Fort Collins, Colorado, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The Fuel Cell Systems in Commercial Ships Market size was valued at USD 67.4 Million in 2022 and is expected to reach a market size of USD 640.7 Million by 2032 with a CAGR of 25.3%.
The shipping industry carries over 80% of the world's traded goods, but it's also one of the highest sources of pollution due to the exhaust gases produced by cargo ships. The industry accounted for nearly 2.5% of total anthropogenic GHG gas emissions in 2019. Organizations like the International Maritime Organization have implemented regulations and targets to reduce emissions to tackle this issue.
As of 1 January 2020, a new rule called 'IMO 2020' limits the sulfur content in fuel oil used by ships operating outside designated emission control areas to 0.50% m/m. This is a significant milestone towards reducing sulfur oxide emissions from ships and improving air quality.
IMO has mandatory measures to reduce greenhouse gas emissions from international shipping. EEDI and SEEMP are the two measures in place. The initial GHG strategy aims to reduce CO2 emissions per transport work by 40% of 2008 levels by 2030 and work towards a 70% reduction by 2050.
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Segmentation Overview:
The global fuel cell systems in commercial ship market have been segmented into fuel cell technology, vessel type, and region. Solid oxide fuel cells hold the largest market share of over 50%. These fuel cells generate heat during operation, making them highly efficient. The carriers segment includes inland waterway and mid-range cargo carriers, accounts for 43% of the market share.
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Fuel Cell Systems in Commercial Ships Market Report Highlights:
- The growth of global fuel cell systems in commercial ships is anticipated to have a CAGR of 25.3% by 2032.
- Fuel cells convert the chemical energy of fuels like hydrogen into electricity, with only water and heat produced as byproducts. They are versatile and can use a wide range of fuels, making them an attractive, clean power source for the maritime sector, which is dedicated to reducing ship emissions.
- North America is expected to contribute 35% to the global market growth, driven by government incentives and regulations and the US Federal Investment Tax Credit recovery for stationary fuel cell systems.
- Some prominent players in the fuel cell systems in commercial ships market report include Corvus Energy, Cummins Inc., EST-Floattech, Aspin Kemp & Associates Inc., ABB, Sterling PBES Energy Solutions, Freudenberg, PowerCell, Watt Fuel Cell, and Siemens, among others.
Industry Trends and Insights:
- Corvus launched the H2NOR project in 2021 to develop the next-gen fuel cell based on Toyota's fuel cell technology. The Pelican Fuel Cell was launched in June 2023, and the first contract was signed in September.
- Cummins Inc. announced the launch of Accelera, a new New Power business unit brand providing zero-emissions solutions for vital industries.
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Fuel Cell Systems in Commercial Ships Market Segmentation:
By Fuel Cell Type: Proton Exchange Membrane Fuel Cells (PEM), and Solid Oxide Fuel Cell (SOFC)
By Vessel Type: Carriers, Containers, Tankers, Passenger Ships/Vessels, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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