Assembly Lines: Fuel Cell Market Ready to Skyrocket
CLEVELAND-The commercial market for fuel cells is currently limited, but it is expected to skyrocket over the next 10 years. A recent study conducted by the Freedonia Group Inc. predicts that fuel cell demand in the United States will surpass $1 billion by 2008. In 2013, it will jump to $4.6 billion.
A variety of viable markets for fuel cells is expected to develop over the next decade as technological advances and economies of scale, such as low-cost manufacturing, help drive costs down to competitive levels. Electric power generation is emerging as the first large-scale commercial market for fuel cells, and will account for more than half of all demand in 2008. However, the portable electronics market is expected to record the strongest advances over the next decade. Aerospace and motor vehicle applications will lag behind, but are predicted to grow dramatically between 2008 and 2013.