One key market that is taking shape is the use of fuel cells for residential combined heat and power (CHP) applications, a market that is experiencing a compound annual growth rate (CAGR) of 67.7 percent. Meanwhile, Pike Research expects that remote sensing will be the breakout market for small fuel cells in 2012, as they are well-suited for such applications as seismic monitoring. However, other sectors do not look as promising, according to Pike Research’s analysis — one example is the portable fuel cell market, particularly for consumer electronics applications, which the firm anticipates will suffer disappointment in 2012 after a recent renewal of hype for this sector.
“The fuel cell and hydrogen industries are once again entering a year of growth, as seen in the revenue projections for the first time surpassing three-quarters of a billion dollars, but market participants also face significant challenges,” said research director Kerry-Ann Adamson. “As well as growth in the current markets, we are also starting to see new markets emerging — including, in 2012, the remote sensing sector, with increasing demand for fit-for-purpose products from the fuel cell industry.”
Pike Research also predicts that renewables, storage, and fuel cells will converge in the off-grid power market.
Publication date: 02/20/2012