Reportlinker, a provider of market research reports and analysis, has released a new study concerning the global fuel cell market. The fuel cell industry has been seeing promising growth in recent years as counties around the world begin to focus more heavily on renewable energy. Fuel cells, in particular, have managed to acquire significant support from the auto industry, but these energy systems are being used for much more than transportation.
Report shows that market revenue is growing
The study, entitled “Fuel Cells Annual Report 2013,” highlights the performance of the fuel cell industry in a variety of markets. The report shows that the fuel cell industry broke $1 billion in revenue in 2012 through the sale of a variety of fuel cell systems. Stationary fuel cells, such as solid-oxide systems, have proven to be the most successful of these energy systems in the global market. These energy systems are typically used for industrial purposes, but have been seeing use in the telecommunications industry and they are being used in some of the world’s most prominent data centers.
Portable fuel cells continue to generate momentum
Portable fuel cells have been gaining more attention in recent years, largely due to the support that these energy systems are receiving from the auto industry. Most of the world’s largest automakers have plans to release hydrogen-powered vehiclesbetween 2015 and 2017. These automakers have also supported the establishment of comprehensive hydrogen fuel networks around the world in order to ensure the success of their next generation vehicles. These infrastructure efforts have boosted the demand for fuel cells worldwide.
Fuel cell industry faces significant challenges
The report suggests that the fuel cell industry will continue to see strong growth into the future, but the industry will have to overcome serious challenges in order to find persistent success. One of the most prominent of these challenges has to do with the high cost of fuel cell technology. Most fuel cells are too expensive to be attractive to businesses and consumers, which has limited the adoption of these energy systems somewhat over the years.