Fuel cells for marine vessels market to Record a CAGR of 4.2%, Evolving Opportunities with Bloom Energy and Dynad International BV - Technavio

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.

Technavio has announced its latest market research report titled Global Fuel Cells for Marine Vessels Market
Technavio has announced its latest market research report titled Global Fuel Cells for Marine Vessels Market

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.

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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

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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.

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Fuel Cells for Marine Vessels Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.2%

Market growth 2021-2025

USD 64.91 million

Market structure

Fragmented

YoY growth (%)

4.00

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 39%

Key consumer countries

US, Japan, Germany, and China

Competitive landscape

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.

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, and 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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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

  • 9.1 Overview

  • 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 Appendix

  • 11.1 Scope of the report

  • 11.2 Currency conversion rates for US$

  • 11.3 Research methodology

  • 11.4 List of abbreviations

About Technavio

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.

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Global Fuel Cells for Marine Vessels Market
Global Fuel Cells for Marine Vessels Market
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