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