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The fuel cells for marine vessels market report is segmented by Technology (PEMFC, SOFC, and Other fuel cells) and Geography (North AmericaAPAC, Europeand South America)
NEW YORK, June 28, 2022 /PRNewswire/ — The fuel cells for marine vessels market size is expected to increase by USD 64.91million from 2020 to 2025, progressing at a CAGR of 4.2% from 2021 to 2025. The key trend driving the fuel cells for marine vessels market growth is the adoption of AIP technology. Air-independent propulsion (AIP) is a technology to power the propulsion system of marine vessels, such as submarines, through fuel cells. It allows non-nuclear submarines to operate without the need to surface for oxygen. Non-nuclear submarines typically run on battery power as opposed to nuclear ones, which use onboard nuclear reactors to generate power. This enhances the stealth capabilities of non-nuclear submarines owing to their low acoustic signature. Nuclear submarines, on the other hand, generate some noise produced by operations in the nuclear reactor. AIP technology can further enhance the stealth capabilities of non-nuclear submarines when they use fuel cells. Fuel cells have no moving parts and enable silent power generation to facilitate quieter operation. Fuel cells, such as PAFCs and PEMFCs, are used in some submarines. Currently, France is developing a next-generation fuel cell as a successor of MESMA AIP. Similarly, India is also developing a fuel cell-based AIP system that can be integrated into submarines.
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The fuel cells for marine vessels market growth is expected to be driven by the following factors:
- Demand for alternate propulsion systems
- Increase in R&D activities in the marine propulsion industry
- Regulatory policies on emission control
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The fuel cells for marine vessels market is fragmented and the vendors are deploying growth strategies such as product innovations to compete in the market. The fuel cells for marine vessels market report also offers information on several market vendors, including 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. among others.
- Bloom Energy Corp. – The company produces fuel cells for ships which help them obtain immediate emissions reductions for the cleanest and most efficient operation by utilizing liquefied natural gas (LNG) as the primary fuel source.
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Get ready to achieve excellent business outcomes from this exclusive Fuel Cells For Marine Vessels Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as –
- What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
- What is the current trend taking place in the market space?
- Which business tactics will influence competitive scenarios along with defining the market’s growth potential?
- What are market drivers, restraints, and challenges impacting demand & growth of the market?
- Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?
The competitive scenario provided in the Fuel Cells For Marine Vessels Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share , etc. Don’t wait, Make a strategic approach & boost your business goals with our …
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