According to a new report from Pike Research, fuel cell shipments doubled from 2008 to 2010, going from 7,500 units to 15,000 units annually.
Analysts from the research firm noted that fuel cells for the stationary power sector accounted for the biggest growth, representing approximately 60% of shipments in 2010. The market for Japanese residential units, off-grid power stations in places like Africa and combined heat and power plants specifically contributed to the increase in fuel cell shipments.
The company also notes that portable fuel cells have wavered over the last two years, and had a steep decline in 2010. The market for transportation fuel cells, according to Pike Research, is still years away from being robust, and the firm predicts automakers will not have significant launches for vehicles that employ the technology until 2015.
Finally, the report shows less than a dozen companies are responsible for the majority of fuel cell shipments, suggesting a handful of corporations will dominate the market over the next five years. However, the reports also hints that barriers for entry into the fuel cell industry are lower than ever before, perhaps spurring new companies from entering the game.