VIDEO: Fuel cell market ready to accelerate

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Fuel cell systems for all applications are expected to generate nearly $57.8 billion in annual revenue by 2023, according to Navigant Research.

Growth in the fuel cell market continues to accelerate, after 2013 and 2014 saw rising demand in portable, transportation, and stationary applications in particular. Stationary applications, which vary widely by country and region, include utility-scale, industrial/commercial building, and residential power fuel cells.

“Right now, the stationary sector of the fuel cell market is where we’re seeing the most interest,” says Lisa Jerram, principal research analyst with Navigant Research. “In terms of fuel cell systems shipped, this area has the strongest global potential.”

Encouraging this potential 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, however, the launch of commercial fuel cell vehicles in 2015 and 2016 will bring the transportation sector to the fore. By 2023, the transportation sector is expected to command the largest share of the fuel cell market in terms of capacity shipped.

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