LONDON--(BUSINESS WIRE)--The "Fuel Cells for Marine Vessels Market by Geography and Technology - Forecast and Analysis 2020-2024" report has been added to Technavio's offering.
The fuel cells for marine vessels market is poised to grow by USD 64.91 million during 2020-2024 progressing at a CAGR of over 4% during the forecast period. Get FREE Sample Report in Minutes!
Advances in hydrogen as a marine fuel, one of the critical fuel cells for marine vessels market trends, will also drive market growth during the forecast period. Hydrogen fuel is being widely adopted for transportation applications because of lower GHG emissions. This is driving the usage of hydrogen in fuel cells and power propulsion system of marine vessels. Moreover, small vessels with regular refueling ability widely use hydrogen fuel cell technology. Future growth in infrastructure, such as hydrogen stations, will gradually expand the commercialization of the technology.
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COVID-19 is expected to have a Negative and Indirect impact on the Industrials industry. Even if the spread of the virus is contained, we expect it to take more than two quarters (six months) to reach a normal state of economic activity. In the short term, the market demand will show at par growth.
Over 33% of the market’s growth will originate from APAC during the forecast period. Japan and China are the key markets for fuel cells for marine vessels in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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The fuel cells for the marine vessels market is segmented by technology (PEMFC, SOFC, and other fuel cells) and geography (North America, APAC, Europe, MEA, and South America).
PEMFC or polymer electrolyte membrane (PEM) fuel cells cater to maritime transport applications and can be fixed or portable. High-temperature PEMFC (HTPEMFC) and direct methanol PEMFC (DMPEMFC) are subcategories of PEMFC, which differ in their operating temperatures. HTPEMFCs can operate at temperatures up to 200°C as they use a mineral acid electrolyte instead of a water-based one. The fuel cells for marine vessels market share growth by the PEMFC segment will be faster than the growth of the market by the other segments.
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. are among the leading companies in the fuel cells for marine vessels market.
The market is fragmented. Vendors are focusing on increasing investments for the development of efficient and simple architecture systems as well as the establishment of convenient servicing options for customers.
Key Market Dynamics:
Market Driver
- Demand for alternate propulsion systems
- Increase in R&D activities in marine propulsion industry
- Regulatory policies on emission control
Market Challenges
- Issues in designs of propulsion systems.
- Dominance of other types of propulsion systems
- Competition from alternative technologies
Companies Mentioned
- 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.
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Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by End-user
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
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