Market Dynamics —
Companies are investing in technological development to manufacture alternative low-carbon propulsion systems in response to strict regulatory policies. As a result, more significant investment is being made in the development of alternative propulsion systems, such as fuel cells, for marine vessels, which is expected to push the growth of the industry during the forecast period.
However, one of the significant restrictions on the market is the design of propulsion systems. The propulsion systems faced several limitations related to the design and technical problems of combustion systems, generators, batteries, and electric motors in terms of weight, charge rate, battery life, and size. The development of an alternative propulsion system for marine vessels depends on several parameters, such as power, emissions, cost, and energy efficiency. It is exceedingly difficult to drive a vessel on its own on renewable propulsion systems, as the energy required by marine vessels is enormous. In addition, high capital costs and a short lifespan of fuel cell stacks are expected to hamper the growth of the market.
Additionally, the evolution of hydrogen as a marine fuel and the increase in the price of bunker fuel oil are recent trends in the market for fuel cells for marine vessels. The advantage of hydrogen fuel is that it helps to reduce noise, vibration, and NOx formation. Furthermore, in recent years, the marine industry has made significant investments in the application of transport to reduce greenhouse gas emissions.
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Increased demand for alternative propulsion systems, low operating costs, and a focus on reducing environmental pollution are the factors responsible for the growing use of fuel cells for marine vessel propulsion. A number of contracts have fueled the growth of the market, for example, in 2016, Meyer Werft GmbH & Co. KG signed an agreement with thyssenKrupp Marine Systems GmbH to build a fuel cell system for seagoing vessels under the e4ships program. Likewise, in 2013, Nuvera Fuel Cells, Llc signed a deal with Italian Shipbuilder, Fincantieri S.p. A., to manufacture and supply fuel cell stacks for use on marine vessels.
The leading participants in the Global Fuel Cells for Marine Vessels Market are Fiskerstrand Verft AS (Norway), MEYER WERFT GmbH & Co. KG (Germany), Dynad International BV (Netherland), PowerCell (Sweden), SerEnergy A/S (Denmark), Nuvera Fuel Cells LLC (U.S.), Toshiba Corporation (Japan), Siemens (Germany), Proton Motor GmbH (Germany), and Watt Fuel Cell Corporation (U.S.).
The global fuel cells for marine vessels market has been segmented into type, application, power output, and region.
Based on the type, the Global Fuel Cells for Marine Vessels Market has been segmented into Polymer Electrolyte Membrane Fuel Cell (PEMFC), Phosphorus Acid Fuel Cell (PAFC), Direct Methanol Fuel Cell (DMFC), Solid Oxide Fuel Cell (SOFC), and other. Polymer Electrolyte Membrane Fuel Cell (PEMFC) is commonly used and has the largest market share due to its increased operational flexibility, durability, and affordability.
Based on the application, the global fuel cells for marine vessels market has been segmented into commercial and defense. The segment of commercial ships is expected to experience the highest demand in the global market over the forecast period, due to their elevated maritime trade and global demand for cargo vessels.
Based on power output, the global fuel cells for marine vessels market has been segmented into more than 200 KW and less than 200 KW. The segment for more than 200 KW fuel cells are commonly used and account for the largest market share due to the demand for optimized power generation to drive heavy marine vessels.
Based on region, the global fuel cells for the marine vessels market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America is expected to lead the global market in the coming years due to increasing investments in fuel cell technology in both the military and commercial marine sectors.
Europe is following the North American region on the global market due to a rise in the number of industrial consortia producing fuel cell-powered vessels. For example, Germany is an active country engaged in the development of fuel cell systems for marine vessels.
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