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Fuel Cells
26792296362930693674INDUSTRY SNAPSHOTFollowing a decade of advances in fuel cell technology, by late 2006 the fuel cell industry was still readying itself for eventual mass commercial deployment in vehicles, power plants, homes, and even wireless devices as the solution to dependence on fossil fuels and dirty or inefficient energy sources.Several major events in the early years of the first decade of the twenty-first century positioned the industry in the public eye as never before. The U.S. economic downturn reduced consumer demand for large trucks and sport utility vehicles while at the same time, rising gasoline prices sparked consumer interest in more fuel-efficient vehicles. Growing concerns over the country's reliance on foreign oil, particularly following the terrorist attacks of 11 September 2001 and the subsequent wars in Afghanistan and Iraq, afforded the industry political support as public pressures mounted for alternative energy sources, as did evolving attitudes regarding environmental sustainability. And in August 2003, the largest power blackout in U.S. history left the majority of the northeastern U.S. and parts of Ontario without power for anywhere from eight hours to two days, heightening interest in hydrogen fuel cells as a utility power source.Heading into the later years of the first decade of the 2000s, there were numerous forecasts of the industry's progress through the end of the decade and beyond. The Cleveland-based industry market research firm Freedonia Group indicated that worldwide spending on fuel cells was expected to reach $10.8 billion by 2009. Commercial demand for related products and services, including those used to build and test prototypes, was forecast to reach $2.6 billion in 2009 and rise to $13.6 billion in 2014. The firm Research and Markets, based in Dublin, Ireland, estimated that industry revenues would reach at least $18.6 billion by 2013, with possible sales of $35 billion if progress accelerates in the automotive fuel cell segment.However, the b...See the full content of this document
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