Alternative energy news: Report predicts growth of European fuel cell marketJune 27, 2013
Fuel cells again manage to make alternative energy news headlines
Fuel cells have been gaining popularity around the world. These energy systems often make alternative energy news headlines due to how companies and organizations are using them in innovative ways. Fuel cells also attract a great deal of critical attention, with many critics suggesting that these energy systems are not an appropriate solution to the world’s energy problems. Whether fuel cells receive praise or criticism, they continue to send waves through the world of alternative energy news, especially because these energy systems continue to attract more support from around the world.
New report predicts that fuel cell market will hit $613 million by 2018
Markets and Markets, a leading market research and analysis publishing firm, has released a new report concerning the future of the European fuel cell market. The report suggests that Europe has become a hub of activity when it comes to fuel cells, hydrogen fuel, and various other forms of renewable energy. In terms of fuel cells, the report suggests that the market will go from $150 million in 2013 to more than $613 million by 2018. The market is expected to see a compound annual growth rate of 32% during this period.
Europe continues to show strong support for renewable energy
Europe often draws the attention of the alternative energy news space for the efforts that many European countries have made in the realm of renewable energy. Some of these countries have taken a strong interest in fuel cells due to their ability to produce large amounts of electrical power reliably. The report notes that the primary supporters of fuel cells are universities, governments, and prominent private parties that strongly support environmentalism and the use of renewable energy.
Germany and the UK will lead fuel cell growth
The report shows that Germany is likely to see the most growth in terms of the fuel cell market. The United Kingdom will also see some strong growth in this sector due to the feed-in tariffs it is providing to fuel cell developers. These tariffs are helping to promote the use of fuel cells and offset the costs associated with their acquisition and installation.