Fuel cell market growth stirs the alternative energy news space
Markets and Markets, a global market research organization, has released a new report concerning the global fuel cell technology market. Fuel cells are becoming more popular and are beginning to attract a great deal of attention in the alternative energy news space. These energy systems have proven that they are durable and well suited to produce electrical power for industrial purpose and even for transportation. The report suggests that the fuel cell market is slated for strong growth in the coming years due to growing interest around the world.
Report suggests fuel cell market to reach $2 billion by 2018
According to the report, the global fuel cell market will grow from approximately $620 million in 2013 to more than $2 billion in 2018. The report estimates a compound annual growth rate of 32.2% from 2013 to 2018. Much of this growth is expected to be seen in Asia, where fuel cells have been making headlines in alternative energy news. Part of the reason that fuel cells are gaining traction in Asia has to do with the Kyoto Protocol, which has allowed some countries to make progress in the field of renewable energy.
Asia likely to be the most prominent market
Japan and South Korea are expected to be the leading markets for fuel cells in the future, followed by North America and Europe. Japan is already home to one of the most robust hydrogen fuel infrastructures in the world, which has provided a strong foothold for fuel cells that run on hydrogen. In South Korea, fuel cells that run on hydrogen and natural gas are gaining popularity as well. Overall, however, fuel cells that are used for vehicles are likely to see the most acceptance around the world.
Stationary fuel cells are gaining more popularity
The report notes that stationary fuel cells will also begin to gain a great deal of attention around the world. These fuel cells are capable of producing large amounts of electrical power and are growing popular for industrial purposes and as energy sources for data centers and the telecommunications industry. The report also suggests that hydrogen fuel cells will be the most popular of their kind in the future.