1 Company Overview

11.2.2 Products/Services Offering

11.2.3 Financial Overview

11.2.4 Key Developments

11.2.5 Strategy

11.2.6 SWOT Analysis

11.3 Nuvera Fuel Cells LLC

11.3.1 Company Overview

11.3.2 Products/Services Offering

11.3.3 Financial Overview

11.3.4 Key Developments

11.3.5 Strategy

11.3.6 SWOT Analysis

11.4 Dynad International BV

11.4.1 Company Overview

11.4.2 Products/Services Offering

11.4.3 Financial Overview

11.4.4 Key Developments

11.4.5 Strategy

11.4.6 SWOT Analysis

11.6 PowerCell

11.6.1 Company Overview

11.6.2 Products/Services Offering

11.6.3 Financial Overview

11.6.4 Key Developments

11.6.5 Strategy

11.6.6 SWOT Analysis

11.6 SerEnergy A/S

11.6.1 Company Overview

11.6.2 Products/Services Offering

11.6.3 Financial Overview

11.6.4 Key Developments

11.6.5 Strategy

11.6.6 SWOT Analysis

11.7 Toshiba Corporation

11.7.1 Company Overview

11.7.2 Products/Services Offering

11.7.3 Financial Overview

11.7.4 Key Developments

11.7.5 Strategy

11.7.6 SWOT Analysis

11.8 Siemens

11.8.1 Company Overview

11.8.2 Products/Services Offering

11.8.3 Financial Overview

11.8.4 Key Developments

11.8.5 Strategy

11.8.6 SWOT Analysis

11.9 Proton Motor GmbH

11.9.1 Company Overview

11.9.2 Products/Services Offering

11.9.3 Financial Overview

11.9.4 Key Developments

11.9.5 Strategy

11.9.6 SWOT Analysis

11.10 Watt Fuel Cell Corporation

11.10.1 Company Overview

11.10.2 Products/Services Offering

11.10.3 Financial Overview

11.10.4 Key Developments

11.10.5 Strategy

11.10.6 SWOT Analysis

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

Table 9 Europe Global Fuel Cells for Marine Vessels Market, By Type, By Country, 2018-2023

Table 10 Asia Pacific Global Fuel Cells for Marine Vessels Market by Type, By Country, 2018-2023

Table 11 Middle East & Africa Global Fuel Cells for Marine Vessels Market by Type, By Country, 2018-2023

Table 12 Latin America Global Fuel Cells for Marine Vessels Market by Type, By Country, 2018-2023

Table 13 Global Small Satellite by Application: By Regions, 2018-2023

Table 14 North America Global Fuel Cells for Marine Vessels Market by Application: By Country, 2018-2023

Table 15 Europe Global Fuel Cells for Marine Vessels Market by Application: By Country, 2018-2023

Table 16 Asia Pacific Global Fuel Cells for Marine Vessels Market by Application: By Country, 2018-2023

Table 17 Middle East & Africa Global Fuel Cells for Marine Vessels Market by Application: By Country, 2018-2023

Table 18 Latin America Global Fuel Cells for Marine Vessels Market by Application: By Country, 2018-2023

Table 19 Global Small Satellite by Power Output Market: By Regions, 2018-2023

Table 20 North America Global Fuel Cells for Marine Vessels Market by Power Output: By Country, 2018-2023

Table 21 Europe Global Fuel Cells for Marine Vessels Market by Power Output: By Country, 2018-2023

Table 22 Asia Pacific Global Fuel Cells for Marine Vessels Market by Power Output: By Country, 2018-2023

Table 23 Middle East & Africa Global Fuel Cells for Marine Vessels Market by Power Output: By Country, 2018-2023

Table 24 Latin America Global Fuel Cells for Marine Vessels Market by Power Output: By Country, 2018-2023

Table 25 Global Fuel Cells for Marine Vessels Market: By Region, 2018-2023

Table 26 Global Fuel Cells for Marine Vessels Market: By Type, 2018-2023

Table 27 Global Fuel Cells for Marine Vessels Market: By Application, 2018-2023

Table 28 Global Fuel Cells for Marine Vessels Market: By Power Output, 2018-2023

Table 29 North America: Global Fuel Cells for Marine Vessels Market, By Country

Table 30 North America: Global Fuel Cells for Marine Vessels Market, By Type

Table 31 North America: Global Fuel Cells for Marine Vessels Market, By Application

Table 32 North America: Global Fuel Cells for Marine Vessels Market, By Power Output

Table 33 Europe: Global Fuel Cells for Marine Vessels Market, By Country

Table 34 Europe: Global Fuel Cells for Marine Vessels Market, By Type

Table 35 Europe: Global Fuel Cells for Marine Vessels Market, By Application

Table 36 Europe: Global Fuel Cells for Marine Vessels Market, By Power Output

Table 37 Asia Pacific: Global Fuel Cells for Marine Vessels Market, By Country

Table 38 Asia Pacific: Global Fuel Cells for Marine Vessels Market, By Type

Table 39 Asia Pacific: Global Fuel Cells for Marine Vessels Market, By Application

Table 40 Asia Pacific: Global Fuel Cells for Marine Vessels Market, By Power Output

Table 41 Middle East & Africa: Global Fuel Cells for Marine Vessels Market, By Region

Table 42 Middle East & Africa: Global Fuel Cells for Marine Vessels Market, By Type

Table 43 Middle East & Africa: Global Fuel Cells for Marine Vessels Market, By Application

Table 44 Middle East & Africa: Global Fuel Cells for Marine Vessels Market, By Power Output

Table 45 Latin America: Global Fuel Cells for Marine Vessels Market, By Region

Table 46 Latin America: Global Fuel Cells for Marine Vessels Market, By Type

Table 47 Latin America: Global Fuel Cells for Marine Vessels Market, By Application

Table 48 Latin America: Global Fuel Cells for Marine Vessels Market, By Power Output

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

FIGURE 8 Global Fuel Cells for Marine Vessels Market SHARE, By Type, 2018 (%)

FIGURE 9 Global Fuel Cells for Marine Vessels Market, By Type, 2018-2023 (USD MILLION)

FIGURE 10 Global Fuel Cells for Marine Vessels Market SHARE, By Application, 2018 (%)

FIGURE 11 Global Fuel Cells for Marine Vessels Market, By Application, 2018-2023 (USD MILLION)

FIGURE 12 Global Fuel Cells for Marine Vessels Market Share, By Power Output, 2018 (%)

FIGURE 13 Global Fuel Cells for Marine Vessels Market, By Power Output, 2018-2023(USD MILLION)

FIGURE 14 Global Fuel Cells for Marine Vessels Market SHARE (%), BY Region, 2018

FIGURE 15 Global Fuel Cells for Marine Vessels Market, BY Region, 2018-2023 (USD MILLION)

FIGURE 16 North America: Global Fuel Cells for Marine Vessels Market Share (%), 2018

FIGURE 17 North America: Global Fuel Cells for Marine Vessels Market BY Country, 2018-2023 (USD MILLION)

FIGURE 18 Europe: Global Fuel Cells for Marine Vessels Market Share (%), 2018

FIGURE 19 Europe: Global Fuel Cells for Marine Vessels Market BY Country, 2018-2023 (USD MILLION)

FIGURE 20 Asia Pacific: Global Fuel Cells for Marine Vessels Market Share (%), 2018

FIGURE 21 Asia Pacific: Global Fuel Cells for Marine Vessels Market BY Country, 2018-2023 (USD MILLION)

FIGURE 22 Middle East & Africa: Global Fuel Cells for Marine Vessels Market Share (%), 2018

FIGURE 23 Middle East & Africa: Global Fuel Cells for Marine Vessels Market BY Country, 2018-2023 (USD MILLION)

FIGURE 24 Latin America: Global Fuel Cells for Marine Vessels Market Share (%), 2018

FIGURE 25 Latin America: Global Fuel Cells for Marine Vessels Market BY Country, 2018-2023 (USD MILLION)