BOULDER, Colo.--(BUSINESS WIRE)--In the Asia Pacific region, fuel cell technology has gained a great deal of momentum in the past few years and is being employed in an ever-increasing array of applications – from enabling high-efficiency homes, decarbonizing transportation, and cleaning up ports to reducing energy dependence on oil-producing nations and increasing resilience in energy networks. A new report from Pike Research forecasts that the recent investments in fuel cell technology, particularly in Japan, Korea, and China, along with the increasing adoption of fuel cells for a range of applications, will result in a burgeoning market within Asia Pacific that will reach $6.7 billion by 2017, up from just $52.8 million in 2011.
“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,” says senior analyst Andy Bae. “Stationary fuel cells are the early leader in terms of market adoption, but the transportation sector will ultimately have the largest share of the market following the commercial launch of fuel cell vehicles in 2015. Portable fuel cells have strong potential in the long term, but market development will be slow over the next several years.”
Pike Research’s analysis indicates that the stationary fuel cell sector will reach $2.6 billion by the end of the 2017 forecast period. The transportation sector will not see significant revenues until 2015, but in just a few short years the market value will rise to $3.8 billion. The cleantech market intelligence firm forecasts that the portable power sector will be dominated by external battery chargers, and will increase in value to $362 million by 2017.
Bae adds that, in the stationary fuel cell space, Japan and Korea have had projects in place for a sufficient length of time and have achieved several milestones with regard to proving the technology and its business feasibility. In the case of residential combined heat and power (resCHP), Japan began offering commercial solutions with the ENE-FARM project in 2009 and Korea has followed suit with trials for its Residential CHPs Monitoring project. Meanwhile, China has been driving technology research and innovation through government, academic, and enterprise initiatives, and for the most part, the country is focusing its efforts on fuel cell transportation.
Pike Research’s report, “Fuel Cells in Asia Pacific”, provides insight into fuel cell industry dynamics, market trends, and technology innovations for three main sectors: stationary fuel cells, fuel cell vehicles, and fuel cells for portable power applications in the Asia Pacific region, concentrating on China, Japan, and Korea. Market forecasts through 2017 are included for unit shipments and revenue, segmented by key countries and application areas. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1-303-997-7609.