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 -- 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.
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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.
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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 |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.2% |
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Market growth 2021-2025 |
USD 64.91 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.00 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
APAC at 39% |
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Key consumer countries |
US, Japan, Germany, and China |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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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. |
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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. |
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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
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value chain analysis: Construction machinery and heavy trucks
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces analysis 2020 & 2025
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Technology
- 5.1 Market segments
- Exhibit 15: Technology - Market share 2020-2025 (%)
- 5.2 Comparison by Technology
- Exhibit 16: Comparison by Technology
- 5.3 PEMFC - Market size and forecast 2020-2025
- Exhibit 17: PEMFC - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: PEMFC - Year-over-year growth 2020-2025 (%)
- 5.4 SOFC - Market size and forecast 2020-2025
- Exhibit 19: SOFC - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: SOFC - Year-over-year growth 2020-2025 (%)
- 5.5 Other fuel cells - Market size and forecast 2020-2025
- Exhibit 21: Other fuel cells - Market size and forecast 2020-2025 ($ million)
- Exhibit 22: Other fuel cells - Year-over-year growth 2020-2025 (%)
- 5.6 Market opportunity by Technology
- Exhibit 23: Market opportunity by Technology
6 Customer landscape
- 6.1 Customer landscape
- Exhibit 24: Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 25: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 26: Geographic comparison
- 7.3 North America - Market size and forecast 2020-2025
- Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
- 7.4 APAC - Market size and forecast 2020-2025
- Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
- 7.5 Europe - Market size and forecast 2020-2025
- Exhibit 31: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)
- 7.6 MEA - Market size and forecast 2020-2025
- Exhibit 33: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
- 7.7 South America - Market size and forecast 2020-2025
- Exhibit 35: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 36: South America - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 37: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 38: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- Exhibit 39: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Overview
- Exhibit 40: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 41: Landscape disruption
- Exhibit 42: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 44: Market positioning of vendors
- 10.3 Bloom Energy Corp.
- Exhibit 45: Bloom Energy Corp. - Overview
- Exhibit 46: Bloom Energy Corp. - Product and service
- Exhibit 47: Bloom Energy Corp. - Key news
- Exhibit 48: Bloom Energy Corp. - Key offerings
- 10.4 Dynad International BV
- Exhibit 49: Dynad International BV - Overview
- Exhibit 50: Dynad International BV - Product and service
- Exhibit 51: Dynad International BV - Key offerings
- 10.5 Hyster-Yale Materials Handling Inc.
- Exhibit 52: Hyster-Yale Materials Handling Inc. - Overview
- Exhibit 53: Hyster-Yale Materials Handling Inc. - Business segments
- Exhibit 54: Hyster-Yale Materials Handling Inc. - Key offerings
- Exhibit 55: Hyster-Yale Materials Handling Inc. - Segment focus
- 10.6 Plug Power Inc.
- Exhibit 56: Plug Power Inc. - Overview
- Exhibit 57: Plug Power Inc. - Product and service
- Exhibit 58: ?Plug Power Inc. - Key news
- Exhibit 59: Plug Power Inc. - Key offerings
- 10.7 PowerCell Sweden AB
- Exhibit 60: PowerCell Sweden AB - Overview
- Exhibit 61: PowerCell Sweden AB - Product and service
- Exhibit 62: PowerCell Sweden AB - Key offerings
- 10.8 Proton Power Systems plc
- Exhibit 63: Proton Power Systems plc - Overview
- Exhibit 64: Proton Power Systems plc - Product and service
- Exhibit 65: ?Proton Power Systems plc - Key news
- Exhibit 66: Proton Power Systems plc - Key offerings
- 10.9 SFC Energy AG
- Exhibit 67: SFC Energy AG - Overview
- Exhibit 68: SFC Energy AG - Business segments
- Exhibit 69: ?SFC Energy AG - Key news
- Exhibit 70: SFC Energy AG - Key offerings
- Exhibit 71: SFC Energy AG - Segment focus
- 10.10 Siemens AG
- Exhibit 72: Siemens AG - Overview
- Exhibit 73: Siemens AG - Business segments
- Exhibit 74: ?Siemens AG - Key news
- Exhibit 75: Siemens AG - Key offerings
- Exhibit 76: Siemens AG - Segment focus
- 10.11 Toshiba Corp.
- Exhibit 77: Toshiba Corp. - Overview
- Exhibit 78: Toshiba Corp. - Business segments
- Exhibit 79: ?Toshiba Corp. - Key news
- Exhibit 80: Toshiba Corp. - Key offerings
- Exhibit 81: Toshiba Corp. - Segment focus
- 10.12 Watt Fuel Cell Corp.
- Exhibit 82: Watt Fuel Cell Corp. - Overview
- Exhibit 83: Watt Fuel Cell Corp. - Product and service
- Exhibit 84: Watt Fuel Cell Corp. - Key offerings
11 Appendix
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 85: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 86: Research Methodology
- Exhibit 87: Validation techniques employed for market sizing
- Exhibit 88: Information sources
- 11.4 List of abbreviations
- Exhibit 89: List of abbreviations
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