Fuel Cells For Marine Vessels Market Insights the Growth Factors and Current State of by 2032
Fuel Cells for Marine Vessels Market
Fuel Cells for Marine Vessels Market Size was valued at USD 2,268.2 Million in 2022. The Fuel Cells for Marine Vessels Market industry is projected to grow from USD 2,453.1 Million in 2023 to USD 5,736.8 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 9.9% during the forecast period (2023 – 2032).
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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