Fuel Cells For Marine Vessels Market To Record A CAGR Of 4.2%

One of the key factors driving the fuel cells for marine vessels market growth is the demand for alternate propulsion systems. Conventional systems are generally based on diesel engines and gas turbines that convert chemical energy into mechanical energy. However, in recent years, there has been a shift toward alternative propulsion systems. Diesel and gas are non-renewable sources of energy.

They are rare and are subject to price fluctuations. In addition, they release harmful gases during combustion. Moreover, the operation of diesel engines generates noise pollution. The engines require regular maintenance, which results in high operational costs. Hence, marine vessel operators are switching to other propulsion systems such as electric propulsion systems.

The fuel cells for marine vessels market size is expected to grow by USD 64.91 million from 2020 to 2025. In addition, the growth momentum of the market will accelerate at a CAGR of 4.2% during the forecast period, according to Technavio.

Key Vendors are their Offerings

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., among others, are the main players in the market. The key offerings of some of these vendors are listed below:

• Bloom Energy – The energy server platform offered by the company can be integrated with PowerSecure’s auxiliary battery system to meet the energy needs of a facility with flexible lithium-ion battery output powered solely by clean, fuel cell-generated electricity.
• Dynad International BV – The company offers Hydromax 150 fuel cell, which is a fuel cell battery charger with applications in marine vessels such as engine yachts, sailing yachts, and others.
• Hyster-Yale Materials Handling Inc. – The company offers fuel cell engines under the brand name Nuvera, which has many applications in outputs ranging from 10 to 100 kW and higher.
• PowerCell Sweden AB – The company’s fuel cell systems are environmentally friendly and generate power, which are targeting the needs of the mobile and stationary industries.
• Proton Power Systems plc – The company’s fuel cell systems are ideal components of a green, sustainable, and decentralized power supply.

Reference: PR Newswire