|By Business Wire||
|June 16, 2014 12:24 PM EDT||
Driven by the growing need to enhance grid resiliency and the accelerating adoption of distributed generation (DG) technologies, the stationary fuel cell market is poised for rapid growth over the next decade. The stationary fuel cell sector represented more than 70 percent of global fuel cell revenue at the beginning of 2014, and is expected to continue to lead the overall fuel cell market in the coming years. Click to tweet: According to a recent report from Navigant Research, annual shipments of stationary fuel cell systems will grow from nearly 40,000 in 2014 to 1.25 million in 2022, expanding at a compound annual growth rate (CAGR) of 51.7 percent.
“The stationary fuel cell sector is in a very vibrant phase, with a range of companies coming forward with product announcements, planned launches, and aspirational targets,” says Mackinnon Lawrence, research director with Navigant Research. “The increased focus on grid resiliency and the overwhelming costs associated with natural disasters are driving rapid growth in demand for the use of fuel cells as small distributed power plants for grid stabilization and backup.”
The core application segments in the stationary fuel cell market are prime power, large combined heat and power (CHP), residential CHP (resCHP), and uninterruptible power supply (UPS). The resCHP segment is expected to surpass the $1 billion mark in annual revenue this year, according to the report, and will remain the largest single application for stationary fuel cells through 2022.
The report, “Stationary Fuel Cells”, analyzes the global market opportunity for stationary fuel cells across four key application segments: prime power, large CHP, resCHP, and UPS. It provides a comprehensive assessment of the demand drivers, business models, and policy factors associated with the rapidly developing market for stationary fuel cells. Global revenue and capacity forecasts, segmented by application, region of manufacture, and electrolyte type, extend through 2022. The report also examines the main technology issues related to stationary fuel cells and includes in-depth profiles of key industry players. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’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 Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Stationary Fuel Cells,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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