LONDON--(BUSINESS WIRE)--#FuelCellsforMarineVesselsMarket--The new fuel cells for marine vessels market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the Need for Alternate Propulsion Systems,” says a senior analyst for the Industrials industry at Technavio.

Factors such as the release of harmful gases on combustion need for regular maintenance and high operating costs of the diesel engines and gas turbines have increased the adoption of electric propulsion systems. Although the primary electric propulsion systems installed diesel-electric or gas turbine drive systems in the marine industry, current systems have developed to integrate fuel cell technology. Fuel cells convert chemical energy directly into electrical energy, and the absence of expansive, high-temperature combustion in fuel cells offer the benefits of lower noise, vibrations, and NOx formation. As a result, fuel cells are increasingly energy-efficient conversion devices that provide clean, silent, and reliable power. These advantages of alternative propulsion systems and the application of fuel cells for such propulsion applications will drive market growth during the forecast period.

As the markets recover Technavio expects the fuel cells for marine vessels market size to grow by USD 64.91 million during the period 2020-2024.

Fuel Cells for Marine Vessels Market Segment Highlights for 2020

• The fuel cells for marine vessels market is expected to post a year-over-year growth rate of 3.50%.
• 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.

Regional Analysis

• 33% of the growth will originate from the APAC region.
• Consistent investments in developing marine platforms that operate on low GHG-emission fuels and easy availability of fuel cell-based solutions for commercial, leisure, and military naval ships will significantly drive the market growth in this region over 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.

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Notes:

• The fuel cells for marine vessels market size is expected to accelerate at a CAGR of over 4% during the forecast period.
• The fuel cells for marine vessels market is segmented by Geographic Landscape (North America, APAC, Europe, MEA, and South America) and Technology (PEMFC, SOFC, and other fuel cells).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report 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.

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