Market Overview
Fuel cells are expected to become a significant industry within the next decade, projected to generate more than $18.6 billion in global sales in 2013, according to a Research and Markets 2006 report. Portable power is considered one of the three largest areas of potential commercial adoption for fuel cells, with Darnell Group (2003 report) estimating that fuel cell portable power will produce $2 billion in annual sales by 2011.
With the growing demand for portable power and the current limitations of batteries and generators, fuel cell technology has been predicted to become a key future power source for military customers. There are 1.4 million soldiers currently on active duty in the US military and, according to Frost and Sullivan (2003), more than $1.1 billion will be spent in 2006 on batteries for US military and aerospace applications. The military is actively seeking advanced, proven technologies to better meet its needs for compact, lightweight, high-performance power. In addition, the military has a strong need for advanced portable power sources with low heat, noise and emissions to replace existing petrol and diesel generator sets.
In the commercial market, portable power represented a $4.4 billion market in 2004 in the US alone, and is estimated to increase to $6.3 billion in 2009 (Business Communications Co.). With an array of unique benefits and competitive pricing, fuel cells stand to capture a significant portion of that market. BCC also projects that hydrogen fuel cells will represent $385 million of the premium portable power sources market in 2009.
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