The global hydrogen fuel market is growingMarch 26, 2015
Report predicts the growth of the global hydrogen market through 2020
Persistence Market Research has released a new report concerning the global hydrogen fuel market. The report shows that in 2013, the global hydrogen market was valued at $96.6 billion and 255.3 billion cubic meters of volume. The market is expected to see some growth in the coming years, powered by the growing interest in clean technology and renewable energy. Several industries have taken an interest in hydrogen fuel cells and companies are beginning to use these energy systems as their favored form of power generation.
Global market expected to reach $141.4 billion by the end of 2020
According to the report, the global hydrogen market is expected to see a compound annual growth rate of as much as 5.6% through 2020. The global market value is predicted to reach $141.4 billion by the end of 2020. During this time, the production of hydrogen fuel is expected to increase significantly. Fuel cells require a reliable supply of hydrogen in order to be considered effective energy systems, and developing a working hydrogen infrastructure has become a priority for those invested in fuel cell technology.
Asia Pacific is the largest market for hydrogen fuel in the world
The report shows that Asia Pacific is the largest market for hydrogen fuel in the world. The majority of the demand for hydrogen in the region is coming from India and China, though fuel cells are becoming quite popular in Japan, where they are being used for residential power and other purposes. North America is another prominent hydrogen market, where new vehicles are expected to come into the market in the coming years. These vehicles will be using fuel cells to generate power, which means that they will not be producing any harmful emissions.
Cost of production and fuel cells could slow growth of the market
Hydrogen fuel production is becoming more important. Conventional production methods are relatively inefficient, in that they consume a large amount of natural gas. Production is also a costly process , which detracts from the attractiveness of fuel cells. These energy systems are expensive themselves, which could limit the growth of the fuel cell industry in the coming years.