Global fuel cell industry poised for rapid growth

Report suggests that fuel cells could play a major role in the world’s energy policies

The global fuel cell industry has made significant progress in the past few years. Advances in fuel cell technology continue to make the alternative energy systems more attractive to businesses and consumers around the world. As fuel cells become more advanced, they are gaining the support of governments and those interested in alternative energy. According to a new report from Reportlinker, a provider of market research reports, the fuel cell industry is rapidly approaching the point where it could influence energy policies and consumption around the world.

Government and business support spurs growth

According to the report, titled Fuel Cell Market Forecast to 2015, the global fuel cell industry is expected to see aggressive growth in the near future. This growth is expected to be sparked by more support from the world’s governments, many of whom are showing a great deal of interest in hydrogen fuel cells. Businesses invested in reducing their impact on the environment are also expected to lend momentum to the growth of the fuel cell industry.

Global fuel cell industry expected to grow through 2015 and beyond

The report suggests that the global shipment of fuel cells is to grow by 20% between 2012 and 2015. This growth is expected to continue for the foreseeable future, especially as the auto industry continues to develop hydrogen-powered vehicles. The demand for portable fuel cells is also on the rise, with many consumers showing interest in making use of these energy systems to power their mobile devices. Large and small stationary fuel cells are also gaining traction in the residential and industrial sectors, where they provide access to large amounts of electrical power.

Fuel cells must overcome challenges in order to capitalize on potential growth

Though the report paints a promising future for the global fuel cell industry, fuel cells still have challenges they must overcome. Hydrogen fuel cells are still quite expensive due to their use of platinum. In terms of transportation, an adequate hydrogen fuel infrastructure is still somewhat non-existent. If these issues can be addressed, the fuel cell industry is expected to become a major economic force.

Related article(s) and resources:

http://www.sacbee.com/2012/07/23/4650912/fuel-cell-market-forecast-to-2015.html