DALLAS, Texas, May 3, 2011 /PRNewswire/ -- According to a new market research report, "Global Fuel Cell Market by Technology, Application, Component, Installation, Cost, Geography, Trends and Forecasts (2011 - 2016)", published by MarketsandMarkets ( http://www.marketsandmarkets.com), global fuel cell market will reach to $1.6 billion from estimated $240 million in 2010 with CAGR of 17.6% during 2011 - 2016.
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By 2016, annual fuel cell shipments will reach 10 million units from 0.14 million units in 2010 with a CAGR of 115% during 2011 - 2016. In terms of MW capacity, those 10 million units will be equivalent to 3,760 MW compared to mere 240 MW in 2010.
Private equity & venture capital investments and subsidies provided by government are the main drivers to take the industry from research to demonstration and finally commercialization phase. Advantage over other backup power options, higher energy density compared to batteries, and capacity to store energy from intermittent sources like wind and sun are the other factors currently driving the fuel cell industry.
In 2016, North America will be the largest market with $594 million; i.e. 37% market share due to development of fuel cell vehicles market in California, U.S. North America will grow by 32.3% CAGR from 2011 to 2016 followed by Europe, which will grow by 26.6% during the same period. Among countries, currently U.S. is the largest market with estimated 45% market share; i.e. $225 million in 2009. Japan is the fastest growing market and will grow its market share from 14% in 2009 to 26% in 2016.
In 2008, the industry started commercialization with few segments such as telecom towers' fuel cell backup power systems and fuel cell forklifts. By 2010, some more segments like residential cogeneration and heat production (CHP) units and auxiliary power units (APUs) were commercialized. The next big market, which is still in demonstration phase and waiting for commercialization is fuel cell vehicles. Automakers have planned to start production line by the year 2015. However, this is only feasible when desired manufacturing cost and durability are achieved. Companies are investing heavily in research and development activities and trying to attain 39.5% cost reduction during 2011 - 2016 which is required for fuel cell systems to be competitive with IC Engines.
Scope of the report
This report breaks the global fuel cell market into four major segments: i.e. geographies, applications, technologies/types, and fuel used. Each market is analyzed in terms of unit shipments, MW capacity and value, and is forecasted for 2011-2016.
- Geography: North America, Europe, and Asia and major countries in those regions such as U.S., Canada, Germany, UK, Japan, and South Korea
- Application: Stationary, transportation, and portable
- Technology/Type: Proton Exchange Membrane Fuel Cell (PEMFC), Direct Methanol Fuel Cell (DMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), etc.
- Fuel Used: Hydrogen, Methanol, Natural Gas/Methane, Anaerobic Digester Gas/Biogas, etc.
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