Jan. 29, 2015: Fuel Cells to Reach Nearly $57.8 Billion in Annual Revenue by 2023
Shift Toward Distributed Generation Is Driving Increased Interest in Stationary Fuel Cells
BOULDER, Colo. — Growth in the fuel cell market continues to accelerate, after 2013 and 2014 saw rising demand, especially in stationary applications, says Navigant Research. Stationary fuel cell applications, which vary widely by country and region, include utility-scale, commercial and industrial building, and residential. According to a report from the research firm, fuel cell systems for all applications are expected to generate nearly $57.8 billion in annual revenue by 2023.
“Right now, the stationary sector of the fuel cell market is where we’re seeing the most interest,” said Lisa Jerram, principal research analyst with Navigant Research. “In terms of fuel cell systems shipped, this area has the strongest global potential.”
Helping to drive the market is the power sector’s shift toward distributed generation, which means moving away from centralized power generation models to a more diverse and resilient grid infrastructure.
According to the report, the transportation sector is catching up, and by 2023, transportation is expected to command the largest share of the fuel cell market in terms of capacity shipped.
Publication date: 1/26/2015