• Japanese
  • Korean
  • Chinese
Cover Image

World Fuel Cells

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 Freedonia industry study, World Fuel Cells, 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

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

  • General
  • World Economic Overview
    • Recent Historical Trends
    • World 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/Microgrids
    • 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 Efficiency
  • Fuel Cell Chemistries
    • Alkaline
    • Molten Carbonate
    • Phosphoric Acid
    • Proton Exchange Membrane
    • Direct Methanol
    • Solid Oxide
    • Other Chemistries
  • 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 Chemistries
  • Demand by Application
    • Application Demand Measured by Revenues
  • Application Demand Measured in Units
  • Electric Power Generation
    • Demand by Application, Chemistry, and Product
      • Micro-Power Generation
      • Other Electric Power Generation
    • Demand by Region
      • North America
  • Industrial Stationary & Motive Power
    • Demand by Application, Chemistry, and Product
      • Industrial Stationary Power
      • Motive Power
    • Demand by Region
  • Motor Vehicles
    • Demand by Chemistry and Product
    • Demand by Region
  • Other Transportation Equipment
    • Demand by Application, Chemistry, & Product
      • Ships & Boats
      • All Other Transportation Equipment
    • Demand by Region
  • Portable Electronics
    • Demand by Chemistry & Product
    • Demand by Region
  • Other Applications
    • Demand by Chemistry & Product
    • Demand by Region
  • World Fuel Cell Production
  • International Trade Flows & Multinational Investment

V. NORTH AMERICA

  • General
  • Fuel Cell Activity & Markets
  • Fuel Cell Outlook & Suppliers
  • United States
  • Canada
  • Mexico

VI. WESTERN EUROPE

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

VII. ASIA/PACIFIC

  • General
  • Fuel Cell Activity & Markets
  • Fuel Cell Outlook & Suppliers
  • Japan
  • South Korea
  • China
  • India
  • Taiwan
  • 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
  • Research & Product Development
  • Manufacturing
  • Marketing & Distribution
  • Cooperative Agreements
  • Financial Requirements
  • Acquisitions & Divestitures

COMPANY PROFILES

  • Acumentrics Corporation
  • Air Liquide Group
  • Altergy Systems
  • Angstrom Power, see Société BIC
  • AREVA Group
  • Axane, see Air Liquide Group
  • Ballard Power Systems Incorporated
  • BIC Group, see Société BIC
  • Bloom Energy Corporation
  • Bridgeport Fuel Cell Park, see FuelCell Energy
  • Cellkraft AB
  • Ceramic Fuel Cells Limited
  • ClearEdge Power Incorporated
  • Daimler AG
  • Electro Power Systems SpA
  • Ford Motor Company
  • FuelCell Energy Incorporated
  • FuelCellPower Incorporated
  • General Motors Company
  • Helion, see AREVA Group
  • Hess Corporation
  • Honda Motor Company Limited
  • Horizon Fuel Cell Technologies Private Limited
  • Hydrogenics Corporation
  • HyPulsion, see Air Liquide Group and Plug Power
  • Hyundai Motor Company
  • Intelligent Energy Holdings plc
  • IRD Fuel Cell A/S
  • Johnson Matthey plc
  • JX Holdings Incorporated
  • Kia Motors, see Hyundai Motor
  • Lilliputian Systems Incorporated
  • myFC AB
  • NuCellSys, see Daimler
  • Nuvera Fuel Cells, see Hess
  • Osaka Gas Company Limited
  • Panasonic Corporation
  • Plug Power Incorporated
  • Protonex Technology Corporation
  • Quantum Fuel Systems Technologies
  • Worldwide Incorporated
  • ReliOn, see Plug Power
  • Serenergy A/S
  • SFC Energy AG
  • Siemens AG
  • Société BIC
  • Sunrise Power Company Limited
  • Teledyne Technologies Incorporated
  • Tokyo Gas Company Limited
  • Toshiba Corporation
  • Toyota Motor Corporation
  • Toyota Tsusho Air Liquide Hydrogen Energy, see Air Liquide Group
  • United Technologies Corporation
  • UTC Power, see ClearEdge Power
  • Versa Power Systems, see FuelCell Energy
  • 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 Gross Domestic Product by Region
  • World Population by Region
  • World Gross Fixed Investment by Region
  • World Manufacturing Value Added by Region
  • World Energy Production By Fuel
  • World Electric Power Generation by Region
  • World Motor Vehicle Production by Type & Region
  • World Hybrid & Electric Light Vehicle Production by Type & 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 Application, Chemistry, & Product
  • World Commercial Electric Power Generation Fuel Cell Demand 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 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 Portable Electronics Fuel Cell Demand by Chemistry & Product
  • World Commercial Portable Electronics Fuel Cell Demand by Region
  • World Commercial 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: Market Environment for Fuel Cells
  • North America: Commercial Fuel Cell Demand
  • United States: Market Environment for Fuel Cells
  • United States: Commercial Fuel Cell Demand
  • Canada: Market Environment for Fuel Cells
  • Canada: Commercial Fuel Cell Demand
  • Mexico: Market Environment for Fuel Cells
  • Mexico: Commercial Fuel Cell Demand

SECTION VI -- WESTERN EUROPE

  • Western Europe: Market Environment for Fuel Cells
  • Western Europe: Commercial Fuel Cell Demand
  • Germany: Market Environment for Fuel Cells
  • Germany: Commercial Fuel Cell Demand
  • United Kingdom: Market Environment for Fuel Cells
  • United Kingdom: Commercial Fuel Cell Demand
  • Spain: Market Environment for Fuel Cells
  • Spain: Commercial Fuel Cell Demand
  • France: Market Environment for Fuel Cells
  • France: Commercial Fuel Cell Demand
  • Italy: Market Environment for Fuel Cells
  • Italy: Commercial Fuel Cell Demand
  • Netherlands: Market Environment for Fuel Cells
  • Netherlands: Commercial Fuel Cell Demand
  • Other Western Europe: Market Environment for Fuel Cells
  • Other Western Europe: Commercial Fuel Cell Demand

SECTION VII -- ASIA/PACIFIC

  • Asia/Pacific: Market Environment for Fuel Cells
  • Asia/Pacific: Commercial Fuel Cell Demand
  • Japan: Market Environment for Fuel Cells
  • Japan: Commercial Fuel Cell Demand
  • South Korea: Market Environment for Fuel Cells
  • South Korea: Commercial Fuel Cell Demand
  • China: Market Environment for Fuel Cells
  • China: Commercial Fuel Cell Demand
  • India: Market Environment for Fuel Cells
  • India: Commercial Fuel Cell Demand
  • Taiwan: Market Environment for Fuel Cells
  • Taiwan: Commercial Fuel Cell Demand
  • Australia: Market Environment for Fuel Cells
  • Australia: Commercial Fuel Cell Demand
  • Other Asia/Pacific: Market Environment for Fuel Cells
  • Other Asia/Pacific: Commercial Fuel Cell Demand

SECTION VIII -- OTHER REGIONS

  • Central & South America: Market Environment for Fuel Cells
  • Central & South America: Commercial Fuel Cell Demand
  • Eastern Europe: Market Environment for Fuel Cells
  • Eastern Europe: Commercial Fuel Cell Demand
  • Russia: Market Environment for Fuel Cells
  • Russia: Commercial Fuel Cell Demand
  • Other Eastern Europe: Market Environment for Fuel Cells
  • Other Eastern Europe: Commercial Fuel Cell Demand
  • Africa/Mideast: Market Environment for Fuel Cells
  • Africa/Mideast: Commercial Fuel Cell Demand

SECTION IX -- INDUSTRY STRUCTURE

  • Fuel Cell-Related Revenues for Selected Companies, 2012
  • Research & Development Spending by Selected Fuel Cell Companies, 2010-2012
  • Capital Spending by Selected Fuel Cell Companies, 2010-2012
  • Selected Cooperative Agreements
  • Selected Acquisitions & Divestitures

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT

  • World Energy Production by Fuel, 2002-2022
  • World Fuel Cell System Costs, 2002-2022

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, 2022
  • Total World Fuel Cell Spending by Region, 2022
  • World Commercial Fuel Cell Demand by Region, 2022
  • World Commercial Fuel Cell Demand by Chemistry, 2022
  • World Commercial Fuel Cell Demand by Application, 2022
  • World Commercial Fuel Cell Systems Demand by Application, 2002-2022

SECTION V -- NORTH AMERICA

  • North America: Commercial Fuel Cell Demand by Country, 2022

SECTION VI -- WESTERN EUROPE

  • Western Europe: Commercial Fuel Cell Demand by Country, 2022

SECTION VII -- ASIA/PACIFIC

  • Asia/Pacific: Commercial Fuel Cell Demand by Country, 2022

SECTION IX -- INDUSTRY STRUCTURE

  • World Fuel Cell Market Share, 2012
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