Report sheds light on future of hydrogen fuel cell marketMay 22, 2014
Global fuel cell market expected to see strong growth in coming years
Grand Review Research has released a new report forecasting the growth of the global fuel cell market. Fuel cells are gaining more attention and support as renewable energy systems as they become more technologically advanced, efficient, and affordable. The energy systems have been used for industrial purposes quite often, but they are beginning to see more use in transportation and as primary energy systems in the telecommunications industry as well as others.
Global fuel cell capacity may reach over 664 MW by 2020
The report predicts that global fuel cell capacity will reach 664.5 megawatts by 2020, representing a 22.6% compound annual growth rate from 2014 to 2020. Government support is expected to be the primary driver behind this growth, with various countries investing in hydrogen fuel cells aggressively because of their use in transportation. These countries are focusing on developing working hydrogen fuel infrastructures in order to promote clean transportation. Some are also investing in fuel cells as renewable energy systems beyond the field of transportation.
PEM fuel cells likely to become the most popular energy systems of their kind
Proton exchange membrane (PEM) fuel cells are likely to see the most significant support in the coming years. These fuel cells are small and generally portable, making them ideal for transportation and other purposes. The report predicts that these fuel cells will account for the majority of all fuel cell shipments in the coming years. Fuel cells, in general, are expected to find the majority of their success come from the North American market, though the Asian Pacific market is also showing a great deal of promise.
Fuel cells continue to overcome the challenges they faced in the past
Fuel cells are often criticized because of their inefficiency and their high cost. Much of this criticism may come from past experiences with old fashioned fuel cell technology, however. Newer fuel cells are less expensive and boast of higher performance capabilities. As fuel cell technology continues to advance, these energy systems will continue to become more affordable and more attractive to consumers and businesses alike.