Fuel Cells for Marine Vessels Market size to grow by USD 179.57 million from 2022 to 2027, The demand for alternate propulsion systems to drive the market growth - Technavio

NEW YORK, May 12, 2023 -- The fuel cells for marine vessels market size is forecast to increase by USD 179.57 million from 2023 to 2027. The market is expected to progress at a CAGR of 6.88%, according to a recent market study by Technavio. The growth of the market will be driven by the demand for alternate propulsion systems, rapid developments in the marine propulsion industry, and regulatory policies on emission control. Download a Sample Report in Minutes!

Fuel cells for marine vessels market Vendor Analysis:

The market is niche and has a limited number of vendors. Among the key vendors, European companies have a significant market presence. Several fuel cell technologies have been developed by European companies through collaborative efforts. Such efforts typically involve the participation of shipbuilders and governments. The EU supports most fuel cell technologies that are developed in Europe. 

Technavio has extensively analyzed 15 major vendors, including ABB Ltd., Advent Technologies Holdings Inc., Ballard Power Systems Inc., Bloom Energy Corp., Dynad International BV, Echandia Marine AB, Fiskerstrand Verft AS, General Electric Co., Hyster Yale Materials Handling Inc., Intelligent Energy Ltd., MEYER WERFT GmbH and Co. KG, Nedstack Fuel Cell Technology BV, Plug Power Inc., PowerCell Sweden AB, Proton Motor Power Systems PLC, SFC Energy AG, Siemens AG, Sunfire GmbH, TOSHIBA CORP, and Watt Fuel Cell Corp.

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Vendor Offerings -

• ABB Ltd. - The company offers fuel cells for marine vessels such as hydrogen proton exchange membrane fuel cells.
• Advent Technologies Holdings Inc. - The company offers fuel cells for marine vessels such as Serene U-5 G4.
• Bloom Energy Corp. - The company offers fuel cells for marine vessels such as Bloom Energy solid oxide fuel cell platform.

Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download The Sample Report

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Fuel cells for marine vessels market - Market Segmentation:

This report extensively covers market segmentation by technology (PEMFC, SOFC, and other fuel cells), application (commercial, military, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America).

• The market share growth of the PEMFC segment will be significant for the overall market growth during the forecast period. Proton exchange membrane fuel cell (PEMFC) or polymer electrolyte membrane (PEM) fuel cells cater to maritime transport applications and can be fixed or portable. Additionally, PEMFC technology has steadily evolved to offer greater operational flexibility, durability, and affordability. This also reduced the cost of the fuel cells and expanded their scope of application. Hence, due to such advantages, the overall market for PEMFC for marine vessels is expected to grow steadily over the forecast period.

Fuel cells for marine vessels market - Market Dynamics:

Key Drivers:

• A major driving factor for the market growth is the demand for alternate propulsion systems.
• In recent years, a shift toward alternative propulsion systems has been observed.
• Typically, conventional systems are based on diesel engines and gas turbines which are non-renewable resources of energy, which are scarce and subject to price fluctuations.
• In addition, they release harmful gases on combustion, and the operation of diesel engines generates considerable noise and vibration.
• The engines also require regular maintenance, which thereby results in high operational costs. 
• Hence, such drivers influence the growth of the fuel cells for the marine vessels market during the forecast period.

Major Trends:

• An emerging trend in the market growth is the adoption of AIP technology. 
• Air-independent propulsion (AIP) is a technology used to power the propulsion system of marine vessels, including submarines, through fuel cells.
• It allows non-nuclear submarines to operate without the need to surface for oxygen and non-nuclear submarines typically run on battery power as opposed to nuclear ones.
• It uses onboard nuclear reactors to generate power, which enhances the stealth capabilities of non-nuclear submarines owing to their low acoustic signature.
• AIP technology can further enhance the stealth capabilities of non-nuclear submarines when they use fuel cells.
• Hence, such trends influence the growth of the market during the forecast period.

Key Challenges:

• Issues in the designs of propulsion systems are one of the key challenges that may hinder market growth. 
• Technical problems are triggered in combustion systems, generators, batteries, and the electric motor in terms of factors, including weight, charge rate, battery life, and size.
• The development of the propulsion system of marine vessels considers multiple aspects.
• The aspects include power, drivability, emissions, infrastructure support, cost, and energy efficiency.
• Since the energy required by marine vessels is immense, it is extremely difficult to drive an entire ship only on renewable propulsion systems.
• Hence, such challenges impede market growth during the forecast period.

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What are the key data covered in this Fuel Cells For Marine Vessels Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the fuel cells for marine vessels market between 2023 and 2027
• Precise estimation of the size of the fuel cells for the marine vessels market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the fuel cells for marine vessels market across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the fuel cells for marine vessels market vendors

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Table of Contents: 

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global fuel cells for marine vessels market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global fuel cells for marine vessels market 2017 - 2021 ($ million)

• 4.2 Technology Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Technology Segment 2017 - 2021 ($ million)

• 4.3 Application Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Technology

• 6.1 Market segments 
• Exhibit 30: Chart on Technology - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Technology - Market share 2022-2027 (%)

• 6.2 Comparison by Technology 
• Exhibit 32: Chart on Comparison by Technology
• Exhibit 33: Data Table on Comparison by Technology

• 6.3 PEMFC - Market size and forecast 2022-2027
• Exhibit 34: Chart on PEMFC - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on PEMFC - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on PEMFC - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on PEMFC - Year-over-year growth 2022-2027 (%)

• 6.4 SOFC - Market size and forecast 2022-2027
• Exhibit 38: Chart on SOFC - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on SOFC - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on SOFC - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on SOFC - Year-over-year growth 2022-2027 (%)

• 6.5 Other fuel cells - Market size and forecast 2022-2027
• Exhibit 42: Chart on Other fuel cells - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Other fuel cells - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Other fuel cells - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Other fuel cells - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Technology 
• Exhibit 46: Market opportunity by Technology ($ million)

7 Market Segmentation by Application

• 7.1 Market segments 
• Exhibit 47: Chart on Application - Market share 2022-2027 (%)
• Exhibit 48: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 49: Chart on Comparison by Application
• Exhibit 50: Data Table on Comparison by Application

• 7.3 Commercial - Market size and forecast 2022-2027
• Exhibit 51: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 7.4 Military - Market size and forecast 2022-2027
• Exhibit 55: Chart on Military - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Military - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Military - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Military - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027
• Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Application 
• Exhibit 63: Market opportunity by Application ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027
• Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Japan - Market size and forecast 2022-2027
• Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 China - Market size and forecast 2022-2027
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 105: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 116: ABB Ltd. - Overview
• Exhibit 117: ABB Ltd. - Business segments
• Exhibit 118: ABB Ltd. - Key news
• Exhibit 119: ABB Ltd. - Key offerings
• Exhibit 120: ABB Ltd. - Segment focus

• 12.4 Advent Technologies Holdings Inc. 
• Exhibit 121: Advent Technologies Holdings Inc. - Overview
• Exhibit 122: Advent Technologies Holdings Inc. - Product / Service
• Exhibit 123: Advent Technologies Holdings Inc. - Key offerings

• 12.5 Bloom Energy Corp. 
• Exhibit 124: Bloom Energy Corp. - Overview
• Exhibit 125: Bloom Energy Corp. - Product / Service
• Exhibit 126: Bloom Energy Corp. - Key news
• Exhibit 127: Bloom Energy Corp. - Key offerings

• 12.6 Dynad International BV 
• Exhibit 128: Dynad International BV - Overview
• Exhibit 129: Dynad International BV - Product / Service
• Exhibit 130: Dynad International BV - Key offerings

• 12.7 Fiskerstrand Verft AS 
• Exhibit 131: Fiskerstrand Verft AS - Overview
• Exhibit 132: Fiskerstrand Verft AS - Product / Service
• Exhibit 133: Fiskerstrand Verft AS - Key offerings

• 12.8 Hyster Yale Materials Handling Inc.
• Exhibit 134: Hyster Yale Materials Handling Inc. - Overview
• Exhibit 135: Hyster Yale Materials Handling Inc. - Business segments
• Exhibit 136: Hyster Yale Materials Handling Inc. - Key offerings
• Exhibit 137: Hyster Yale Materials Handling Inc. - Segment focus

• 12.9 MEYER WERFT GmbH and Co. KG 
• Exhibit 138: MEYER WERFT GmbH and Co. KG - Overview
• Exhibit 139: MEYER WERFT GmbH and Co. KG - Product / Service
• Exhibit 140: MEYER WERFT GmbH and Co. KG - Key offerings

• 12.10 Nedstack Fuel Cell Technology BV 
• Exhibit 141: Nedstack Fuel Cell Technology BV - Overview
• Exhibit 142: Nedstack Fuel Cell Technology BV - Product / Service
• Exhibit 143: Nedstack Fuel Cell Technology BV - Key offerings

• 12.11 Plug Power Inc. 
• Exhibit 144: Plug Power Inc. - Overview
• Exhibit 145: Plug Power Inc. - Product / Service
• Exhibit 146: Plug Power Inc. - Key offerings

• 12.12 PowerCell Sweden AB 
• Exhibit 147: PowerCell Sweden AB - Overview
• Exhibit 148: PowerCell Sweden AB - Product / Service
• Exhibit 149: PowerCell Sweden AB - Key offerings

• 12.13 Proton Motor Power Systems PLC 
• Exhibit 150: Proton Motor Power Systems PLC - Overview
• Exhibit 151: Proton Motor Power Systems PLC - Product / Service
• Exhibit 152: Proton Motor Power Systems PLC - Key offerings

• 12.14 SFC Energy AG 
• Exhibit 153: SFC Energy AG - Overview
• Exhibit 154: SFC Energy AG - Business segments
• Exhibit 155: SFC Energy AG - Key news
• Exhibit 156: SFC Energy AG - Key offerings
• Exhibit 157: SFC Energy AG - Segment focus

• 12.15 Siemens AG 
• Exhibit 158: Siemens AG - Overview
• Exhibit 159: Siemens AG - Business segments
• Exhibit 160: Siemens AG - Key news
• Exhibit 161: Siemens AG - Key offerings
• Exhibit 162: Siemens AG - Segment focus

• 12.16 TOSHIBA CORP 
• Exhibit 163: TOSHIBA CORP - Overview
• Exhibit 164: TOSHIBA CORP - Business segments
• Exhibit 165: TOSHIBA CORP - Key offerings
• Exhibit 166: TOSHIBA CORP - Segment focus

• 12.17 Watt Fuel Cell Corp. 
• Exhibit 167: Watt Fuel Cell Corp. - Overview
• Exhibit 168: Watt Fuel Cell Corp. - Product / Service
• Exhibit 169: Watt Fuel Cell Corp. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 170: Inclusions checklist
• Exhibit 171: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 172: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 173: Research methodology
• Exhibit 174: Validation techniques employed for market sizing
• Exhibit 175: Information sources

• 13.5 List of abbreviations 
• Exhibit 176: List of abbreviations

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