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 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.


TABLE OF CONTENTS

1 Summary Table
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

LIST OF TABLES & CHARTS:
1 World Gross Domestic Product by Region
2 World Per Capita Gross Domestic Product
by Region
3 World Population by Region
4 World Gross Fixed Investment by Region
5 World Manufacturing Value Added by Region
6 World Energy Production by Type
Cht World Energy Production by Type, 2000-2020
7 World Electric Power Generation by Region
8 World Motor Vehicle Production by Region
9 World Hybrid & Electric Light Vehicle
Demand by Region
10 World Electronic Product Shipments by Region
11 World Fuel Cell System Costs
Cht World Fuel Cell System Costs, 2000-2020

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

LIST OF TABLES & CHARTS:
Cht Basic Fuel Cell Construction
Cht Gravimetric Energy Density of Various Power
Conversion & Storage Systems
1 World Battery Demand by Region
2 World Internal Combustion Engine
Demand by Region
3 World Electric Power Generation Turbine
Demand by Region

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
Direct Methanol
Phosphoric Acid
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

LIST OF TABLES & CHARTS:
Cht Relationship Between Per Capita
Fuel Cell Demand & Per Capita
Gross Domestic Product, 2020
1 Total World Fuel Cell Spending by Type & Region
Cht Total World Fuel Cell Spending by Region, 2020
2 World Commercial Fuel Cell Demand by Region
Cht World Commercial Fuel Cell
Demand by Region, 2020
3 World Commercial Fuel Cell Demand by Product
4 World Commercial Fuel Cell Demand by Chemistry
Cht World Commercial Fuel Cell
Demand by Chemistry, 2020
5 World Commercial Proton-Exchange Membrane
Fuel Cell Demand by Application & Region
6 World Commercial Solid-Oxide Fuel Cell
Demand by Application & Region
7 World Commercial Molten Carbonate Fuel Cell
Demand by Application and Region
8 World Commercial Direct Methanol Fuel Cell
Demand by Application & Region
9 World Commercial Phosphoric Acid Fuel Cell
Demand by Application & Region
10 World Commercial Alkaline Fuel Cell
Demand by Application & Region
11 World Commercial Demand for Other Fuel Cell
Types by Application & Region
12 World Commercial Fuel Cell
Demand by Application
Cht World Commercial Fuel Cell
Demand by Application, 2020
13 World Commercial Fuel Cell Systems
Demand by Application
Cht World Commercial Fuel Cell Systems
Demand by Application, 2000-2020
14 World Commercial Electric Power Generation Fuel
Cell Demand by Chemistry, Region & Product
15 World Commercial Motor Vehicle Fuel Cell
Demand by Chemistry, Region & Product
16 World Commercial Demand for Fuel Cells
Used in Other Transportation Equipment
by Application, Chemistry, Region & Product
17 World Industrial Stationary & Motive Power
Fuel Cell Demand by Application,
Chemistry, Region & Product
18 World Commercial Portable Electronics Fuel Cell
Demand by Chemistry, Region & Product
19 World Commercial Demand for Fuel Cells
Used in Other Applications by Chemistry,
Region & Product
20 Selected International Fuel Cell Programs
NORT H AMERI CA
General
Fuel Cell Activity & Markets
Fuel Cell Outlook
United States
Canada
Mexico

LIST OF TABLES & CHARTS:
1 North America - Economic & Market Environment
2 North America - Commercial Fuel Cell Demand
Cht North America - Commercial Fuel Cell
Demand by Country, 2020
3 United States - Economic & Market Environment
4 United States - Commercial Fuel Cell Demand
5 Canada - Economic & Market Environment
6 Canada - Commercial Fuel Cell Demand
7 Mexico - Economic & Market Environment
8 Mexico - Commercial Fuel Cell Demand
WESTERN EURO PE
General
Fuel Cell Activity & Markets
Fuel Cell Outlook
Germany
United Kingdom
Italy
France
Netherlands
Spain
Other Western Europe

LIST OF TABLES & CHARTS:
1 Western Europe - Economic & Market Environment
2 Western Europe - Commercial Fuel Cell Demand
Cht Western Europe - Commercial Fuel Cell
Demand by Country, 2020
3 Germany - Economic & Market Environment
4 Germany - Commercial Fuel Cell Demand
5 United Kingdom - Economic & Market Environment
6 United Kingdom - Commercial Fuel Cell Demand
7 Italy - Economic & Market Environment
8 Italy - Commercial Fuel Cell Demand
9 France - Economic & Market Environment
10 France - Commercial Fuel Cell Demand
11 Netherlands - Economic & Market Environment
12 Netherlands - Commercial Fuel Cell Demand
13 Spain - Economic & Market Environment
14 Spain - Commercial Fuel Cell Demand
15 Other Western Europe - Economic
& Market Environment
16 Other Western Europe - Commercial
Fuel Cell Demand
ASIA/PACIFIC
General
Fuel Cell Activity & Markets
Fuel Cell Outlook
Japan
South Korea
China
India
Australia
Other Asia/Pacific

LIST OF TABLES & CHARTS:
1 Asia/Pacific - Economic & Market Environment
Cht Asia/Pacific - Commercial Fuel Cell
Demand by Country, 2020
3 Japan - Economic & Market Environment
4 Japan - Commercial Fuel Cell Demand
5 South Korea - Economic & Market Environment
6 South Korea - Commercial Fuel Cell Demand
7 China - Economic & Market Environment
8 China - Commercial Fuel Cell Demand
9 India - Economic & Market Environment
10 India - Commercial Fuel Cell Demand
11 Australia - Economic & Market Environment
12 Australia - Commercial Fuel Cell Demand
13 Other Asia/Pacific - Economic
& Market Environment
14 Other Asia/Pacific - Commercial Fuel Cell Demand
OT HER REGIO NS
Central & South America
Eastern Europe
Russia
Other Eastern Europe
Africa/Mideast

LIST OF TABLES & CHARTS:
1 Central & South America - Economic
& Market Environment
2 Central & South America - Commercial
Fuel Cell Demand
3 Eastern Europe - Economic & Market Environment
4 Eastern Europe - Commercial Fuel Cell Demand
5 Russia - Economic & Market Environment
6 Russia - Commercial Fuel Cell Demand
7 Other Eastern Europe - Economic
& Market Environment
8 Other Eastern Europe - Commercial
Fuel Cell Demand
9 Africa/Mideast - Economic & Market Environment
10 Africa/Mideast - Commercial Fuel Cell Demand

INDUSTRY STRUCTURE
General
Industry Composition
Market Share
Research & Product Development
Manufacturing
Marketing & Distribution
Cooperative Agreements
Financial Requirements
Acquisitions & Divestitures

LIST OF TABLES & CHARTS:
1 Fuel Cell-Related Revenues for
Selected Companies, 2010
Cht World Fuel Cell Market Share by Company, 2010
2 Research & Development Spending by Selected
Fuel Cell Companies, 2008-2010
3 Selected Cooperative Agreements
4 Selected Acquisitions & Divestitures

Company Profiles