Stationary Fuel Cell Market to Undergo Outstanding Growth by 2020
ENERGY TECHStationary Fuel Cell Market to Undergo Outstanding Growth by 2020
by Staff Writers
London, UK (SPX) Dec 03, 2013
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The stationary fuel cell market is forecast to show massive growth, climbing from $390m in 2012 to $7.52 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 44.7%, thanks to increasing interest in this technology and the help of government subsidy programs, says research and consulting firm GlobalData.
According to the company's latest report*, the use of fuel cells is expected to increase significantly in several applications. The most important of these will be Combined Heat and Power systems, vehicles, material handling equipment, Auxiliary Power Units and portable charges for consumer electronics.
Additionally, stationary fuel cell installation is expected to jump from 186.9 Mega-Watts (MW) in 2013 to 6,266 MW by 2020, due to expected decreases in costs for set up, shipment and installation.
In fact, GlobalData forecasts the cost of a stationary fuel cell system to decrease by more than 50%, from $3,000 per Kilowatt (kW) in 2013 to $1,200 per kW by 2020.