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World Fuel Cells Market

  • April 2014
  • -
  • Freedonia
  • -
  • 501 pages

World commercial spending to more than double by 2017

World fuel cell spending -- including research and development funding, investment in fuel cell enterprises, as well as revenue derived from commercial sales -- is projected to advance nearly 10 percent per year to $11 billion in 2017 and then almost double through 2022. Commercial demand for fuel cell products and services (including revenues associated with prototyping, demonstration, and test marketing activities, as well as actual product sales) will more than double to $4 billion in 2017 and then nearly triple through 2022. The share of total fuel cell expenditures accounted for by commercial demand will climb from one-fifth in 2012 to more than half of all
spending in 2022.

Portable fuel cells to be fastest growing in unit terms

Commercial sales of fuel cell systems are projected to expand from what are currently extremely modest levels to more than three million units in 2022. Demand gains are expected to be strong in most major markets, although explosive growth in sales of portable fuel cell systems will result in their accounting for four-fifths of all unit demand in 2022. Suppliers of portable electronic fuel cell systems will benefit from the advantages that these products offer over battery systems, particularly their ability to generate power over a longer period of time than comparably sized batteries.
Declining costs will make fuel cells an affordable alternative source of portable power in a growing number of applications. Nevertheless, portable electronics will remain a modest-sized fuel cell market in value terms, accounting for only three percent of the 2022 dollar total, because demand will be dominated by high volume, low price products.

Motor vehicles to be second largest fuel cell market

Fuel cells used in motor vehicle applications will account for the next largest share of systems sold in 2022, over 10 percent of the total. These will include not only fuel cell-powered automobiles and buses, but also fuel cell range extenders that are being developed for use in electric vehicles. More significantly, fuel cell systems used in motor vehicle applications will account for just under half of total commercial revenue in 2022. In early 2014, Hyundai began leasing fuel cell vehicles to commercial customers, and a number of additional vehicle models are expected to become available from other major automakers by 2017.
Dollar demand is projected to rise from current extremely low levels -- which at present consist mostly of revenues associated with prototyping, demonstration, and test marketing activities -- to much larger but still very modest levels in 2022 relative to overall motor vehicle sales.

Electric power generation uses to continue brisk pace

Electric power generation has experienced the most extensive commercialization activity of any fuel cell application to date. In 2012, electric power generation accounted for roughly three-fourths of all commercial revenue and more than half of the total number of units sold, with strong growth in both large-scale megawatt applications and small residential micro combined heat and power units recorded between 2007 and 2012. Electric power generation-related fuel cell sales will continue to grow at a brisk pace through 2022, bolstered by comparatively low hurdles to overcome to achieve cost competitiveness and much greater fuel efficiency than conventional power generation methods.

Study coverage

This upcoming industry study presents historical demand data for 2002, 2007 and 2012, plus forecasts for 2017 and 2022 by product, chemistry, application, world region, and for 15 countries. The study also considers market environment factors, evaluates company market share and profiles global industry players.

Table Of Contents

World Fuel Cells Market
INTRODUCTION xii
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
World Economic Overview 5
Recent Historical Trends 7
World Economic Outlook 9
Personal Income and Expenditure Trends 12
World Population Outlook 14
Gross Fixed Investment and Manufacturing Trends 17
World Gross Fixed Investment Outlook 18
World Manufacturing Outlook 20
Fuel Cell Infrastructure 22
World Energy and Power Generation Outlook 23
Energy Supply and Demand 24
Electric Power Generation 28
Distributed Power/Microgrids 30
World Motor Vehicle Outlook 32
Motor Vehicle Production Trends 33
Hybrid and Electric Vehicle Outlook 37
World Electronics Sector Outlook 40
Government/Institutional Trends 42
Fuel Cell Cost/Pricing Dynamics 44
Environmental and Regulatory Issues 48
III. TECHNOLOGY 51
General 51
Basic Electrical Properties 52
Fuel Cell Construction and Operation 53
Fuel Cell Efficiency 55
Fuel Cell Chemistries 55
Alkaline 56
Molten Carbonate 58
Phosphoric Acid 59
Proton Exchange Membrane 60
Direct Methanol 62
Solid Oxide 63
Other Chemistries 64
Hydrogen Fuel Sources 66
Fuel Cell Materials 68
Catalysts 68
Electrodes, Electrolytes, and Plates 69
Nanotechnology 71
Alternate Sources of Power 72
Batteries 74
Internal Combustion Engines 75
Turbines and Microturbines 77
Other Sources of Power 79
IV. WORLD SUPPLY and DEMAND 83
General 83
World Fuel Cell Markets 84
Regional Demand Dynamics 85
Total Fuel Cell Spending 89
Commercial Fuel Cell Demand 92
Demand by Product 95
Systems 97
Fuels 98
Electronic Devices 101
Other Products and Services 102
Demand by Chemistry 104
Proton Exchange Membrane 106
Solid Oxide 110
Molten Carbonate 113
Phosphoric Acid 116
Direct Methanol 118
Alkaline 120
Other Chemistries 123
Demand by Application 124
Application Demand Measured by Revenues 125
Application Demand Measured in Units 127
Electric Power Generation 129
Demand by Application, Chemistry, and Product 130
Micro-Power Generation 132
Other Electric Power Generation 134
Demand by Region 135
North America 136
Industrial Stationary and Motive Power 136
Demand by Application, Chemistry, and Product 137
Industrial Stationary Power 138
Motive Power 140
Demand by Region 141
Motor Vehicles 142
Demand by Chemistry and Product 143
Demand by Region 145
Other Transportation Equipment 147
Demand by Application, Chemistry, and Product 147
Ships and Boats 149
All Other Transportation Equipment 150
Demand by Region 151
Portable Electronics 152
Demand by Chemistry and Product 153
Demand by Region 154
Other Applications 156
Demand by Chemistry and Product 156
Demand by Region 157
World Fuel Cell Production 158
International Trade Flows and Multinational Investment 161
V. NORTH AMERICA 164
General 164
Fuel Cell Activity and Markets 165
Fuel Cell Outlook and Suppliers 166
United States 169
Canada 178
Mexico 184
VI. WESTERN EUROPE 190
General 190
Fuel Cell Activity and Markets 191
Fuel Cell Outlook and Suppliers 196
Germany 200
United Kingdom 208
Spain 214
France 219
Italy 226
Netherlands 231
Other Western Europe 237
VII. ASIA/PACIFIC 244
General 244
Fuel Cell Activity and Markets 245
Fuel Cell Outlook and Suppliers 247
Japan 251
South Korea 258
China 264
India 271
Taiwan 277
Australia 283
Other Asia/Pacific 289
VIII. OTHER REGIONS 295
Central and South America 295
Eastern Europe 302
Russia 309
Other Eastern Europe 315
Africa/Mideast 320
IX. INDUSTRY STRUCTURE 328
General 328
Industry Composition 329
Market Share 331
Research and Product Development 337
Manufacturing 339
Marketing and Distribution 342
Cooperative Agreements 344
Financial Requirements 358
Acquisitions and Divestitures 360
Company Profiles 363
Acumentrics Corporation 365
Air Liquide Group 366
Altergy Systems 368
Angstrom Power, see Societe BIC
AREVA Group 370
Axane, see Air Liquide Group
Ballard Power Systems Incorporated 372
BIC Group, see Societe BIC
Bloom Energy Corporation 377
Bridgeport Fuel Cell Park, see FuelCell Energy
Cellkraft AB 379
Ceramic Fuel Cells Limited 380
ClearEdge Power Incorporated 383
Daimler AG 384
Electro Power Systems SpA 387
Ford Motor Company 388
FuelCell Energy Incorporated 390
FuelCellPower Incorporated 395
General Motors Company 396
Helion, see AREVA Group
Hess Corporation 398
Honda Motor Company Limited 401
Horizon Fuel Cell Technologies Private Limited 403
Hydrogenics Corporation 406
HyPulsion, see Air Liquide Group and Plug Power
Hyundai Motor Company 409
Intelligent Energy Holdings plc 411
IRD Fuel Cell A/S 414
Johnson Matthey plc 415
JX Holdings Incorporated 417
Kia Motors, see Hyundai Motor
Lilliputian Systems Incorporated 419
myFC AB 420
NuCellSys, see Daimler
Nuvera Fuel Cells, see Hess
Osaka Gas Company Limited 421
Panasonic Corporation 423
Plug Power Incorporated 425
Protonex Technology Corporation 429
Quantum Fuel Systems Technologies
Worldwide Incorporated 431
ReliOn, see Plug Power
Serenergy A/S 433
SFC Energy AG 435
Siemens AG 439
Societe BIC 440
Sunrise Power Company Limited 441
Teledyne Technologies Incorporated 442
Tokyo Gas Company Limited 444
Toshiba Corporation 445
Toyota Motor Corporation 447
Toyota Tsusho Air Liquide Hydrogen Energy, see
Air Liquide Group
United Technologies Corporation 450
UTC Power, see ClearEdge Power
Versa Power Systems, see FuelCell Energy
Other Companies Mentioned in Study 452

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 12
2 World Per Capita Gross Domestic Product by Region 14
3 World Population by Region 17
4 World Gross Fixed Investment by Region 20
5 World Manufacturing Value Added by Region 22
6 World Energy Production By Fuel 27
7 World Electric Power Generation by Region 30
8 World Motor Vehicle Production by Type and Region 37
9 World Hybrid and Electric Light Vehicle Production
by Type and Region 40
10 World Electronic Product Shipments by Region 42
11 World Fuel Cell System Costs 47
SECTION III -- TECHNOLOGY
1 World Battery Demand by Region 75
2 World Internal Combustion Engine Demand by Region 77
3 World Electric Power Generation Turbine Demand by Region 79
SECTION IV -- WORLD SUPPLY and DEMAND
1 Total World Fuel Cell Spending by Type and Region 91
2 World Commercial Fuel Cell Demand by Region 94
3 World Commercial Fuel Cell Demand by Product 97
4 World Commercial Fuel Cell Demand by Chemistry 105
5 World Commercial Proton Exchange Membrane Fuel Cell
Demand by Application and Region 109
6 World Commercial Solid Oxide Fuel Cell Demand
by Application and Region 112
7 World Commercial Molten Carbonate Fuel Cell Demand
by Application and Region 115
8 World Commercial Phosphoric Acid Fuel Cell Demand
by Application and Region 118
9 World Commercial Direct Methanol Fuel Cell Demand
by Application and Region 120
10 World Commercial Alkaline Fuel Cell Demand
by Application and Region 122
11 World Commercial Demand For Other Fuel Cell Types
by Application and Region 124
12 World Commercial Fuel Cell Demand by Application 126
13 World Commercial Fuel Cell Systems Demand by Application 128
14 World Commercial Electric Power Generation Fuel Cell
Demand by Application, Chemistry, and Product 132
15 World Commercial Electric Power Generation Fuel Cell
Demand by Region 136
16 World Commercial Industrial Stationary and Motive Power
Fuel Cell Demand by Application, Chemistry, and Product 138
17 World Commercial Industrial Stationary and Motive Power
Fuel Cell Demand by Region 142
18 World Commercial Motor Vehicle Fuel Cell Demand
by Chemistry and Product 145
19 World Commercial Motor Vehicle Fuel Cell Demand
by Region 147
20 World Demand For Fuel Cells Used in Other Transportation
Equipment by Application, Chemistry, and Product 149
21 World Demand For Fuel Cells Used In Other Transportation
Equipment By Region 152
22 World Commercial Portable Electronics Fuel Cell Demand
by Chemistry and Product 154
23 World Commercial Portable Electronics Fuel Cell Demand
by Region 155
24 World Commercial Demand For Fuel Cells Used in Other
Applications by Chemistry and Product 157
25 World Commercial Demand For Fuel Cells Used in Other
Applications by Region 158
26 Selected International Fuel Cell Programs 160
SECTION V -- NORTH AMERICA
1 North America: Market Environment for Fuel Cells 166
2 North America: Commercial Fuel Cell Demand 168
3 United States: Market Environment for Fuel Cells 173
4 United States: Commercial Fuel Cell Demand 177
5 Canada: Market Environment for Fuel Cells 181
6 Canada: Commercial Fuel Cell Demand 183
7 Mexico: Market Environment for Fuel Cells 186
8 Mexico: Commercial Fuel Cell Demand 189
SECTION VI -- WESTERN EUROPE
1 Western Europe: Market Environment for Fuel Cells 195
2 Western Europe: Commercial Fuel Cell Demand 199
3 Germany: Market Environment for Fuel Cells 204
4 Germany: Commercial Fuel Cell Demand 207
5 United Kingdom: Market Environment for Fuel Cells 210
6 United Kingdom: Commercial Fuel Cell Demand 213
7 Spain: Market Environment for Fuel Cells 216
8 Spain: Commercial Fuel Cell Demand 218
9 France: Market Environment for Fuel Cells 222
10 France: Commercial Fuel Cell Demand 225
11 Italy: Market Environment for Fuel Cells 228
12 Italy: Commercial Fuel Cell Demand 230
13 Netherlands: Market Environment for Fuel Cells 233
14 Netherlands: Commercial Fuel Cell Demand 236
15 Other Western Europe: Market Environment for Fuel Cells 240
16 Other Western Europe: Commercial Fuel Cell Demand 243
SECTION VII -- ASIA/PACIFIC
1 Asia/Pacific: Market Environment for Fuel Cells 247
2 Asia/Pacific: Commercial Fuel Cell Demand 250
3 Japan: Market Environment for Fuel Cells 254
4 Japan: Commercial Fuel Cell Demand 257
5 South Korea: Market Environment for Fuel Cells 261
6 South Korea: Commercial Fuel Cell Demand 263
7 China: Market Environment for Fuel Cells 267
8 China: Commercial Fuel Cell Demand 270
9 India: Market Environment for Fuel Cells 274
10 India: Commercial Fuel Cell Demand 276
11 Taiwan: Market Environment for Fuel Cells 279
12 Taiwan: Commercial Fuel Cell Demand 282
13 Australia: Market Environment for Fuel Cells 285
14 Australia: Commercial Fuel Cell Demand 288
15 Other Asia/Pacific: Market Environment for Fuel Cells 291
16 Other Asia/Pacific: Commercial Fuel Cell Demand 294
SECTION VIII -- OTHER REGIONS
1 Central and South America: Market Environment for Fuel Cells 298
2 Central and South America: Commercial Fuel Cell Demand 301
3 Eastern Europe: Market Environment for Fuel Cells 305
4 Eastern Europe: Commercial Fuel Cell Demand 308
5 Russia: Market Environment for Fuel Cells 312
6 Russia: Commercial Fuel Cell Demand 314
7 Other Eastern Europe: Market Environment for Fuel Cells 317
8 Other Eastern Europe: Commercial Fuel Cell Demand 319
9 Africa/Mideast: Market Environment for Fuel Cells 323
10 Africa/Mideast: Commercial Fuel Cell Demand 327
SECTION IX -- INDUSTRY STRUCTURE
1 Fuel Cell-Related Revenues for Selected Companies, 2012 330
2 Research and Development Spending by Selected Fuel Cell
Companies, 2010-2012 339
3 Capital Spending by Selected Fuel Cell Companies, 2010-2012 342
4 Selected Cooperative Agreements 346
5 Selected Acquisitions and Divestitures 362

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 World Energy Production by Fuel, 2002-2022 28
2 World Fuel Cell System Costs, 2002-2022 48
SECTION III -- TECHNOLOGY
1 Basic Fuel Cell Construction 54
2 Gravimetric Energy Density of Various Power Conversion
and Storage Systems 73
SECTION IV -- WORLD SUPPLY and DEMAND
1 Relationship Between Per Capita Fuel Cell Demand
and Per Capita GDP, 2022 88
2 Total World Fuel Cell Spending by Region, 2022 92
3 World Commercial Fuel Cell Demand by Region, 2022 95
4 World Commercial Fuel Cell Demand by Chemistry, 2022 106
5 World Commercial Fuel Cell Demand by Application, 2022 126
6 World Commercial Fuel Cell Systems Demand
by Application, 2002-2022 129
SECTION V -- NORTH AMERICA
1 North America: Commercial Fuel Cell Demand
by Country, 2022 169
SECTION VI -- WESTERN EUROPE
1 Western Europe: Commercial Fuel Cell Demand
by Country, 2022 200
SECTION VII -- ASIA/PACIFIC
1 Asia/Pacific: Commercial Fuel Cell Demand
by Country, 2022 251
SECTION IX -- INDUSTRY STRUCTURE
1 World Fuel Cell Market Share, 2012 332

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