Product Code: MRFR/A&D/4653-CR
Market Overview
Fuel Cells for Marine Vessels Market is anticipated to register a significant CAGR of 9.9% during the review period. Fuel cells are adaptable in nature and can be utilized as a solitary cell or in stacks. Subsequently, the power created can be channelized through a boat, without an expansion in the utilization of traditional fuel. Fuel cells are utilized in marine vessels to control the drive framework and take special care of the locally available energy utilization prerequisites.
The marine business is encountering a flood in speculations towards creating and embracing elective drive frameworks, with fuel cells becoming the dominant focal point. This pattern is driven by different elements, including Natural worries, Fuel cost unpredictability, and Innovative progressions. Rigid guidelines on ozone harming substance emanations and developing familiarity with the natural effect of customary marine fuels are pushing the business towards cleaner arrangements. Fuel cells, controlled by hydrogen or methanol, offer essentially lower discharges contrasted with diesel motors, making them an appealing choice for lessening the natural impression of sea activities. Besides, the unstable idea of oil costs makes conventional marine fuels a dangerous and costly recommendation. Fuel cells offer relative solidness and freedom from non-renewable energy source changes, giving long haul money saving advantages to administrators. Additionally, Headways in fuel cell innovation are making them more proficient, solid, and cost cutthroat. This is drawing in huge ventures from states, privately owned businesses, and research foundations, further speeding up the turn of events and commercialization of marine fuel cells.
Market Segmentation
The Polymer Electrolyte Membrane Fuel Cell (PEMFC), Alkaline Fuel Cells (AFCs), Phosphoric Acid Fuel Cells (PAFCs), Molten Carbonate Fuel Cells (MCFCs), Direct Methanol Fuel Cells (DMFCs), and Solid Oxide Fuel Cells (SOFCs), are the many types of fuel cells used in marine vessels.
The marine fuel cell market has been segmented into two categories based on application: commercial and defense. The fuel cell market for marine boats has been split into two segments: <200 KW and >200 KW, based on Power Output.
Regional Insights
As far as revenue, Asia-Pacific held the biggest portion of ~59.5% in the Fuel Cells for Marine Vessels Market in 2022 and is supposed to keep up with its strength during the forecast time frame. In the Asia-Pacific region, the fuel cell market for marine applications is encountering remarkable development and change, driven by a union of variables that stress ecological maintainability, monetary turn of events, and the basic to address air quality worries.
Government backing and arrangements are instrumental in moving the development of the fuel cell market for marine applications in the Asia-Pacific region. Different nations are executing drives, motivating forces, and administrative systems to support the reception of clean energy advancements.
Europe is supposed to be the second-quickest developing region during the forecast time frame. In Europe, the fuel cell market for marine applications has encountered huge development, driven by areas of strength for a to natural maintainability and the pressing need to decrease fossil fuel byproducts in the oceanic area. European nations have been effectively looking for cleaner and more maintainable options in contrast to customary drive frameworks for vessels, prompting a prominent shift toward fuel cell innovation.
Major Players
The major players in the market are Ballard Power Systems, MEYER WERFT GmbH & Co. KG, Nuvera Fuel Cells LLC, Powercell Group, Proton Motor Gmbh, Cummins Inc., Toshiba Corporation, General Electric, Advent Technologies, Doosan Fuel Cell Co., Ltd., Hyundai Motor Company, Rolls-Royce Holdings PLC, Toyota Motor Europe NV/SA, SIEMENS.
TABLE OF CONTENTS
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 19
2 MARKET INTRODUCTION 21
- 2.1 DEFINITION 21
- 2.2 SCOPE OF THE STUDY, 21
- 2.3 RESEARCH OBJECTIVE 21
- 2.4 MARKET STRUCTURE 22
3 RESEARCH METHODOLOGY 23
- 3.1 OVERVIEW 23
- 3.2 DATA FLOW 25
- 3.2.1 DATA MINING PROCESS 25
- 3.3 PURCHASED DATABASE: 26
- 3.4 SECONDARY SOURCES: 27
- 3.4.1 SECONDARY RESEARCH DATA FLOW: 28
- 3.5 PRIMARY RESEARCH: 29
- 3.5.1 PRIMARY RESEARCH DATA FLOW: 30
- 3.5.2 PRIMARY RESEARCH: NUMBER OF INTERVIEWS CONDUCTED 31
- 3.5.3 PRIMARY RESEARCH: REGIONAL COVERAGE 31
- 3.6 APPROACHES FOR MARKET SIZE ESTIMATION: 32
- 3.6.1 REVENUE ANALYSIS APPROCH 32
- 3.6.2 REVENUE ANALYSIS APPROACH 32
- 3.7 DATA FORECASTING 33
- 3.7.1 DATA FORECASTING TECHNIQUE 33
- 3.8 DATA MODELING 34
- 3.8.1 MICROECONOMIC FACTOR ANALYSIS: 34
- 3.8.2 DATA MODELING: 35
4 MARKET DYNAMICS 37
- 4.1 INTRODUCTION 37
- 4.2 DRIVERS 38
- 4.2.1 INCREASING INVESTMENTS ARE BEING MADE ON THE DEVELOPMENT OF ALTERNATE PROPULSION SYSTEMS. 38
- 4.2.2 INCREASE IN BUNKER FUEL OIL PRICES. 38
- 4.2.3 TECHNOLOGICAL ADVANCEMENTS IN MARINE FUEL CELL 39
- 4.3 RESTRAINTS 40
- 4.3.1 ISSUES RELATED WITH DESIGNING PROPULSION SYSTEMS 40
- 4.3.2 HIGH CAPITAL COSTS AND LOW LIFETIME OF FUEL CELL STACKS 41
- 4.4 OPPORTUNITY 42
- 4.4.1 INTEGRATION OF FUEL CELLS WITH TRADITIONAL ENGINES FOR OPTIMAL EFFICIENCY AND EMISSION REDUCTION 42
- 4.4.2 IMPLEMENTATION OF HYDROGEN REFUELLING INFRASTRUCTURE TO SUPPORT FUEL CELL-POWERED VESSELS 42
- 4.4.3 PARTNERSHIPS AND COLLABORATIONS ACROSS THE VALUE CHAIN 43
- 4.4.4 HYBRIDIZATION WITH RENEWABLE ENERGY SOURCES 44
- 4.5 COVID-19 IMPACT ANALYSIS 45
- 4.5.1 IMPACT ON DEMAND FOR FUEL CELLS FOR MARINE VESSELS 45
- 4.5.2 IMPACT ON GLOBAL VALUE CHAINS 45
- 4.5.3 IMPACT ON DEMAND FROM EMERGING ECONOMIES 45
5 MARKET FACTOR ANALYSIS 46
- 5.1 SUPPLY CHAIN ANALYSIS 46
- 5.1.1 RESEARCH & DEVELOPMENT 46
- 5.1.2 RAW MATERIAL SUPPLY 47
- 5.1.3 MANUFACTURER & ASSEMBLY 47
- 5.1.4 SALES & DISTRIBUTION 47
- 5.1.5 END USERS 47
- 5.2 PORTER'S FIVE FORCES MODEL 48
- 5.2.1 THREAT OF NEW ENTRANTS 48
- 5.2.2 BARGAINING POWER OF SUPPLIERS 49
- 5.2.3 THREAT OF SUBSTITUTES 49
- 5.2.4 BARGAINING POWER OF BUYERS 49
- 5.2.5 INTENSITY OF RIVALRY 49
- 5.3 MARKET TRENDS 50
- 5.3.1 HYDROGEN-POWERED PROPULSION SYSTEMS 50
- 5.3.2 FOCUS ON GREEN SHIPPING 50
- 5.3.3 APPLICATION IN FERRIES AND SHORT-SEA SHIPPING 50
- 5.3.4 RESEARCH AND DEVELOPMENT INITIATIVES 50
- 5.3.5 GOVERNMENT SUPPORT AND REGULATORY DRIVERS 50
- 5.3.6 COLLABORATIONS AND PARTNERSHIPS 50
- 5.3.7 DEMONSTRATION PROJECTS AND PILOT PROGRAMS 50
- 5.3.8 ADVANCEMENTS IN FUEL CELL COMPONENTS 51
- 5.3.9 INFRASTRUCTURE DEVELOPMENT FOR HYDROGEN SUPPLY 51
- 5.3.10 GLOBAL INDUSTRY AWARENESS 51
- 5.4 MARKET SWOT ANALYSIS 51
- 5.4.1 STRENGTHS 52
- 5.4.1.1 ENVIRONMENTAL SUSTAINABILITY 52
- 5.4.1.2 EFFICIENCY AND PERFORMANCE 52
- 5.4.1.3 QUIET OPERATION 52
- 5.4.1.4 DIVERSE APPLICATIONS 52
- 5.4.1.5 POTENTIAL FOR DECENTRALIZED POWER 52
- 5.4.2 WEAKNESSES 52
- 5.4.2.1 HIGH INITIAL COSTS 52
- 5.4.2.2 LIMITED HYDROGEN INFRASTRUCTURE 52
- 5.4.2.3 TECHNOLOGICAL MATURITY 52
- 5.4.2.4 HYDROGEN STORAGE CHALLENGES 53
- 5.4.3 OPPORTUNITIES 53
- 5.4.3.1 GOVERNMENT INCENTIVES AND REGULATIONS 53
- 5.4.3.2 GROWING ENVIRONMENTAL AWARENESS 53
- 5.4.3.3 ADVANCEMENTS IN HYDROGEN PRODUCTION 53
- 5.4.3.4 PARTNERSHIPS AND COLLABORATIONS 53
- 5.4.4 THREATS 53
- 5.4.4.1 COMPETITION FROM ALTERNATIVE TECHNOLOGIES 53
- 5.4.4.2 INFRASTRUCTURE DEVELOPMENT CHALLENGES 53
- 5.4.4.3 ECONOMIC UNCERTAINTIES 54
- 5.4.4.4 PUBLIC PERCEPTION AND ACCEPTANCE 54
- 5.5 MARKET PESTEL ANALYSIS 54
- 5.5.1 POLITICAL FACTORS 54
- 5.5.1.1 GOVERNMENT POLICIES AND INCENTIVES 54
- 5.5.1.2 REGULATORY FRAMEWORKS 54
- 5.5.2 ECONOMIC FACTORS 54
- 5.5.2.1 INITIAL INVESTMENT COSTS 54
- 5.5.2.2 COST OF HYDROGEN PRODUCTION 54
- 5.5.3 SOCIAL FACTORS 55
- 5.5.3.1 ENVIRONMENTAL AWARENESS 55
- 5.5.3.2 PUBLIC PERCEPTION 55
- 5.5.4 TECHNOLOGICAL FACTORS 55
- 5.5.4.1 ADVANCEMENTS IN FUEL CELL TECHNOLOGY 55
- 5.5.4.2 HYDROGEN STORAGE TECHNOLOGIES 55
- 5.5.5 ENVIRONMENTAL FACTORS 55
- 5.5.5.1 EMISSIONS REDUCTION TARGETS 55
- 5.5.5.2 SUSTAINABILITY INITIATIVES 55
- 5.5.6 LEGAL FACTORS 56
- 5.5.6.1 EMISSION STANDARDS AND REGULATIONS: 56
- 5.5.6.2 SAFETY REGULATIONS 56
6 GLOBAL FUEL CELLS FOR MARINE VESSELS MARKET, BY TYPE 57
- 6.1 OVERVIEW 57
- 6.2 POLYMER ELECTROLYTE MEMBRANE FUEL CELL (PEMFC) 59
- 6.3 MOLTEN CARBONATE FUEL CELL (MCFCS) 59
- 6.4 SOLID OXIDE FUEL CELL (SOFC) 59
- 6.5 DIRECT METHANOL FUEL (DMFC) 60
- 6.6 PHOSPHORIC ACID FUEL CELL (PAFC) 60
- 6.7 ALKALINE FUEL CELL 60
7 GLOBAL FUEL CELLS FOR MARINE VESSELS MARKET, BY APPLICATION 61
- 7.1 INTRODUCTION 61
- 7.2 COMMERCIAL 62
- 7.3 DEFENSE 62
8 GLOBAL FUEL CELLS FOR MARINE VESSELS MARKET, BY POWER OUTPUT 63
- 8.1 INTRODUCTION 63
- 8.2 200 KW 64
- 8.3 >200 KW 64
9 GLOBAL FUEL CELLS FOR MARINE VESSELS MARKET, BY REGION 65
- 9.1 OVERVIEW 65
- 9.1.1 GLOBAL FUEL CELLS FOR MARINE VESSELS MARKET, BY REGION, 2022 VS 2032 (USD MILLION) 65
- 9.1.2 GLOBAL FUEL CELLS FOR MARINE VESSELS MARKET, BY REGION, 2019-2032 (USD MILLION) 66
- 9.2 NORTH AMERICA 66
- 9.2.1 US 69
- 9.2.2 CANADA 70
- 9.2.3 MEXICO 71
- 9.3 EUROPE 72
- 9.3.1 UK 75
- 9.3.2 GERMANY 76
- 9.3.3 FRANCE 77
- 9.3.4 ITALY 78
- 9.3.5 SPAIN 79
- 9.3.6 NETHERLAND 80
- 9.3.7 TURKEY 81
- 9.3.8 NORWAY 82
- 9.3.9 REST OF EUROPE 83
- 9.4 ASIA-PACIFIC 84
- 9.4.1 CHINA 87
- 9.4.2 JAPAN 88
- 9.4.3 INDIA 89
- 9.4.4 SOUTH KOREA 90
- 9.4.5 AUSTRALIA 91
- 9.4.6 SINGAPORE 92
- 9.4.7 MALAYSIA 93
- 9.4.8 REST OF ASIA-PACIFIC 94
- 9.5 MIDDLE EAST & AFRICA 95
- 9.5.1 SAUDI ARABIA 97
- 9.5.2 UAE 98
- 9.5.3 QATAR 99
- 9.5.4 SOUTH AFRICA 100
- 9.5.5 NIGERIA 101
- 9.5.6 REST OF MEA 102
- 9.6 SOUTH AMERICA 103
- 9.6.1 BRAZIL 106
- 9.6.2 ARGENTINA 107
- 9.6.3 CHILE 108
- 9.6.4 REST OF SOUTH AMERICA 109
10 COMPETITIVE LANDSCAPE 110
- 10.1 INTRODUCTION 110
- 10.2 MARKET SHARE ANALYSIS, 2022 110
- 10.3 COMPETITOR DASHBOARD 111
- 10.4 KEY DEVELOPMENTS & GROWTH STRATEGIES 112
- 10.4.1 PRODUCT LAUNCH/PRODUCT APPROVAL/PRODUCT DEVELOPMET 112
- 10.4.2 PARTNERSHIP/INVESTMENT/COLLABORATION 112
- 10.4.3 MERGER AND ACQUISITION/OTHERS 115
11 COMPANY PROFILE 118
- 11.1 BALLARD POWER SYSTEMS 118
- 11.1.1 COMPANY OVERVIEW 118
- 11.1.2 FINANCIAL OVERVIEW 119
- 11.1.3 PRODUCTS OFFERED 119
- 11.1.4 KEY DEVELOPMENTSS 120
- 11.1.5 SWOT ANALYSIS 121
- 11.1.6 KEY STRATEGIES 121
- 11.2 MEYER WERFT GMBH & CO KG (MEYER WERFT) 122
- 11.2.1 COMPANY OVERVIEW 122
- 11.2.2 FINANCIAL OVERVIEW 122
- 11.2.3 PRODUCTS OFFERED 122
- 11.2.4 KEY DEVELOPMENTS 123
- 11.2.5 SWOT ANALYSIS 124
- 11.2.6 KEY STRATEGIES 124
- 11.3 NUVERA FUEL CELLS LLC 125
- 11.3.1 COMPANY OVERVIEW 125
- 11.3.2 FINANCIAL OVERVIEW 125
- 11.3.3 PRODUCTS OFFERED 125
- 11.3.4 KEY DEVELOPMENTS 126
- 11.3.5 SWOT ANALYSIS 127
- 11.3.6 KEY STRATEGIES 127
- 11.4 POWERCELL GROUP 128
- 11.4.1 COMPANY OVERVIEW 128
- 11.4.2 FINANCIAL OVERVIEW 129
- 11.4.3 PRODUCTS OFFERED 129
- 11.4.4 KEY DEVELOPMENTS 130
- 11.4.5 SWOT ANALYSIS 130
- 11.4.6 KEY STRATEGIES 131
- 11.5 SIEMENS 132
- 11.5.1 COMPANY OVERVIEW 132
- 11.5.2 FINANCIAL OVERVIEW 133
- 11.5.3 PRODUCTS OFFERED 133
- 11.5.4 KEY DEVELOPMENTS 134
- 11.5.5 SWOT ANALYSIS 134
- 11.5.6 KEY STRATEGIES 135
- 11.6 PROTON MOTOR GMBH 136
- 11.6.1 COMPANY OVERVIEW 136
- 11.6.2 FINANCIAL OVERVIEW 137
- 11.6.3 PRODUCTS OFFERED 137
- 11.6.4 KEY DEVELOPMENTS 138
- 11.6.5 SWOT ANALYSIS 139
- 11.6.6 KEY STRATEGIES 139
- 11.7 CUMMINS INC. 140
- 11.7.1 COMPANY OVERVIEW 140
- 11.7.2 FINANCIAL OVERVIEW 141
- 11.7.3 PRODUCTS OFFERED 141
- 11.7.4 KEY DEVELOPMENTS 142
- 11.7.5 SWOT ANALYSIS 142
- 11.7.6 KEY STRATEGIES 143
- 11.8 TOSHIBA CORPORATION 144
- 11.8.1 COMPANY OVERVIEW 144
- 11.8.2 FINANCIAL OVERVIEW 145
- 11.8.3 PRODUCTS OFFERED 145
- 11.8.4 KEY DEVELOPMENTS 146
- 11.8.5 SWOT ANALYSIS 147
- 11.8.6 KEY STRATEGIES 147
- 11.9 GENERAL ELECTRIC (GE) 148
- 11.9.1 COMPANY OVERVIEW 148
- 11.9.2 FINANCIAL OVERVIEW 149
- 11.9.3 PRODUCTS OFFERED 149
- 11.9.4 KEY DEVELOPMENTS 150
- 11.9.5 SWOT ANALYSIS 150
- 11.9.6 KEY STRATEGIES 151
- 11.10 ADVENT TECHNOLOGIES 152
- 11.10.1 COMPANY OVERVIEW 152
- 11.10.2 FINANCIAL OVERVIEW 153
- 11.10.3 PRODUCTS OFFERED 153
- 11.10.4 KEY DEVELOPMENTS 154
- 11.10.5 SWOT ANALYSIS 155
- 11.10.6 KEY STRATEGIES 155
- 11.11 DOOSAN FUEL CELL CO., LTD. (DOOSAN CORPORATION) 156
- 11.11.1 COMPANY OVERVIEW 156
- 11.11.2 FINANCIAL OVERVIEW 157
- 11.11.3 PRODUCTS OFFERED 157
- 11.11.4 KEY DEVELOPMENTSS 158
- 11.11.5 SWOT ANALYSIS 158
- 11.11.6 KEY STRATEGIES 159
- 11.12 HYUNDAI MOTOR COMPANY 160
- 11.12.1 COMPANY OVERVIEW 160
- 11.12.2 FINANCIAL OVERVIEW 161
- 11.12.3 PRODUCTS OFFERED 161
- 11.12.4 KEY DEVELOPMENTSS 162
- 11.12.5 SWOT ANALYSIS 162
- 11.12.6 KEY STRATEGIES 163
- 11.13 ROLLS-ROYCE HOLDINGS PLC 164
- 11.13.1 COMPANY OVERVIEW 164
- 11.13.2 FINANCIAL OVERVIEW 165
- 11.13.3 PRODUCTS OFFERED 165
- 11.13.4 KEY DEVELOPMENTSS 166
- 11.13.5 SWOT ANALYSIS 166
- 11.13.6 KEY STRATEGIES 167
- 11.14 TOYOTA MOTOR EUROPE NV/SA (TOYOTA) 168
- 11.14.1 COMPANY OVERVIEW 168
- 11.14.2 FINANCIAL OVERVIEW 169
- 11.14.3 PRODUCTS OFFERED 169
- 11.14.4 KEY DEVELOPMENTSS 170
- 11.14.5 SWOT ANALYSIS 170
- 11.14.6 KEY STRATEGIES 171