BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research provides a global analysis of major developments and trends in the fuel cell industry, including global market forecasts for fuel cell systems, capacity shipped, and system revenue through 2023.
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. Click to tweet: According to a recent report from Navigant Research, 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,” 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.
The report, “Fuel Cells Annual Report 2014,” provides a global analysis of major developments and trends in the fuel cell industry, with a focus on the stationary, portable, and transportation sectors. It features an analysis of actual fuel cell systems and capacity shipped from 2010 to 2013, segmented by region, sector, application, electrolyte, and fuel type, as well as system revenue. Global market forecasts for fuel cell systems and capacity shipped and system revenue extend through 2023. The study also includes a special section on the growing interest in DG and profiles more than 30 companies active in the global fuel cell industry. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Fuel Cells Annual Report 2014,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
