North America Fuel Cell Technology Market Worth $667.7 Million by 2018 - New Report by MarketsandMarkets
(PRWEB) April 15, 2014 -- The report "North America Fuel Cell Technology Market: By Applications (Portable, Stationary, Transport), Types (PEMFC, DMFC, PAFC, SOFC, MCFC), Fuel (Hydrogen, Natural Gas, Methanol, Anaerobic Digester Gas) & Geography- Trends And Forecast To 2018 " defines and segments the North American fuel cell market with analysis and forecast of the revenue. Fuel cell market will grow from an estimated $157.1 million in 2013 to $667.7 million by 2018, with a CAGR of 33.6% from 2013 to 2018.
Browse 90 market data tables with 24 figures spread through 168 pages and in-depth TOC on North America Fuel Cell Technology Market - Trends And Forecast To 2018
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U.S.: The largest market for fuel cell technology
The U.S. market is driven by governmental incentives, without which fuel cells cannot come into the market at the present cost. According to Department of Energy (DOE) forecasts, fuel cell technology will be competitive with other options in terms of cost by 2018. The U.S. and especially California has been the center of all fuel cell demonstration projects. Other major states involved are Connecticut, New York, Ohio, and South Carolina.
Stationary market: Biggest market by applications
In the current North American fuel cell market, the stationary applications are the key application on the basis of market size and revenues. The demand is projected to increase heavily due to the increased power backup and household demand. Telecom, automobile and power backup industry acts as the parent market of fuel cell industry. Its growth and demand is highly influenced by the parent market. Off grid applications like providing backup power for telecommunication infrastructure is provided by the fuel cells. For stationary applications use of Solid Oxide Fuel Cell (SOFC) and Molten Carbonate Fuel Cell (MCFC) will grow more than PEMFC.
Hydrogen leads as a primary fuel for fuel cell technology
Hydrogen is the largest primary fuel source for the fuel cells across the globe with more than half of the market share. On the other hand, Natural gas/Methane and Methanol are gaining a sharp focus as a renewable energy generation source. North America represents a huge potential in terms of hydrogen as a fuel. Fuel cell companies are continuously trying to develop technologies in order to provide a more cost effective catalyst, which in turn helps them to commercialize and launch products in market. On account of hydrogen & fuel cell technology infrastructure development for storage & distribution, the fuel cell market will experience a tremendous increase in demand in the years to come.
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