Hydrogen and fuel cell sector to grow 26% annually to 2023
The global fuel cell and hydrogen energy market is projected to be worth over $180m (£114m) in 2050 while revenues in the fuel cell sector are expected to grow by 26% per year over the next decade, according to a report.
The 2011-2012 Annual Report on World Progress in Hydrogen, which includes the fuel cell market, is the second report from the international coalition of national hydrogen associations, PATH, and shows progress in the sector over the past two years.
Data contributed by PATH's members show trends within key countries developing the hydrogen and fuel cell markets and a new look at the sector globally.
The report included Italy's recent investment of €1.4m (£1.2m) in a project testing fuel cell vehicles on public roads in Perugia and implemented nine trolleybuses in the City of Parma. It also included Germany opening the largest hydrogen refuelling station in Europe in 2012, with the capability of delivering 750kg of hydrogen daily, enough to fuel about 250 vehicles per day.
Worldwide employment is expected to rise to 700,000 workers by 2019, and in the US, fuel cell vehicles on the road are anticipated to rise from 430 in 2013 to over 53,000 by 2017.
PATH chairman, Terry Kimmel, said:"Through the 16 national associations we represent we can show there is a growing global trend in hydrogen and fuel cell commercialisation, led by several countries with strong national programs."
The report examines the status of current and planned hydrogen and fuel cell projects, government funding and legislation for the industry, existing educational programs, and notable key world events that have successfully showcased hydrogen and fuel cell products.
It also provides an analysis of the challenges that the hydrogen community still faces and offers a list of strategies that can serve as best practices for industry development.