European hydrogen fuel cell market to see strong growthAugust 13, 2013
Hydrogen fuel continues to generate hype in Europe
Markets and Markets, a leading market research and consultancy firm, has released a new report concerning the fuel cell market in Europe. Hydrogen fuel cells have become very popular in Europe, especially in regards to transportation. Germany is currently one of the strongest supporters of hydrogen fuel in the region, believing that this form of renewable energy could help reduce the emissions associated with transportation. The report from Markets and Markets suggests that the European fuel cell market is set to see strong growth in the coming years.
Fuel cell market to hit $613 million by 2018
According to the report, the European fuel cell market is expected to reach $613.7 million by 2018, up from $150.4 million in 2013. Germany is expected to lead this market growth. Many of the countries universities and research institutions have devoted significant effort to examining the capabilities of these energy systems and improving upon these capabilities. German researchers have helped fuel cells become more efficient and less expensive over the past several years, which has made these energy systems more popular among consumers and businesses.
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Hydrogen fuel production remains a challenge
Fuel cells often contend with the high costs they are associated with. As fuel cell technology becomes less expensive, however, challenges concerning hydrogen fuel production are beginning to attract more attention. Producing hydrogen fuel through conventional methods is an energy intensive process and one that is typically powered through the use of fossil-fuels. Many conventional production methods are considered inefficient because more energy is required to produce hydrogen fuel than can be gained through the use of this fuel to generate electrical power.
Fuel cells expected to continue gaining support throughout Europe
Despite challenges concerning hydrogen fuel production, fuel cells are expected to continue growing in popularity throughout Europe. These energy systems are likely to see major support in the transportation sector as automakers begin to put more emphasis on the development of hydrogen-powered vehicles. These vehicles are expected to begin reaching European markets in 2015, with some automakers opting to wait to release these vehicles until a comprehensive hydrogen fuel infrastructure has been established.