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Cleveland, OH – A new study titled World Fuel Cells from The Freedonia Group projects that fuel cell spending worldwide—including research and development funding and investment in fuel cell enterprises, as well as commercial sales—will grow to $9.4 billion in 2013, rising at an 11.0% annual pace. The commercial market for fuel cells—including revenues associated with prototyping, demonstration and test marketing activities, as well as actual product sales—is projected to more than triple to $1.9 billion in 2013 and almost triple again to $5.1 billion in 2018. Market gains will be stimulated by ongoing technological advances, helping drive costs down to competitive levels in a growing number of applications, and supported by improved economies of scale as fuel cell manufacturers ramp up production.

Almost all of this increase will be attributable to an explosion in portable fuel cell systems demand, which is expected to account for 98% of all unit sales in 2018. Fuel cells used in electric power generation applications will account for less than 1% of the total number of systems sold in 2018 but will continue to make up the largest single share of demand in value terms. Electric power generation fuel cell sales will be stimulated by the relatively low hurdles they have to overcome to achieve cost competitiveness and their much greater fuel efficiency compared to conventional power generation methods. The motor vehicle market will lag overall fuel cell sales growth. Most automotive-related fuel cell demand will continue to consist of revenues generated from the sale of products and services associated with prototyping, demonstration and test marketing activity.

Read the full story at transworldnews.com.

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