Pike Research: Hydrogen industry to generate more than $700 million in revenue this year

Pike Research: Hydrogen industry to generate more than $700 million in revenue this year

February 29, 2012 0 By John Max

The fuel cell industry is rapidly approaching commercialization as emerging technologies make production more cost effective.

A new report from Pike Research, a market analysis firm specializing in alternative energy, shows that the industry will produce $785 million in revenue this year. Much of this money will come from fuel cells being used in residential areas. Another large contributor to the revenue gain is the auto industry, with many of the largest manufacturers adopting hydrogen as their fuel of choice.

Pike Research anticipates that remote sensing fuel cells, those used for various monitoring projects concerning climate and wildlife, will be a breakout in the global market. These fuel cells offer more flexibility to scientific projects that operate in the field as they are portable and resilient to various environments.

Other portable fuel cells, such as those used for mobile devices, are likely to see growing popularity as well as more people become aware of the benefits of such energy systems.

The hydrogen industry is on the verge of commercialization and will soon become something that many people thought impossible: An authentic economic and alternative energy force with a great deal of influence all over the world. Pike Research expects that the trend of growing revenue will continue into the future and will hit a peak when automakers release affordable hydrogen-powered vehicles in the coming years.

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