Economy

How will the world satisfy its ever-increasing demand for energy and at the same time address concerns related to health, the environment and energy security? With global energy consumption forecasted to rise 60 per cent by the year 2020, it is clear that the world needs more sustainable energy systems.

The prospective market for hydrogen and fuel cell systems represents an enormous economy. Global demand for hydrogenand fuel cell systems is projected to reach $2.6 trillion (CDN) by 2021, and much of the industry’s potential has yet to be tapped.

By supporting and promoting the testing, evaluation and further refinement of Canadian-made technologies, BC’s Hydrogen Highway is helping to solidify Canada’s leading-edge position in the hydrogen economy.

Many factors are driving the development of hydrogen as a clean, economical form of energy. Among them is the desire to reduce greenhouse-gas emissions , increase global energy security , improve the reliability of the power grid, and provide high-quality power for digital devices.

In the hydrogen economy, hydrogen and fuel cells will satisfy clean energy needs for everything from small electronics to automobiles and buildings. This new energy paradigm presents Canada with opportunities to make the most of all our energy resources, expand markets for Canadian technologies, bolster the Canadian economy and ensure cleaner air to breathe .

Canadian companies are already recognized worldwide for leading the development of hydrogen and fuel cell systems—technologies that produce, store and put hydrogen to work. Through the development of the BC Hydrogen Highway , Canadahas an opportunity to become a country known for innovation and as a global provider of hydrogen energy solutions.

Canada’s Hydrogen Economy

The hydrogen energy sector has already demonstrated considerable growth in Canada :

  • Revenue grew 40% from $134 million in 2002 to $188 million in 2003.
  • R&D expenditures increased 5% from $276 million in 2002 to $290 million in 2003.
  • Demonstration participation increased by 232% from 79 projects in 2002 to 262 projects in 2003.
  • Patent holdings increased 34% to 581 in 2003.

The global commercialization of hydrogen and fuel cell systems is accelerating as more businesses, investors and countries recognize the potential of this energy source. It’s expected that Europe and Japan will be early adopters because of immediate environmental, economic, and energy diversity and efficiency benefits. In North America, the development of hydrogen and fuel cell technologies is being driven by a shared desire for a secure, diverse and more environmentally sound energy supply.

With our strong track record in fuel cell and hydrogen energy systems design and manufacturing excellence, Canada is positioned to benefit significantly as the global market develops to its full potential.

From developing universal standards to clearing trade pathways, everyone benefits when we work together. That’s whyCanada is committed to strategic collaboration with partners around the globe. Currently, through partnerships like theHydrogen Highway, Canadian government and industry are working to advance both the hydrogen economy and the fuel cell industry at home and abroad.

Sources:

Hydrogen & Fuel Cells Canada