April 2, 2014: Stationary Fuel Cells to Reach $40 Billion in Annual Revenue by 2022
Need for Grid Resiliency, Increasing Financing Options Helping to Drive the Market
BOULDER, Colo. — Stationary fuel cells continue to be at the forefront of the global fuel cell industry, notes Navigant Research. As the focus on grid stability increases and the costs associated with natural disasters rise, the use of fuel cells as small distributed power plants for grid stabilization and backup power is moving forward more rapidly than any other fuel cell sector. According to a new report from the research firm, global stationary fuel cell revenue will grow from $1.4 billion in 2013 to $40 billion in 2022.
“With the growing need to enhance grid resiliency and the accelerating adoption of distributed generation technologies worldwide, the stationary fuel cell industry is well-positioned for growth over the next decade,” said Mackinnon Lawrence, research director with Navigant Research. “Expected to break through the $2 billion mark in annual revenue in 2014, stationary fuel cells are seeing increased financing options for adoption, particularly in the healthy residential combined heat and power segment.”