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World Fuel Cells to 2015

Global commercial demand to more than triple by 2020

Global fuel cell spending is forecast to climb 10.9 percent annually to $10.3 billion in 2015 and total $19.2 billion in 2020. Commercial demand for fuel cell products and services will more than triple to $2.9 billion in 2015 and then triple again to $9.4 billion in 2020, when it will account for nearly half of all outlays. Market gains will be driven by continuing technological advances, helping bring costs down to competitive levels in a growing number of applications, and bolstered by improved economies of scale as fuel cell manufacturers increase production.

Portable fuel cell systems to become dominant types

Commercial sales of fuel cell systems will expand exponentially in unit terms. Although gains are projected to be strong for most fuel cell applications, virtually all of this increase will be attributable to an explosion in sales of portable fuel cell systems, which are expected to account for 97 percent of all unit demand in 2020. The market for portable electronics fuel cells, most of which are currently utilized in niche applications like defense and educational toys, will be spurred by user frustration over the shortcomings of batteries as a power source, and declining costs will help make fuel cells an affordable alternative source of portable power.

Motor vehicle fuel cells to be most valuable market

Although fuel cells used in motor vehicle applications will account for less than details on any study visit one-half of one percent of the total number of systems sold in 2020, they will make up the largest single share of demand in dollar terms. A number of major automakers have announced plans to begin offering fuel cell vehicles commercially in 2015 or before, and sales are forecast to ramp up from what are currently extremely modest levels, consisting predominantly of revenues generated from the sale of products and services associated with prototyping, demonstration and test marketing. With a number of products already on the market, electric power generation applications accounted for well over half of all commercial fuel cell demand in 2010. Electric power generation-related fuel cell sales will continue to grow at a brisk pace through 2020, benefitting from the relatively low hurdles that this equipment has to overcome to achieve cost competitiveness and its much greater fuel efficiency compared to conventional power generation methods.

PEM types, DMFCs to offer best product opportunities

Proton-exchange membrane (PEM) fuel cells are by far the most widely used, and they will strengthen their dominant market position over the next decade. More organizations are working to develop and market PEM systems than any other single fuel cell chemistry, which will help boost demand as additional PEM products are introduced. However, demand for direct methanol fuel cells (DMFCs) will expand at a faster rate through 2020. DMFCs can extract hydrogen from methanol without the need for a reformer, making them highly suitable for powering small electronic devices where a reformer would add unwanted bulk. Sales of hightemperature solid-oxide and molten carbonate fuel cells are also projected to climb rapidly because of their ability to use multiple fuels and their high energy efficiency, which can exceed 80 percent if excess heat generated is recaptured for cogeneration purposes.

Study coverage

Details on these and other key findings are contained in a new Freedonia industry study, “World Fuel Cells”, presents historical demand data 2000, 2005 and 2010) plus forecasts for 2015 and 2020 by product, chemistry, application, world region and for 15 countries. The study also considers key market environment factors, assesses industry structure, evaluates company market share and profiles 37 industry competitors worldwide.

Table of Contents

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

  • General
  • World Economic Overview
    • Recent Economic Performance
    • Economic Outlook
    • Personal Income & Expenditure Trends
  • World Population Outlook
  • Gross Fixed Investment & Manufacturing Trends
    • World Gross Fixed Investment Outlook
    • World Manufacturing Outlook
  • Fuel Cell Infrastructure
    • World Energy & Power Generation Outlook
      • Energy Supply & Demand
      • Electric Power Generation
      • Distributed Power/Micropower
    • World Motor Vehicle Outlook
      • Motor Vehicle Production Trends
      • Hybrid & Electric Vehicle Outlook
    • World Electronics Sector Outlook
    • Government/Institutional Trends
  • Fuel Cell Cost/Pricing Dynamics
  • Environmental & Regulatory Issues

III. TECHNOLOGY

  • General
  • Basic Electrical Properties
  • Fuel Cell Construction & Operation
  • Fuel Cell Chemistries
    • Alkaline
    • Molten Carbonate
    • Phosphoric Acid
    • Proton-Exchange Membrane
    • Direct Methanol
    • Solid-Oxide
    • Other
  • Hydrogen Fuel Sources
  • Fuel Cell Materials
    • Catalysts
    • Electrodes, Electrolytes & Plates
    • Nanotechnology
  • Alternate Sources of Power
    • Batteries
    • Internal Combustion Engines
    • Turbines & Microturbines
    • Other Sources of Power

IV. WORLD SUPPLY & DEMAND

  • General
  • World Fuel Cell Markets
    • Regional Demand Dynamics
      • Total Fuel Cell Spending
      • Commercial Fuel Cell Demand
    • Demand by Product
      • Systems
      • Fuels
      • Electronic Devices
      • Other Products & Services
    • Demand by Chemistry
      • Proton-Exchange Membrane
      • Solid-Oxide
      • Molten Carbonate
      • Phosphoric Acid
      • Direct Methanol
      • Alkaline
      • Other
    • Demand by Application
      • Electric Power Generation
      • Motor Vehicles
    • Other Transportation Equipment
      • Ships & Boats
      • All Other
    • Industrial Stationary & Motive Power
      • Industrial Stationary Power
      • Motive Power
    • Portable Electronics
    • Other
  • World Fuel Cell Production
  • International Trade Flows & Multinational Investment

V. NORTH AMERICA

  • North America: General
    • North America: Fuel Cell Activity & Markets
    • North America: Fuel Cell Outlook
  • United States
  • Canada
  • Mexico

VI. WESTERN EUROPE

  • Western Europe: General
    • Western Europe: Fuel Cell Activity & Markets
    • Western Europe: Fuel Cell Outlook
  • Germany
  • United Kingdom
  • Italy
  • France
  • Netherlands
  • Spain
  • Other Western Europe

VII. ASIA/PACIFIC

  • Asia/Pacific: General
    • Asia/Pacific: Fuel Cell Activity & Markets
    • Asia/Pacific: Fuel Cell Outlook
  • Japan
  • South Korea
  • China
  • India
  • Australia
  • Other Asia/Pacific

VIII. OTHER REGIONS

  • Central & South America
  • Eastern Europe
    • Russia
    • Other Eastern Europe
  • Africa/Mideast

IX. INDUSTRY STRUCTURE

  • General
  • Industry Composition
  • Market Share
    • Panasonic
    • UTC Power
    • FuelCell Energy
    • Bloom Energy
    • Toshiba
    • Ballard Power Systems
    • ENEOS CellTech
    • Other Companies
  • Research & Product Development
  • Manufacturing
  • Marketing & Distribution
  • Cooperative Agreements
  • Financial Requirements
  • Acquisitions & Divestitures

COMPANY PROFILES

  • Acumentrics Corporation
  • Altergy Systems
  • AREVA Group
  • Automotive Fuel Cell Cooperation, see Ballard Power
  • Systems, Daimler and Ford Motor
  • AXANE, see L' Air Liquide
  • Ballard Power Systems Incorporated
  • Bloom Energy Corporation
  • Bridgeport Fuel Cell Park, see FuelCell Energy
  • Cell Impact, see Morphic Technologies
  • Ceramic Fuel Cells Limited
  • ClearEdge Power Incorporated
  • Daimler AG
  • Dantherm Power A/S, see Ballard Power Systems
  • Electro Power Systems SpA
  • ENEOS CellTech, see JX Holdings and Panasonic
  • Exergy Fuel Cells, see Morphic Technologies
  • Ford Motor Company
  • FuelCell Energy Incorporated
  • FuelCellPower Incorporated
  • General Motors Company
  • Helion, see AREVA Group
  • Honda Motor Company Limited
  • Horizon Fuel Cell Technologies Pte Limited
  • Hydrogenics Corporation
  • Hyundai Motor Company
  • IdaTech plc
  • Intelligent Energy Holdings plc
  • Jadoo Power Systems Incorporated
  • Johnson Matthey plc
  • JX Holdings Incorporated
  • L' Air Liquide SA
  • Morphic Technologies AB
  • Nippon Oil, see JX Holdings
  • NuCellSys, see Daimler
  • Nuvera Fuel Cells Incorporated
  • Panasonic Corporation
  • Plug Power Incorporated
  • Protonex Technology Corporation
  • Quantum Fuel Systems Technologies Worldwide
  • Incorporated
  • ReliOn Incorporated
  • SFC Energy AG
  • Siemens AG
  • Sunrise Power Company Limited
  • Teledyne Technologies Incorporated
  • Toshiba Corporation
  • Toyota Motor Corporation
  • United Technologies Corporation
  • Other Companies Mentioned in Study

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

  • Summary Table

SECTION II -- MARKET ENVIRONMENT

  • World Gross Domestic Product by Region
  • World Per Capita GDP by Region
  • World Population by Region
  • World Gross Fixed Investment by Region
  • World Manufacturing Value Added by Region
  • World Energy Production by Type
  • World Electric Power Generation by Region
  • World Motor Vehicle Production by Type & Region
  • World Hybrid & Electric Light Vehicle Demand by Region
  • World Electronic Product Shipments by Region
  • World Fuel Cell System Costs

SECTION III -- TECHNOLOGY

  • World Battery Demand by Region
  • World Internal Combustion Engine Demand by Region
  • World Electric Power Generation Turbine Demand by Region

SECTION IV -- WORLD SUPPLY & DEMAND

  • Total World Fuel Cell Spending by Type & Region
  • World Commercial Fuel Cell Demand by Region
  • World Commercial Fuel Cell Demand by Product
  • World Commercial Fuel Cell Demand by Chemistry
  • World Commercial Proton-Exchange Membrane Fuel Cell Demand by Application & Region
  • World Commercial Solid-Oxide Fuel Cell Demand by Application & Region
  • World Commercial Molten Carbonate Fuel Cell Demand by Application & Region
  • World Commercial Phosphoric Acid Fuel Cell Demand by Application & Region
  • World Commercial Direct Methanol Fuel Cell Demand by Application & Region
  • World Commercial Alkaline Fuel Cell Demand by Application & Region
  • World Commercial Demand for Other Fuel Cell Types by Application & Region
  • World Commercial Fuel Cell Demand by Application
  • World Commercial Fuel Cell Systems Demand by Application
  • World Commercial Electric Power Generation Fuel Cell Demand by Chemistry & Product
  • World Commercial Electric Power Generation Fuel Cell Demand by Region
  • World Commercial Motor Vehicle Fuel Cell Demand by Chemistry & Product
  • World Commercial Motor Vehicle Fuel Cell Demand by Region
  • World Demand for Fuel Cells Used in Other Transportation Equipment by Application, Chemistry & Product
  • World Demand for Fuel Cells Used in Other Transportation Equipment by Region
  • World Commercial Industrial Stationary & Motive Power
  • Fuel Cell Demand by Application, Chemistry & Product
  • World Commercial Industrial Stationary & Motive Power
  • Fuel Cell Demand by Region
  • World Commercial Portable Electronics Fuel Cell Demand by Chemistry & Product
  • World Commercial Portable Electronics Fuel Cell Demand by Region
  • World Demand for Fuel Cells Used in Other Applications by Chemistry & Product
  • World Commercial Demand for Fuel Cells Used in Other
  • Applications by Region
  • Selected International Fuel Cell Programs

SECTION V -- NORTH AMERICA

  • North America - Economic & Market Environment
  • North America - Commercial Fuel Cell Demand
  • United States - Economic & Market Environment
  • United States - Commercial Fuel Cell Demand
  • Canada - Economic & Market Environment
  • Canada - Commercial Fuel Cell Demand
  • Mexico - Economic & Market Environment
  • Mexico - Commercial Fuel Cell Demand

SECTION VI -- WESTERN EUROPE

  • Western Europe - Economic & Market Environment
  • Western Europe - Commercial Fuel Cell Demand
  • Germany - Economic & Market Environment
  • Germany - Commercial Fuel Cell Demand
  • United Kingdom - Economic & Market Environment
  • United Kingdom - Commercial Fuel Cell Demand
  • Italy - Economic & Market Environment
  • Italy - Commercial Fuel Cell Demand
  • France - Economic & Market Environment
  • France - Commercial Fuel Cell Demand
  • Netherlands - Economic & Market Environment
  • Netherlands - Commercial Fuel Cell Demand
  • Spain - Economic & Market Environment
  • Spain - Commercial Fuel Cell Demand
  • Other Western Europe - Economic & Market Environment
  • Other Western Europe - Commercial Fuel Cell Demand

SECTION VII -- ASIA/PACIFIC

  • Asia/Pacific - Economic & Market Environment
  • Asia/Pacific - Commercial Fuel Cell Demand
  • Japan - Economic & Market Environment
  • Japan - Commercial Fuel Cell Demand
  • South Korea - Economic & Market Environment
  • South Korea - Commercial Fuel Cell Demand
  • China - Economic & Market Environment
  • China - Commercial Fuel Cell Demand
  • India - Economic & Market Environment
  • India - Commercial Fuel Cell Demand
  • Australia - Economic & Market Environment
  • Australia - Commercial Fuel Cell Demand
  • Other Asia/Pacific - Economic & Market Environment
  • Other Asia/Pacific - Commercial Fuel Cell Demand

SECTION VIII -- OTHER REGIONS

  • Central & South America - Economic & Market Environment
  • Central & South America - Commercial Fuel Cell Demand
  • Eastern Europe - Economic & Market Environment
  • Eastern Europe - Commercial Fuel Cell Demand
  • Russia - Economic & Market Environment
  • Russia - Commercial Fuel Cell Demand
  • Other Eastern Europe - Economic & Market Environment
  • Other Eastern Europe - Commercial Fuel Cell Demand
  • Africa/Mideast - Commercial & Market Environment
  • Africa/Mideast - Commercial Fuel Cell Demand

SECTION IX -- INDUSTRY STRUCTURE

  • Fuel Cell-Related Revenues for Selected Companies, 2010
  • Research & Development Spending by Selected Fuel Cell
  • Companies, 2008-2010
  • Selected Cooperative Agreements
  • Selected Acquisitions & Divestitures

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT

  • World Energy Production by Type, 2000-2020
  • World Fuel Cell System Costs, 2000-2020

SECTION III -- TECHNOLOGY

  • Basic Fuel Cell Construction
  • Gravimetric Energy Density of Various Power Conversion & Storage Systems

SECTION IV -- WORLD SUPPLY & DEMAND

  • Relationship Between Per Capita Fuel Cell Demand & Per Capita GDP, 2020
  • Total World Fuel Cell Spending by Region, 2020
  • World Commercial Fuel Cell Demand by Region, 2020
  • World Commercial Fuel Cell Demand by Chemistry, 2020
  • World Commercial Fuel Cell Demand by Application, 2020
  • World Commercial Fuel Cell Systems Demand by Application, 2000-2020

SECTION V -- NORTH AMERICA

  • North America - Commercial Fuel Cell Demand by Country, 2020

SECTION VI -- WESTERN EUROPE

  • Western Europe - Commercial Fuel Cell Demand by Country, 2020

SECTION VII -- ASIA/PACIFIC

  • Asia/Pacific - Commercial Fuel Cell Demand by Country, 2020

SECTION IX -- INDUSTRY STRUCTURE

  • World Fuel Cell Market Share by Company, 2010
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