The analysts forecast the global fuel cells for marine vessels market to grow at a CAGR of 3.73% during the period 2017-2021.
Fuel cells are flexible in nature, and they can be used as a single cell or in stacks. As a result, the power produced can be channelized throughout a ship, without an increase in the consumption of fuel.
Fuel cells are used in marine vessels to power the main propulsion system partially or fully, as well as cater to the onboard energy consumption requirements. The market is still in its nascent stage and companies are investing in the technology development to produce propulsion systems with low carbon emission in response to stringent regulatory policies.
Research team recognizes the following companies as the key players in the global fuel cells for marine vessels market: Dynad International, PowerCell Sweden, Serenergy, and Toshiba.
Other Prominent Vendors in the market are: Fiskerstrand Verft, MEYER WERFT, Nuvera Fuel Cells, and WATT Fuel Cell.
Commenting on the report, an analyst team said: “One trend in the market is evolution of hydrogen as a marine fuel. With stringent regulatory pressures from governments and increase in bunker fuel oil prices, the global marine transportation industry is shifting toward fuels such as low sulfur fuel oil (LSFO, which releases negligible sulfur oxide emissions) and hydrogen fuel (which has zero emissions owing to the production of water on burning).”
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According to the report, one driver in the market is demand for alternate propulsion systems. The marine propulsion systems market has been steadily evolving over the years.
Conventional systems are typically based on diesel engines and gas turbines that convert the chemical energy of the fuel into mechanical energy. Though such systems are still prominent, a shift toward alternative propulsion systems has been observed in recent years.
Diesel and gas are non-renewable resources of energy that are scarce and are subject to price fluctuations. Additionally, they release harmful gases on combustion, and the operation of diesel engines generate considerable noise and vibration.
Further, the report states that one challenge in the market is issues in designs of propulsion systems. Proper designing and engineering of propulsion systems are often challenged by technical problems in combustion systems, generator, battery, and electric motor in terms of factors such as weight, charge rate, battery life, and size.
The development of propulsion system of marine vessels considers multiple aspects such as power, drivability, emissions, infrastructure support, cost, and energy efficiency. As the energy required by marine vessels is immense, it is extremely difficult to drive an entire ship only on renewable propulsion systems.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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