Global fuel cell industry growth examined in new Pike Research reportAugust 6, 2012
Pike examines the trends and growth of the global fuel cell industry
Pike Research, a market research firm, has released a new report titled “Fuel Cells Annual Report 2012.” The report is the latest in an annual series that examines the state of the fuel cell industry at large. This year’s report draws attention to the rapid growth the global fuel cell industry has been experiencing since 2009 and examines the trends that have emerged in the industry that contribute to this fact. The report also aims to forecast the longevity of these trends and predict new phenomena that emerge in the industry and what their impact on it may be in the future.
Global fuel cell industry experiences 83% annual growth from 2009 to 2011
According to the report, the global fuel cell industry grew by a compound annual growth rate of 83% from 2009 to 2011. Though this accounts for rapid and expansive growth, Pike Research notes that the industry remains relatively small. This is especially apparent in the global fuel cell industry is compared to the global solar or wind energy industries. The fuel cell industry also continues to experience trouble in some sectors. Expansion and contraction in these sectors is estimated to have limited the growth of the industry as a whole.
Stationary fuel cells see the highest growth in the industry
The report shows that stationary fuel cells experienced the most growth in 2011. This is largely due to the increasing interest the energy systems have garnered in the residential sector, which is most apparent in Japan. In the wake of the Fukushima nuclear disaster, the Japanese government undertook an aggressive crusade to eradicate its use of nuclear power. In the void left by the country’s abandonment of the clean, yet dangerous form of energy, it turned to hydrogen fuel.
Transportation may be t he most promising sector of the global fuel cell industry
Pike Research has investigated the growth and trends of the global fuel cell industry in three of its major sectors: Stationary, portable, and transportation. The latter of these is considered one of the most promising sectors of the fuel cell industry. Most of the world’s major automakers are currently developing hydrogen-powered vehicles. If these vehicles are met with success when they are launched, they may one day outnumber traditional vehicles.
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