Asia Pacific fuel cell market forecast to see rapid growth
Sep 22, 2011 - The fuel cell market in Asia Pacific will be worth USD 6.7 billion (EUR 4.9bn) by 2017, compared with only USD 52.8 million in 2011, Pike Research has forecasts.
According to the US cleantech market research firm, recent investment in the technology, especially in Japan, South Korea, and China as well as its adoption for an increasing number of applications will translate in a rapidly growing market in the region.
"Corporations and governments in Asia Pacific have made a strong commitment to fuel cell technology, and it will begin to bear fruit in the next few years," senior analyst Andy Bae said.
The transportation sector is expected to outstrip stationary fuel cells, the early adoption leader, after the introduction of fuel cell cars in 2015.
According to the study, the stationary fuel cell market will grow to USD 2.6 billion by 2017. The transportation segment is unlikely to achieve significant sales until 2015, but then its value will increase quickly to USD 3.8 billion, while the portable power sector is forecast to be worth USD 362 million by 2017.