Report shows that solid oxide fuel cells are growing rapidly in the global marketOctober 10, 2011
A new report concerning the impact of solid oxide fuel cells on the global hydrogen market has been released by BCC Research, a prominent market research firm. The report highlights a number of factors regarding solid oxide fuel cells, detailing their successes in the global market and forecasting what to expect from the future. Solid oxide fuel cells have been growing in popularity within the hydrogen industry lately thanks to their high performance and relatively low cost.
The report notes that the value of solid oxide fuel cells worldwide will be worth nearly $400 million by the end of this year. Last year, their value was estimated to be $360 million. Researchers estimate that the rate at which the value of these fuel cells grows will be steady at 6.9% per year, bringing the value of these fuel cells to $530 million by 2016. The promising growth is due to the number of companies adopting hydrogen fuel to power their operations.
Overall, the report notes that the hydrogen industry is on the cusp of mass commercialization. As fuel cells become more advanced they are also becoming less expensive. This will allow more consumers to utilize hydrogen fuel to power their homes. As fuel cells begin to inundate the market, their abundance will serve to lower their overall price even further.
There are still barriers between hydrogen fuel and commercial acceptance, however, and those may take several years to resolve.