Pike Research’s new report titled ‘Fuel Cells Annual Report 2012’ has predicted that the market for fuel cells used in the transport, portable and stationary sectors will achieve a total value of $15.7 billion by 2017. However, a number of issues must be resolved for achieving this figure.
The fuel cell industry experienced a mixed result in 2011. The industry for the first time has surpassed the 20,000 barrier in overall shipments, thanks to 83% CAGR during the period between 2009 and 2011. However, this collective figure masks the fact that there is a growth and contraction pattern in the industry. For instance, the portable fuel cell sector experienced 16% contraction on a year-over-year basis in system shipments and lost several companies in 2011.
The report discusses the status of the worldwide market of fuel cells across its three key industry sectors namely, transport, portable and stationary, in detail. It provides quantitative and qualitative analysis of public policy factors, demand drivers and barriers, and major industry players in the global fuel cell industry.
The report includes market forecasts and sizing for system shipments, electrolyte adoption rates, megawatts shipped, and revenues in terms of applications and sectors. A special section discussing the effect of current natural gas boom on the fuel cell market has been included in this year’s version of the report.
Kerry-Ann Adamson, Research Director, stated that although the fuel cell market registered growth in 2011, vendors still handle significant challenges. Several firms in the portable sector have quit the field or are expanding to increase revenues. The transport sector sustained growth last year; however, the constant progress towards the introduction fuel cell light-duty vehicles within in the 2015 timeframe has formed a gap between present goals and future potential.