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COLORADO, USA (Commodity Online): The prices of fuel-cell based systems, across a range of applications, are expected to decline significantly in the next few years, removing a critical barrier to its adoption, according to Pike Research.

The cleantech market intelligence firm forecasts that the market for fuel cells in Asia Pacific will reach $6.7 billion by 2017, up from just $52.8 million in 2011.

“To date, the majority of fuel cell technology development for residences in Asia Pacific has centered on resCHP,” says senior analyst Andy Bae. “The Japanese fuel cell players are already in the commercial phase, and Korean providers also have concrete market entry plans to commercialize resCHP and off-grid power plants. Prices have been declining steadily, and manufacturers’ pricing strategies are expected to result in further decreases.”

While stationary fuel cells represent the largest segment for the fuel cell market in the region, fuel cell vehicles and fuel cells for portable power applications – particularly consumer electronics – hold strong potential as well. Interest in fuel cell vehicles from government and industry players, including automobile component makers, in Japan, Korea, and China is strong and growing. Auto OEMs and governments have coalesced around 2015 as the date for the first commercial fuel cell vehicles to reach the market. Consequently, 2012-2015 will be an important period for those looking to develop leadership in the sector.