NEW YORK, Sept. 28, 2022 /PRNewswire/ -- One of the key factors driving the fuel cells for marine vessels market growth is the demand for alternate propulsion systems. Conventional systems are generally based on diesel engines and gas turbines that convert chemical energy into mechanical energy. However, in recent years, there has been a shift toward alternative propulsion systems. Diesel and gas are non-renewable sources of energy. They are rare and are subject to price fluctuations. In addition, they release harmful gases during combustion. Moreover, the operation of diesel engines generates noise pollution. The engines require regular maintenance, which results in high operational costs. Hence, marine vessel operators are switching to other propulsion systems such as electric propulsion systems.
The fuel cells for marine vessels market size is expected to grow by USD 64.91 million from 2020 to 2025. In addition, the growth momentum of the market will accelerate at a CAGR of 4.2% during the forecast period, according to Technavio.
Use the analysis and insights provided by Technavio for effective decision-making. Download a FREE PDF Sample Report
Key Vendors are their Offerings
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., among others, are the main players in the market. The key offerings of some of these vendors are listed below:
Bloom Energy - The energy server platform offered by the company can be integrated with PowerSecure's auxiliary battery system to meet the energy needs of a facility with flexible lithium-ion battery output powered solely by clean, fuel cell-generated electricity.
Dynad International BV - The company offers Hydromax 150 fuel cell, which is a fuel cell battery charger with applications in marine vessels such as engine yachts, sailing yachts, and others.
Hyster-Yale Materials Handling Inc. - The company offers fuel cell engines under the brand name Nuvera, which has many applications in outputs ranging from 10 to 100 kW and higher.
PowerCell Sweden AB - The company's fuel cell systems are environmentally friendly and generate power, which are targeting the needs of the mobile and stationary industries.
Proton Power Systems plc - The company's fuel cell systems are ideal components of a green, sustainable, and decentralized power supply.
This report provides a full list of key vendors, their strategies, and latest developments. Buy Now to gain access to exclusive vendor information
Fuel Cells For Marine Vessels Market Technology Outlook (Revenue, USD mn, 2020-2025)
PEMFC - size and forecast 2020-2025
SOFC - size and forecast 2020-2025
Other fuel cells - size and forecast 2020-2025
Fuel Cells For Marine Vessels Market Geography Outlook (Revenue, USD mn, 2020-2025)
North America - size and forecast 2020-2025
APAC - size and forecast 2020-2025
Europe - size and forecast 2020-2025
South America - size and forecast 2020-2025
MEA - size and forecast 2020-2025
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report
Revenue-generating Technology Segments
The PEMFC segment will be the largest contributor to market growth during the forecast period. Proton exchange membrane fuel cell (PEMFC) or polymer electrolyte membrane (PEM) fuel cells cater to maritime transport applications. They can be either fixed or portable. The subcategories of PEMFC include high-temperature PEMFC (HTPEMFC) and direct methanol PEMFC (DMPEMFC), which have different operating temperatures.
Heavy Construction Equipment Market by Type and Geography - Forecast and Analysis 2022-2026: The heavy construction equipment market size is projected to grow by USD 46.09 billion from 2021 to 2026.
Hydraulic Excavator Market by Technology, Application, and Geography - Forecast and Analysis 2022-2026: The hydraulic excavator market share is expected to increase by USD 6.04 billion from 2021 to 2026.
Fuel Cells for Marine Vessels Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.2%
Market growth 2021-2025
USD 64.91 million
YoY growth (%)
North America, APAC, Europe, South America, and MEA
Performing market contribution
APAC at 39%
Key consumer countries
US, Japan, Germany, and China
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.
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 the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse Industrials Market Reports
Table of Contents
1 Executive Summary
2 Market Landscape
2.1 Market ecosystem
2.2 Value chain analysis
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
4 Five Forces Analysis
4.1 Five forces analysis 2020 & 2025
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Technology
5.1 Market segments
5.2 Comparison by Technology
5.3 PEMFC - Market size and forecast 2020-2025
5.4 SOFC - Market size and forecast 2020-2025
5.5 Other fuel cells - Market size and forecast 2020-2025
5.6 Market opportunity by Technology
6 Customer landscape
6.1 Customer landscape
7 Geographic Landscape
7.1 Geographic segmentation
7.2 Geographic comparison
7.3 North America - Market size and forecast 2020-2025
7.4 APAC - Market size and forecast 2020-2025
7.5 Europe - Market size and forecast 2020-2025
7.6 MEA - Market size and forecast 2020-2025
7.7 South America - Market size and forecast 2020-2025
7.8 Key leading countries
7.9 Market opportunity by geography
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Market trends
9 Vendor Landscape
9.2 Landscape disruption
10 Vendor Analysis
10.1 Vendors covered
10.2 Market positioning of vendors
10.3 Bloom Energy Corp.
10.4 Dynad International BV
10.5 Hyster-Yale Materials Handling Inc.
10.6 Plug Power Inc.
10.7 PowerCell Sweden AB
10.8 Proton Power Systems plc
10.9 SFC Energy AG
10.10 Siemens AG
10.11 Toshiba Corp.
10.12 Watt Fuel Cell Corp.
11.1 Scope of the report
11.2 Currency conversion rates for US$
11.3 Research methodology
11.4 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
View original content to download multimedia:https://www.prnewswire.com/news-releases/fuel-cells-for-marine-vessels-market-to-record-a-cagr-of-4-2-evolving-opportunities-with-bloom-energy-and-dynad-international-bv---technavio-301634189.html