The global market for fuel cell components will be worth $100 billion in 2013, according to the latest projections from Research and Markets (R&M).

Analysts at R&M expect demand for fuel cell components to increase dramatically on the back of developments in the handheld digital device and automotive markets.

The fuel cell component market is currently worth around $170 million annually.

R&M expects the handheld market to grow more quickly as mobile phones, PDAs and other similar devices tend to have a shorter shelf life.

Motor vehicles on the other hand need more reliable power supplies, which is expected to make the development of this market a little slower. Nevertheless, R&M has identified significant potential once viable fuel cell-powered vehicles are brought to market.

"The market driving force for fuel cells is the reality that fossil fuels are running out, and ultimately too expensive as an energy source," the researchers said.

"Wind and solar energy can be used to generate electricity, but the electricity is fleeting, it needs to be stored. Hydrogen is an effective storage means for electrical power. But hydrogen needs to be manufactured so that there is an energy source."

Developing a suitable means of manufacturing and storing hydrogen is seen as one of the key factors in developing fuel cell-powered cars for private ownership.