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The Freedonia Group, Inc., a Cleveland-based industrial market research firm, released a study, World Fuel Cells, projecting that the world commercial market for fuel cell products and services would increase tenfold through 2007 to $2.4 billion. By 2012, the commercial fuel cell market will reach $12.6 billion, accounting for over half of total world fuel cell spending.
According to Freedonia, fuel cell technology appears poised to achieve significant commercial penetration in certain niche applications within the next three to five years, driven by technological innovations that will drive costs down to competitive levels. The governments of several key nations--including the U.S. and Japan, as well as the European Union--have recently announced plans to support fuel ...