Abstract
Global spending on fuel cells to grow 15.4% annually through 2011
Global fuel cell spending (research and development funding, investment in
fuel cell enterprises, commercial sales) -- is projected to grow 15.4 percent
per year through 2011 to $10.7 billion and total $18.9 billion in 2016.
Although currently limited, commercial demand for fuel cell products and
services -- including revenues associated with prototyping, demonstration and
test marketing activities -- will increase nearly sixfold through 2011 to $2.5
billion and will reach $8.5 billion in 2016. Commercial sales will make up an
increasingly large share of total fuel cell spending as additional products
enter the marketplace. However, it will take time for fuel cells to penetrate
markets now served by other power sources, and commercial demand will continue
to account for less than half of all fuel cell spending in 2016.
Despite the small size of fuel cell technology' s current commercial footprint,
a number of viable markets will develop over the next ten years as
technological advances and economies of scale help drive costs down to
competitive levels. High energy prices and environmental concerns will also
contribute to fuel cell commercialization and market gains.
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