Fuel Cells - Global Strategic Business Report

Fuel Cells - Global Strategic Business Report

Global Industry Analysts, Date of Publication: Apr 17, 2018, 418 Pages
US$4,950.00
GIA-MCP1071

This report analyzes the worldwide markets for Fuel Cells in US$ Thousand by the following Product Segments: Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel Cells.

The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Annual estimates and forecasts are provided for the period 2016 through 2024. Also, a five-year historic analysis is provided for these markets. Market data and analytics are derived from primary and secondary research. Company profiles are primarily based on public domain information including company URLs.

The report profiles 72 companies including many key and niche players such as -

  • Atrex Energy, Inc. (USA)
  • AFC Energy Plc (UK)
  • Air Liquide S.A. (France)
  • Apollo Energy Systems, Inc. (USA)
  • Ballard Power Systems, Inc. (Canada)
  • Protonex Technology Corporation (USA)
  • Bloom Energy Corporation (USA)
  • Ceres Power Holdings plc (UK)
  • Doosan Fuel Cell America, Inc. (USA)
  • FuelCell Energy, Inc. (USA)
  • Horizon Fuel Cell Technologies Pte Ltd. (Singapore)
  • Hydrogenics Corporation (Canada)
  • ITM Power Plc (UK)
  • Mitsubishi Heavy Industries Ltd. (Japan)
  • Nuvera Fuel Cells, LLC (USA)
  • Plug Power Inc. (USA)
  • Proton OnSite (USA)
  • SFC Energy AG (Germany)
  • Siemens Industry, Inc. (USA)
  • Teledyne Energy Systems, Inc. (USA)
  • UltraCell LLC (USA)

Fuel Cells - Global Strategic Business Report
TABLE OF CONTENTS

 I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

      Study Reliability and Reporting Limitations                       I-1
      Disclaimers                                                       I-2
      Data Interpretation & Reporting Level                             I-2
       Quantitative Techniques & Analytics                              I-3
      Product Definitions and Scope of Study                            I-3
       Phosphoric Acid Fuel Cells (PAFC)                                I-3
       Molten Carbonate Fuel Cells (MCFC)                               I-4
       Alkaline Fuel Cells (AFC)                                        I-4
       Solid Oxide Fuel Cells (SOFC)                                    I-4
       Proton Exchange Membrane Fuel Cells (PEMFC)                      I-4
       Other Fuel Cells (Includes Direct Methanol Fuel Cells (DMFC)
        among Others)                                                   I-4


 II. EXECUTIVE SUMMARY

  1. INDUSTRY OVERVIEW                                                  II-1
      Fuel Cells: Clean, Efficient, Reliable and Eco-friendly
       Alternative to Conventional Petroleum-based Fuels                II-1
      Need for Sustainable Solutions from Varied Application Drives
       Fuel Cells Market                                                II-1
       Market Outlook                                                   II-3
      Polymer Electrolyte Membrane Fuel Cell Dominates Fuel Cells
       Market                                                           II-5
      Stationary and Transport Applications Lead the Fuel Cells Market  II-6
       Table 1: Global Fuel Cells Market by Application (2017):
       Percentage Breakdown of Unit Shipments for Portable,
       Stationary and Transport Applications (includes corresponding
       Graph/Chart)                                                     II-7
      Developed Economies at the Forefront of Innovation and
       Adoption of Fuel Cells-based Applications                        II-8
      Asia-Pacific Emerges as a Promising Region for Fuel Cell
       Technology Adoption                                              II-9
      Cost Reductions to Benefit Market Growth                          II-10
      Fuel Cell Capacity Continues to Grow at a Steady Pace             II-11
       Table 2: Global Fuel Cells Market by Application - Breakdown
       of Capacity Added (MW) by Portable, Stationary and Transport
       Applications for the Years 2013, 2015 and 2017 (includes
       corresponding Graph/Chart)                                       II-12

       Table 3: Global Fuel Cells Market by Region - Breakdown of
       Capacity Added (MW) by Asia, Europe, North America and Rest
       of World for the Years 2013, 2015 and 2017 (includes
       corresponding Graph/Chart)                                       II-12

       Table 4: Global Fuel Cells Market by Region - Breakdown of
       Capacity Added (MW) by MCFC, PAFC, PEMFC, SOFC and Others for
       the Years 2013, 2015 and 2017 (includes corresponding
       Graph/Chart)                                                     II-13

  2. COMPETITIVE LANDSCAPE                                              II-14
      Fuel Cells: A Fairly Competitive Market                           II-14
       Table 5: Revenues of Select Publicly Traded Fuel Cell
       Companies for 2016 and 2017 (In $ Million) (includes
       corresponding Graph/Chart)                                       II-15
      Financial Pressures Affect Prospects of Industry Participants     II-15
      Despite Financial Stress, Investments Continue to Pour in for
       Few Market Players                                               II-15
      Flurry of Collaborations & Partnerships Drives Innovation         II-16

  3. MARKET TRENDS, DRIVERS & ISSUES                                    II-17
      The Visions of an All-Hydrogen Economy Drives Interest in Fuel
       Cells                                                            II-17
      Government Support Critical for Promoting Adoption of Fuel
       Cell Technology                                                  II-18
      Auto Industry Banks on Fuel Cells as a Sustainable Fuel
       Technology of the Future                                         II-19
       Table 6: Global Hydrogen Fuel Cell Vehicles Market:
       Percentage Breakdown of Number of Vehicles Sold by
       Manufacturer during the Period 2013-2017 (includes
       corresponding Graph/Chart)                                       II-21
       FCEVs Emerge as Solutions to Address Climate Change and Air
        Pollution Problems                                              II-21
       FCEV Targets Set by the Hydrogen Council for the Years 2030
        and 2050                                                        II-22
       Development Efforts Gain Momentum in the Auto Industry           II-23
       Growing Prominence of China in FCEVs Market                      II-23
       Deployments of Fuel Cell Electric Bus (FCEB) Continue to Gain
        Momentum                                                        II-24
        USA - Demonstrations in Full Flow                               II-24
        Europe - Focus on Eliminating Diesel Use Gives Impetus to
         FCEBs Market                                                   II-24
        Asia - China Leads with Ambitious Plans for FCEB Deployments    II-25
       Growing Need to Reduce Emissions Kindles Efforts to
        Commercialize Fuel Cell Heavy Trucks                            II-25
       Fuel Cells Find Niche Applications in 2-Stroke Engine
        Motorcycles                                                     II-26
       Hydrogen Refueling Infrastructure: Critical for the Success
        of FCVs                                                         II-26
        Table 7: Number Of Public And Private Hydrogen Refueling
        Stations By Region/Country (As of Feb 2018) (includes
        corresponding Graph/Chart)                                      II-27

        Table 8: Top 3 Countries in Terms of Number of Public
        Hydrogen Refueling Stations (As of Feb 2018) (includes
        corresponding Graph/Chart)                                      II-28
        Select Hydrogen Infrastructure Development Programs             II-28
         H2Mobility in Germany                                          II-28
         UKH2Mobility in the UK                                         II-28
         Scandinavian H2 Highway Partnership (SHHP)                     II-28
       Focus on Enhancing Durability and Lowering Cost of Fuel Cells
        Increases                                                       II-29
       High Costs: The Achilles Heel of Hydrogen Fuel Cells             II-29
       Competition                                                      II-30
      Hydrogen Fuel Cells for Motorbikes - An Opportunity to Tap        II-30
      Fuel Cell-Powered Trains and Trams - An Area of Tremendous
       Potential for Fuel Cell Industry Participants                    II-32
      Material Handling: The Most Successful Vehicle Application of
       Fuel Cells                                                       II-33
      Marine Sector - A Nascent yet Promising Application of Fuel Cells II-34
       Need for Alternative Propulsion Solutions Drives Demand for
        Fuel Cells in Marine Vessels Market                             II-34
       Potential Use of Fuel Cell Technology in Cruise Ships            II-35
      Expanding Applications in the Military Sector Augur Well for
       the Market                                                       II-36
       A Glance at Use of Fuel Cell Systems in Select Military
        Applications                                                    II-36
        Soldier Power                                                   II-36
        Submarines                                                      II-37
        Unmanned Aerial Vehicles (UAVs) and Drones                      II-37
       Fuel Cells Power up Drones                                       II-38
      Strong Demand for Portable Electronic Devices to Spur
       Opportunities for Portable Fuel Cells                            II-38
      Environmental Benefits Drive Adoption of Fuel Cells in the
       Power Sector                                                     II-40
       Growing Interest in Distributed Fuel Cell Generation Systems
        to Benefit Stationary Fuel Cells                                II-41
       Fuel Cells to Provide Backup Power in Industrial Settings        II-41
       Fuel Cells Operating at Mid-Range Temperature to Benefit
        Renewable Power                                                 II-42
      Exploring Potential Use of Fuel Cells in Carbon Capture Efforts   II-43
      Aircraft Manufacturers Take a Closer Look at Fuel-Efficient
       and Eco-Friendly Fuel Cells                                      II-43
       Table 9: Global Aircraft Fuel Cells Market by Region (2017E):
       Percentage Breakdown of Revenues for Americas, Asia-Pacific
       and EMEA (includes corresponding Graph/Chart)                    II-44
       Favorable Policies and Mandates Foster Growth of Aircraft
        Fuel Cells Market                                               II-45
       Asia-Pacific Promises Growth in Aircraft Fuel Cells Market       II-45
      Fuel Cells for Data Center Market to Witness Notable Expansion    II-46
      Fuel Cell Electrolyte Market to Gain from Rising Adoption of
       Fuel Cells                                                       II-46
      Market to See Rise in Shipments of Fuel Cell APUs                 II-47
      Shipment of Fuel Cells with Islanding Capability to Increase      II-47
      Stationary Fuel Cells Market - Japan and Korea Lead
       Commercialization Efforts                                        II-48
       Table 10: Unsubsidized Price (in US$ Per kWe) of ENE-FARM PEM
       Fuel Cells in Japan (includes corresponding Graph/Chart)         II-49
       Telecom Industry Moving towards Stationary Fuel Cells for
        Backup Power                                                    II-50
       Stationary Fuel Cells Gather Steam in Backup and UPS
        Stationary Applications                                         II-50
       Residential Sector Drives Demand for Stationary Fuel Cells       II-51
       Stationary and Distributed Energy Applications Garner Attention  II-51
      MFCs - Promising Future Ahead                                     II-51
       Technological Benefits Continue to Propel Micro Fuel Cells
        Market                                                          II-52
      Direct Methanol Fuel Cell Preferred Choice for Portable Devices   II-52
      Broader Adoption in Key Applications Fuels PEM Fuel Cells Market  II-53
      Alkaline Fuel Cell Market Heading for Massive Gains               II-54
      SOFCs: A Technology of Interest to the Developed Countries        II-55
       Table 11: Global SOFC Market by Application (2017E):
       Percentage Breakdown of Revenues by Portable, Stationary, and
       Transportation Sectors (includes corresponding Graph/Chart)      II-56
       Key Applications of SOFCs                                        II-56
       SOFCs Takes On Competition from Market Leader PEMFC Head On      II-57
       SOFCs Gather Momentum in Stationary Cogeneration/CHP Deployments II-58
       SOFCs: Ideal for Distributed Power Generation                    II-58
       Technological Developments Widen Scope of Applications for SOFCs II-58
      Planar Solid Oxide Fuel Cell Market - An Overview                 II-59
      Technology Innovations and Research Efforts in Fuel Cell
       Market - A Review of Select Developments                         II-60
       Innovative Fuel cell Technology to Improve Carbon Fuel
        Utilization in DCFCs                                            II-60
       Participants Optimize AFC Technology for Commercial Applications II-60
       Self-Healing Membrane to Potentially Extend Hydrogen Fuel
        Cells’ Life                                                     II-61
       Researchers Develop Pajarito Powder for Hydrogen Fuel Cells      II-61
       New Nanomaterial to Allow Cost-Efficient Production of
        Hydrogen for Fuel Cell Cars                                     II-62
       Researchers at NETL Develop Innovative Method to Improve SOFC
        Performance                                                     II-62
       New Technique to Fabricate Advanced SOFC Electrodes              II-63
       Green Hydrogen Fuel Cell Box to Cut Harmful Emissions            II-63
       Advances in Nanotechnology Enables More Efficient Fuel Cell
        Applications                                                    II-63
      Raw Material Prices: A Review                                     II-64
       Important Materials Used in Fuel Cells and Batteries             II-65
      Catalysts, Performance Additives to Register Rapid Gains          II-65

  4. PRODUCT OVERVIEW                                                   II-66
      Definition                                                        II-66
      Basic Principle                                                   II-66
       Table 12: Cost Structure of Fuel Cell - Percentage Breakdown
       by Key Components Carbon Electrode, Flowfield, Platinum
       Catalyst, Polymer Membrane (Electrolyte), and Others
       (includes corresponding Graph/Chart)                             II-67
      Support Systems                                                   II-67
      Technology                                                        II-68
      Function                                                          II-68
      Carnot Efficiency and Fuel Cells                                  II-68
      An Insight into Key Components                                    II-68
       Reformers                                                        II-68
       Hydrocarbon Sources                                              II-69
        Steam Reforming                                                 II-69
        Partial Oxidation                                               II-69
        Gasified                                                        II-69
       Stacks                                                           II-70
       Stack Contents                                                   II-70
      Challenges in Fuel Cell Commercialization                         II-70
       Capital Costs                                                    II-70
       Reliability                                                      II-70
       Material Costs                                                   II-71
       Manufacturing Issues                                             II-71
       Engineering Issues                                               II-71
        Modeling                                                        II-71
        Reliability and Durability                                      II-71
        Materials                                                       II-71
        Fuel Processor                                                  II-71
        New Pumps                                                       II-71
        Fuel Storage                                                    II-72
        Electronics and Sensors                                         II-72
       Other Issues                                                     II-72
        Difference between Fuel Cells and Batteries                     II-72
      History                                                           II-72
       Timeline                                                         II-73
      Classification of Fuel Cells                                      II-74
       An Insight                                                       II-74
       Electrolyte Based Technologies                                   II-74
        Fuel Cell Technologies                                          II-74
        Technical Features                                              II-75
        Power Output and Efficiency                                     II-75
        Merits and Demerits                                             II-76
       Basic Application                                                II-76
       Fuel Cell Systems                                                II-76
        Low Temperature Cells- Function at Less Than 200°C              II-76
        High Temperature Cells- Function in the Range of 600°C and
         1,000°C                                                        II-76
      Major Types of Fuel Cells                                         II-77
       Alkaline Fuel Cells (AFC)                                        II-77
        Overview                                                        II-77
        Principle of Operation                                          II-77
        Operational Efficiencies                                        II-77
        Merits and Demerits                                             II-77
       Phosphoric Acid Fuel Cells (PAFCs)                               II-78
        Overview                                                        II-78
        Application Areas                                               II-78
        Operational Principles                                          II-78
        Merits                                                          II-78
        Demerits                                                        II-79
       Solid Polymer or Proton Exchange Membrane Fuel Cell (PEM)        II-79
        Overview                                                        II-79
        Operational Principle                                           II-79
        Applications Areas                                              II-79
        Improved PEM Functionality due to Innovation of New Membranes   II-80
        Merits                                                          II-80
        Demerits                                                        II-80
       Molten Carbonate Fuel Cells (MCFCs)                              II-80
        Overview                                                        II-80
        Operational Principle                                           II-80
        Benefits                                                        II-80
        Drawback                                                        II-81
       Solid Oxide Fuel Cells (SOFCs)                                   II-81
        Overview                                                        II-81
        SOFCs vs MCFCs                                                  II-81
        Tubular and Planar Types                                        II-81
        Operational Principle                                           II-82
        Merits                                                          II-82
        Demerits                                                        II-82
        Components & Properties                                         II-82
         Yttria Stabilised Zirconia                                     II-82
         Nickel                                                         II-83
         Strontium Doped Lanthanum Magnetite                            II-83
         Lanthanum Chromite                                             II-83
        Gas Reforming in SOFC                                           II-83
        Intermediate Temperature Solid Oxide Fuel Cells                 II-83
        Research Focus                                                  II-84
       Other Types of Fuel Cells                                        II-84
        Direct Methanol Fuel Cells (DMFC)                               II-84
        Regenerative Fuel Cells (RFC)                                   II-84
        Zinc-Air Fuel Cells (ZAFC)                                      II-85
         Working Principle                                              II-85
        Protonic Ceramic Fuel Cell (PCFC)                               II-85
      Fuel Cell Materials                                               II-85
       Pumps                                                            II-85
       Ceramics                                                         II-85
       Motors                                                           II-86
       Bulk Molding Compounds                                           II-86
       Plastics                                                         II-86
      Fuel Cell Energy Sources                                          II-86
       An Insight                                                       II-86
       Natural Gas                                                      II-87
       Hydrogen                                                         II-87
        Overview                                                        II-87
        Storage Issues                                                  II-87
        Supply                                                          II-88
        Challenges Plaguing Use of Hydrogen                             II-88
         Hydrogen Infrastructure                                        II-88
         Low Energy Density                                             II-88
          Hydrogen Powered Fuel Cell Buses                              II-89
       Methanol                                                         II-89
        As a Source of Fuel                                             II-89
        Benefits                                                        II-89
        Shortcomings                                                    II-90
        Economic Viability                                              II-90
        Legislative Measures                                            II-90

  5. FUEL CELL APPLICATIONS                                             II-91
      General End-Use Markets                                           II-91
       Application Areas                                                II-91
        Large-Scale Power-Intensive Applications                        II-91
        Portable Applications                                           II-91
        Stationary Applications                                         II-91
        Transportation Applications                                     II-91
      Snapshots of Select End Uses                                      II-92
       Military/Aerospace                                               II-92
       Power Generation                                                 II-92
        An Overview                                                     II-92
        Alternative Energy Technologies                                 II-92
         Types                                                          II-92
          Fuel Cells Vs Gensets                                         II-93
         Fuel Cells Vs Microturbines                                    II-93
        Prospects for Renewable Technology                              II-94
         Transportation                                                 II-94
         Industrial                                                     II-95
         Residential                                                    II-95
         Commercial                                                     II-95
         Marine                                                         II-95
      Major Application Areas                                           II-95
       Portable Fuel Cells                                              II-95
        Overview                                                        II-95
        Technical Challenges                                            II-96
        Micro Fuel Cells vis-à-vis Batteries                            II-96
        MEMS Technology                                                 II-96
       Stationary Fuel Cells                                            II-97
        Overview                                                        II-97
        Categories                                                      II-97
         Fuel Cells vis-à-vis Conventional Systems                      II-97
        Fuels                                                           II-98
        Benefits                                                        II-98
        Micro CHP                                                       II-98
       Automotive Fuel Cells                                            II-98
        An Overview                                                     II-98
        Trends                                                          II-99
         PEM Fuel Cells Show Great Promise in Automobile Applications   II-99
         Advantages of Fuel Cell Vehicles over Conventional Systems     II-99
         Fuel Cells Vehicles: Facing Commercialization and Technical
          Challenges                                                    II-99
        Barriers                                                        II-100
        HypercarSM Vehicles Concept                                     II-100

  6. PRODUCT INNOVATIONS/INTRODUCTIONS                                  II-101
      Hyundai Unveils Autonomous Fuel Cell Vehicles                     II-101
      Pragma Industries Introduces Hydrogen-Powered Bicycles            II-101
      Ballard Introduces Fuel Cell System for Drones                    II-101
      SFC Integrates EFOY Pro Fuel Cells into Roboguard™ Security Robot II-101
      Mitsubishi Hitachi Introduces Integrated Fuel cell and Gas
       Turbine Hybrid Power Generation System                           II-101
      Mercedes-Benz Unveils Hydrogen Fuel Cell-Powered Variant of GLC   II-101
      Kyocera Introduces 3kW SOFC Cogeneration System for Institutions  II-101
      Intelligent Energy Rolls Out FCM-800 Series of Fuel Cell Modules  II-102
      UPS Unveils Hydrogen-Electric Class 6 Delivery Truck              II-102
      Kenworth Develops Hydrogen Fuel cell T680 Prototype               II-102
      Magna Announces Development of Self-Charging Electric-Fuel
       Cell Combo Vehicle                                               II-102

  7. RECENT INDUSTRY ACTIVITY                                           II-103
      Erwin Hymer and WATT Fuel cell Ink Supply and Engineering
       Cooperative Agreement                                            II-103
      Air Liquide and Japanese Companies Form Japan H2 Mobility
       Consortium                                                       II-103
      FuelCell Energy to Install 5MW Power at California Site           II-103
      Ballard Gains LOI from Van Hool for FCveloCity®-HD Fuel Cell
       Engines                                                          II-103
      Siemens and Ballard to Jointly Develop Fuel Cell Drive for Trains II-103
      SRM and ICF Ink MoU for Joint Development of Fuel Cell-Based
       Train Prototype                                                  II-103
      Ballard to Deploy 500 Fuel Cell Commercial Trucks in Shanghai     II-104
      Bloom Energy Bags Contract for Building Fuel Cell Power Plant
       in Korea                                                         II-104
      Mitsubishi Hitachi Bags First Order for Integrated Fuel cell
       and Gas Turbine Hybrid Power Generation System                   II-104
      SAIC Inks Cooperative Agreement with Shanghai Chemical
       Industry Park                                                    II-104
      Hydrogenics Bags Order for Supply of Fuel Cell Power Systems
       in China                                                         II-104
      Impact Coatings and Telos Auto Power Sign Cooperation
       Agreement for Developing Fuel Cell Systems                       II-104
      Shanghai Edrive Commissions Fuel Cell Engine Manufacturing
       Facility in Shanghai                                             II-104
      FuelCell Energy and Toyota Collaborate for Renewable Hydrogen     II-105
      Simark Controls Receives EFOY Pro Fuel Cell Order from
       Canadian Company                                                 II-105
      Nedstack to Develop Prototypes for 30 kW Fuel Cells Systems       II-105
      Plug Power and Toyota to Provide Hydrogen Fuel Cells to Asko      II-105
      SFC Energy Bags Fuel Cell Order from Stabcom Energy               II-105
      PowerCell and 3M Ink Agreement for Fuel Cell Stacks               II-105
      CPI and Intelligent Energy Collaborate to Develop Low-Cost
       Conductive Coatings for PEM Fuel Cells                           II-105
      Ballard and Siemens Ink Multi-Year Development Agreement for
       Fuel Cell Engine to Power Mireo Train                            II-106
      FuelCell Energy and KOSPCO Announce 20 MW Fuel Cell Project       II-106
      SFC Energy and AITC Enter into Partnership and Distribution
       Agreement for EFOY Pro Fuel Cells                                II-106
      Busan Metropolitan Council Opens New Hydrogen Fuel Cell Power
       Plant                                                            II-106
      FuelCell Energy and NRG Energy Center Announce Fuel Cell Project  II-106
      Bloom Energy and PowerSecure Enter into 37MW Fuel Cell Deal
       with Equinix                                                     II-106
      7-Eleven Japan Inks Agreement with Toyota to Develop Hydrogen
       Fuel cell Trucks and Power Generators                            II-106
      Plug Power to Provide Fuel Cell Energy Solutions to Walmart Sites II-107
      Ballard Gains Order for Fuel Cell Engines from SunLine Transit
       Agency                                                           II-107
      HyMove and Huai’an Powerful Industry Ink Agreement to Develop
       Fuel Cell Systems                                                II-107
      Protonex Receives Order for Fuel Cell Propulsion System from
       FlyH2 Aerospace                                                  II-107
      Hydrogenics and Blue-G Ink Purchase and License Agreement for
       Fuel Cell Bus Power Modules                                      II-107
      Hydrogenics Bags Contract to Supply HyPM™- HD90 Fuel Cell
       Systems to ASKO                                                  II-107
      Faurecia and Stelia to Develop Fuel Cell Tanks for Electric
       Vehicles                                                         II-107
      SFC and ZeroAlpha Enter into Exclusive Sales Partnership          II-108
      Ceres to Develop SOFT System for Residential Power Systems        II-108
      Toshiba Begins Commercial Production of 100kW Pure Hydrogen
       Fuel Cell System                                                 II-108
      SunLine Transit Agency Selects Hydrogenics as Technology Provider II-108
      Ballard Enters into Equipment Supply Agreement with Zhongshan
       Broad-Ocean Motor                                                II-108
      Amazon Acquires Stake in Plug Power                               II-108
      FuelCell Energy Inks MoU with POSCO                               II-108
      GM and Honda Forge Joint Manufacturing Venture for Mass
       Production of Hydrogen Fuel Cells                                II-109
      PowerCell and Inabata Team Up to Sell Fuel Cells in Japan         II-109
      Ballard and Zhuhai Yinlong Inks Initial Equipment Sales Agreement II-109

  8. FOCUS ON SELECT PLAYERS                                            II-110
      Atrex Energy, Inc. (USA)                                          II-110
      AFC Energy Plc (UK)                                               II-110
      Air Liquide S.A. (France)                                         II-110
      Apollo Energy Systems, Inc. (USA)                                 II-111
      Ballard Power Systems, Inc. (Canada)                              II-111
       Protonex Technology Corporation (USA)                            II-111
      Bloom Energy Corporation (USA)                                    II-112
      Ceres Power Holdings plc (UK)                                     II-112
      Doosan Fuel Cell America, Inc. (USA)                              II-112
      FuelCell Energy, Inc. (USA)                                       II-112
      Horizon Fuel Cell Technologies Pte Ltd. (Singapore)               II-113
      Hydrogenics Corporation (Canada)                                  II-113
      ITM Power Plc (UK)                                                II-114
      Mitsubishi Heavy Industries Ltd. (Japan)                          II-114
      Nuvera Fuel Cells, LLC (USA)                                      II-114
      Plug Power Inc. (USA)                                             II-115
      Proton OnSite (USA)                                               II-115
      SFC Energy AG (Germany)                                           II-115
      Siemens Industry, Inc. (USA)                                      II-115
      Teledyne Energy Systems, Inc. (USA)                               II-116
      UltraCell LLC (USA)                                               II-116

  9. GLOBAL MARKET PERSPECTIVE                                          II-117
      Table 13: World Recent Past, Current & Future Analysis for
      Fuel Cells by Geographic Region - US, Canada, Japan, Europe,
      Asia-Pacific and Rest of World Markets Independently Analyzed
      with Annual Sales in US$ Thousand for Years 2016 through 2024
      (includes corresponding Graph/Chart)                              II-117

      Table 14: World Historic Review for Fuel Cells by Geographic
      Region - US, Canada, Japan, Europe, Asia-Pacific and Rest of
      World Markets Independently Analyzed with Annual Sales in US$
      Thousand for Years 2011 through 2015 (includes corresponding
      Graph/Chart)                                                      II-118

      Table 15: World 14-Year Perspective for Fuel Cells by
      Geographic Region - Percentage Breakdown of Dollar Sales for
      US, Canada, Japan, Europe, Asia-Pacific and Rest of World
      Markets for Years 2011, 2017 & 2024 (includes corresponding
      Graph/Chart)                                                      II-119
      World Market for Fuel Cells by Cell Type                          II-120
      Table 16: World Recent Past, Current & Future Analysis for
      Phosphoric Acid Fuel Cells by Geographic Region - US, Canada,
      Japan, Europe, Asia-Pacific and Rest of World Markets
      Independently Analyzed with Annual Sales in US$ Thousand for
      Years 2016 through 2024 (includes corresponding Graph/Chart)      II-120

      Table 17: World Historic Review for Phosphoric Acid Fuel Cells
      by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      and Rest of World Markets Independently Analyzed with Annual
      Sales in US$ Thousand for Years 2011 through 2015 (includes
      corresponding Graph/Chart)                                        II-121

      Table 18: World 14-Year Perspective for Phosphoric Acid Fuel
      Cells by Geographic Region - Percentage Breakdown of Dollar
      Sales for US, Canada, Japan, Europe, Asia-Pacific and Rest of
      World Markets for Years 2011, 2017 & 2024 (includes
      corresponding Graph/Chart)                                        II-122

      Table 19: World Recent Past, Current & Future Analysis for
      Molten Carbonate Fuel Cells by Geographic Region - US, Canada,
      Japan, Europe, Asia-Pacific and Rest of World Markets
      Independently Analyzed with Annual Sales in US$ Thousand for
      Years 2016 through 2024 (includes corresponding Graph/Chart)      II-123

      Table 20: World Historic Review for Molten Carbonate Fuel
      Cells by Geographic Region - US, Canada, Japan, Europe,
      Asia-Pacific and Rest of World Markets Independently Analyzed
      with Annual Sales in US$ Thousand for Years 2011 through 2015
      (includes corresponding Graph/Chart)                              II-124

      Table 21: World 14-Year Perspective for Molten Carbonate Fuel
      Cells by Geographic Region - Percentage Breakdown of Dollar
      Sales for US, Canada, Japan, Europe, Asia-Pacific and Rest of
      World Markets for Years 2011, 2017 & 2024 (includes
      corresponding Graph/Chart)                                        II-125

      Table 22: World Recent Past, Current & Future Analysis for
      Alkaline Fuel Cells by Geographic Region - US, Canada, Japan,
      Europe, Asia-Pacific and Rest of World Markets Independently
      Analyzed with Annual Sales in US$ Thousand for Years 2016
      through 2024 (includes corresponding Graph/Chart)                 II-126

      Table 23: World Historic Review for Alkaline Fuel Cells by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      and Rest of World Markets Independently Analyzed with Annual
      Sales in US$ Thousand for Years 2011 through 2015 (includes
      corresponding Graph/Chart)                                        II-127

      Table 24: World 14-Year Perspective for Alkaline Fuel Cells by
      Geographic Region - Percentage Breakdown of Dollar Sales for
      US, Canada, Japan, Europe, Asia-Pacific and Rest of World
      Markets for Years 2011, 2017 & 2024 (includes corresponding
      Graph/Chart)                                                      II-128

      Table 25: World Recent Past, Current & Future Analysis for
      Solid Oxide Fuel Cells by Geographic Region - US, Canada,
      Japan, Europe, Asia-Pacific and Rest of World Markets
      Independently Analyzed with Annual Sales in US$ Thousand for
      Years 2016 through 2024 (includes corresponding Graph/Chart)      II-129

      Table 26: World Historic Review for Solid Oxide Fuel Cells by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      and Rest of World Markets Independently Analyzed with Annual
      Sales in US$ Thousand for Years 2011 through 2015 (includes
      corresponding Graph/Chart)                                        II-130

      Table 27: World 14-Year Perspective for Solid Oxide Fuel Cells
      by Geographic Region - Percentage Breakdown of Dollar Sales
      for US, Canada, Japan, Europe, Asia-Pacific and Rest of World
      Markets for Years 2011, 2017 & 2024 (includes corresponding
      Graph/Chart)                                                      II-131

      Table 28: World Recent Past, Current & Future Analysis for
      Proton Exchange Membrane Fuel Cells by Geographic Region - US,
      Canada, Japan, Europe, Asia-Pacific and Rest of World Markets
      Independently Analyzed with Annual Sales in US$ Thousand for
      Years 2016 through 2024 (includes corresponding Graph/Chart)      II-132

      Table 29: World Historic Review for Proton Exchange Membrane
      Fuel Cells by Geographic Region - US, Canada, Japan, Europe,
      Asia-Pacific and Rest of World Markets Independently Analyzed
      with Annual Sales in US$ Thousand for Years 2011 through 2015
      (includes corresponding Graph/Chart)                              II-133

      Table 30: World 14-Year Perspective for Proton Exchange
      Membrane Fuel Cells by Geographic Region - Percentage
      Breakdown of Dollar Sales for US, Canada, Japan, Europe,
      Asia-Pacific and Rest of World Markets for Years 2011, 2017 &
      2024 (includes corresponding Graph/Chart)                         II-134

      Table 31: World Recent Past, Current & Future Analysis for
      Other Fuel Cells by Geographic Region - US, Canada, Japan,
      Europe, Asia-Pacific and Rest of World Markets Independently
      Analyzed with Annual Sales in US$ Thousand for Years 2016
      through 2024 (includes corresponding Graph/Chart)                 II-135

      Table 32: World Historic Review for Other Fuel Cells by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      and Rest of World Markets Independently Analyzed with Annual
      Sales in US$ Thousand for Years 2011 through 2015 (includes
      corresponding Graph/Chart)                                        II-136

      Table 33: World 14-Year Perspective for Other Fuel Cells by
      Geographic Region - Percentage Breakdown of Dollar Sales for
      US, Canada, Japan, Europe, Asia-Pacific and Rest of World
      Markets for Years 2011, 2017 & 2024 (includes corresponding
      Graph/Chart)                                                      II-137


 III. MARKET

  1. THE UNITED STATES                                                  III-1
      A.Market Analysis                                                 III-1
        Current and Future Analysis                                     III-1
        Market Overview                                                 III-1
         Fuel Cell Deployments & Initiatives in California,
          Connecticut and New York (As of 2016)                         III-2
          Table 34: US Fuel Cells Market: Number of Fuel Cell
          Forklifts Deployed or Ordered for Select Companies
          (includes corresponding Graph/Chart)                          III-3

         Table 35: US Fuel Cells Market: Installed Fuel Cell Power
         Capacity for Select Companies (includes corresponding
         Graph/Chart)                                                   III-3
         Growth Factors & Market Constraints - In a Nutshell            III-4
        US and Japan Collaborate for Research on Hydrogen Fuel Cells
         in Transport Sector                                            III-4
        Unreliability of Power Grid Turns Focus onto Fuel Cells         III-4
        Small Fuel Cell Sector Solidifies Presence in Market            III-5
        Residential Sector Drives Stationary Fuel Cell Industry         III-5
        Innovation in Mobile Technology Fuels Micro Cell Advancement    III-6
        Distributed Power and Cogeneration Promise Opportunities        III-6
        Government Adoption of Fuel Cell Technology to Give a Boost
         to the Market                                                  III-6
        Alternate Energy Sources Gain Attention                         III-7
        Favorable Incentives to Propel Adoption of Fuel Cell Technology III-7
        Research Scenario                                               III-8
        Government Initiatives                                          III-8
         Overview                                                       III-8
         Role in Promoting a Hydrogen Economy                           III-9
          Energy Policy Act                                             III-9
          Renewable Portfolio Standards                                 III-9
          FreedomCAR Program                                            III-9
          FreedomFuel Program                                           III-9
          Solid State Energy Conversion Alliance                        III-9
         Programs at State Level                                        III-9
          Initiatives in Select US States                               III-10
           California                                                   III-10
           Texas and Ohio                                               III-10
           Michigan                                                     III-10
        Product Launches                                                III-10
        Strategic Corporate Developments                                III-11
        Select Players                                                  III-13
      B.Market Analytics                                                III-17
        Table 36: US Recent Past, Current & Future Analysis for Fuel
        Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel
        Cells Markets Independently Analyzed with Annual Sales in
        US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-17

        Table 37: US Historic Review for Fuel Cells by Cell Type -
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-18

        Table 38: US 14-Year Perspective for Fuel Cells by Cell Type
        - Percentage Breakdown of Dollar Sales for Phosphoric Acid
        Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Other Fuel Cells Markets for Years 2011, 2017 &
        2024 (includes corresponding Graph/Chart)                       III-19

  2. CANADA                                                             III-20
      A.Market Analysis                                                 III-20
        Current and Future Analysis                                     III-20
        Market Overview                                                 III-20
        British Colombia: A Hub for Fuel Cell Technology Development    III-20
        Investments Strengthens Hydrogen Fuel Cell Sector in Western
         Canada                                                         III-21
        Fuel Cell Programs                                              III-21
        Strategic Corporate Developments                                III-22
        Select Players                                                  III-22
      B.Market Analytics                                                III-24
        Table 39: Canadian Recent Past, Current & Future Analysis
        for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
        Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
        Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells, and
        Other Fuel Cells Markets Independently Analyzed with Annual
        Sales in US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-24

        Table 40: Canadian Historic Review for Fuel Cells by Cell
        Type - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel
        Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton
        Exchange Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-25

        Table 41: Canadian 14-Year Perspective for Fuel Cells by
        Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets for Years
        2011, 2017 & 2024 (includes corresponding Graph/Chart)          III-26

  3. JAPAN                                                              III-27
      A.Market Analysis                                                 III-27
        Market Overview                                                 III-27
        Japan’s Vision of a Hydrogen Society Bodes Well for Fuel
         Cells Market                                                   III-28
        Government Encouragement to Fuel Cell Vehicles Market to
         Drive Market Growth                                            III-28
         Table 42: Japanese Government’s Target for Hydrogen
         Infrastructure - Number of Hydrogen Stations to be Built by
         2018, 2020, 2025 and 2030 (includes corresponding
         Graph/Chart)                                                   III-29
        Households Offer Huge Growth for Fuel Cells                     III-29
        Fuel Cells Ideal for Advanced Military Applications             III-29
        Mobile Applications to Fuel Growth                              III-30
        Product Launches                                                III-30
        Strategic Corporate Developments                                III-30
        Mitsubishi Heavy Industries Ltd. - A Key Japanese Player        III-31
      B.Market Analytics                                                III-32
        Table 43: Japanese Recent Past, Current & Future Analysis
        for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
        Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
        Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells, and
        Other Fuel Cells Markets Independently Analyzed with Annual
        Sales in US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-32

        Table 44: Japanese Historic Review for Fuel Cells by Cell
        Type - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel
        Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton
        Exchange Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-33

        Table 45: Japanese 14-Year Perspective for Fuel Cells by
        Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets for Years
        2011, 2017 & 2024 (includes corresponding Graph/Chart)          III-34

  4. EUROPE                                                             III-35
      A.Market Analysis                                                 III-35
        Current and Future Analysis                                     III-35
        Fuel Cells Market in Europe - An Overview                       III-35
        A Review of the European SOFCs Market                           III-36
         Stationary SOFC Systems on the Upward Trajectory               III-37
        FCH JU Projects Foster Fuel Cell Micro CHP Installations        III-37
        Research Programs                                               III-38
      B.Market Analytics                                                III-39
        Table 46: European Recent Past, Current & Future Analysis
        for Fuel Cells by Geographic Region - France, Germany,
        Italy, UK, Spain, Russia and Rest of Europe Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2016 through 2024 (includes corresponding Graph/Chart)    III-39

        Table 47: European Historic Review for Fuel Cells by
        Geographic Region - France, Germany, Italy, UK, Spain,
        Russia and Rest of Europe Markets Independently Analyzed
        with Annual Sales in US$ Thousand for Years 2011 through
        2015 (includes corresponding Graph/Chart)                       III-40

        Table 48: European 14-Year Perspective for Fuel Cells by
        Geographic Region - Percentage Breakdown of Dollar Sales for
        France, Germany, Italy, UK, Spain, Russia and Rest of Europe
        Markets for Years 2011, 2017 & 2024 (includes corresponding
        Graph/Chart)                                                    III-41

        Table 49: European Recent Past, Current & Future Analysis
        for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
        Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
        Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells, and
        Other Fuel Cells Markets Independently Analyzed with Annual
        Sales in US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-42

        Table 50: European Historic Review for Fuel Cells by Cell
        Type - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel
        Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton
        Exchange Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-43

        Table 51: European 14-Year Perspective for Fuel Cells by
        Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets for Years
        2011, 2017 & 2024 (includes corresponding Graph/Chart)          III-44

  4a. FRANCE                                                            III-45
      A.Market Analysis                                                 III-45
        Current and Future Analysis                                     III-45
        Strategic Corporate Developments                                III-45
        Air Liquide S.A. - A Key Player                                 III-45
      B.Market Analytics                                                III-46
        Table 52: French Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel
        Cells Markets Independently Analyzed with Annual Sales in
        US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-46

        Table 53: French Historic Review for Fuel Cells by Cell Type
        - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-47

        Table 54: French 14-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Other Fuel Cells Markets for Years 2011, 2017 &
        2024 (includes corresponding Graph/Chart)                       III-48

  4b. GERMANY                                                           III-49
      A.Market Analysis                                                 III-49
        Current and Future Analysis                                     III-49
        Fuel Cells and Hydrogen Market in Germany - Positioned for
         Growth                                                         III-49
        Fuel Cells-Powered Train in Development                         III-50
        Strategic Corporate Developments                                III-50
        SFC Energy AG - A Key Player                                    III-51
      B.Market Analytics                                                III-52
        Table 55: German Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel
        Cells Markets Independently Analyzed with Annual Sales in
        US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-52

        Table 56: German Historic Review for Fuel Cells by Cell Type
        - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-53

        Table 57: German 14-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Other Fuel Cells Markets for Years 2011, 2017 &
        2024 (includes corresponding Graph/Chart)                       III-54

  4c. ITALY                                                             III-55
       Market Analysis                                                  III-55
        Table 58: Italian Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel
        Cells Markets Independently Analyzed with Annual Sales in
        US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-55

        Table 59: Italian Historic Review for Fuel Cells by Cell
        Type - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel
        Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton
        Exchange Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-56

        Table 60: Italian 14-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Other Fuel Cells Markets for Years 2011, 2017 &
        2024 (includes corresponding Graph/Chart)                       III-57

  4d. THE UNITED KINGDOM                                                III-58
      A.Market Analysis                                                 III-58
        Current and Future Analysis                                     III-58
        Hydrogen and Fuel Cells - Growth Opportunities in the UK        III-58
        Government Announces Funding Support for Hydrogen Vehicles
         and Infrastructure                                             III-58
        Strategic Corporate Developments                                III-59
        Key Players                                                     III-59
      B.Market Analytics                                                III-61
        Table 61: UK Recent Past, Current & Future Analysis for Fuel
        Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel
        Cells Markets Independently Analyzed with Annual Sales in
        US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-61

        Table 62: UK Historic Review for Fuel Cells by Cell Type -
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-62

        Table 63: UK 14-Year Perspective for Fuel Cells by Cell Type
        - Percentage Breakdown of Dollar Sales for Phosphoric Acid
        Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Other Fuel Cells Markets for Years 2011, 2017 &
        2024 (includes corresponding Graph/Chart)                       III-63

  4e. SPAIN                                                             III-64
       Market Analysis                                                  III-64
        Table 64: Spanish Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel
        Cells Markets Independently Analyzed with Annual Sales in
        US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-64

        Table 65: Spanish Historic Review for Fuel Cells by Cell
        Type - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel
        Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton
        Exchange Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-65

        Table 66: Spanish 14-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Other Fuel Cells Markets for Years 2011, 2017 &
        2024 (includes corresponding Graph/Chart)                       III-66

  4f. RUSSIA                                                            III-67
      A.Market Analysis                                                 III-67
        Current and Future Analysis                                     III-67
        Strategic Corporate Development                                 III-67
      B.Market Analytics                                                III-68
        Table 67: Russian Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Other Fuel
        Cells Markets Independently Analyzed with Annual Sales in
        US$ Thousand for Years 2016 through 2024 (includes
        corresponding Graph/Chart)                                      III-68

        Table 68: Russian Historic Review for Fuel Cells by Cell
        Type - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel
        Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton
        Exchange Membrane Fuel Cells, and Other Fuel Cells Markets
        Independently Analyzed with Annual Sales in US$ Thousand for
        Years 2011 through 2015 (includes corresponding Graph/Chart)    III-69

        Table 69: Russian 14-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Other Fuel Cells Markets for Years 2011, 2017 &
        2024 (includes corresponding Graph/Chart)                       III-70

  4g. REST OF EUROPE                                                    III-71
      A.Market Analysis                                                 III-71
        Current and Future Analysis                                     III-71
        Finland: Potential for Fuel Cell Technology in Energy Sector    III-71
        Strategic Corporate Developments                                III-71
      B.Market Analytics                                                III-73
        Table 70: Rest of Europe Recent Past, Current & Future
        Analysis for Fuel Cells by Cell Type - Phosphoric Acid Fuel
        Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells,
        Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells,
        and Other Fuel Cells Markets Independently Analyzed with
        Annual Sales in US$ Thousand for Years 2016 through 2024
        (includes corresponding Graph/Chart)                            III-73

        Table 71: Rest of Europe Historic Review for Fuel Cells by
        Cell Type - Phosphoric Acid Fuel Cells, Molten Carbonate
        Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells,
        Proton Exchange Membrane Fuel Cells, and Other Fuel Cells
        Markets Independently Analyzed with Annual Sales in US$
        Thousand for Years 2011 through 2015 (includes corresponding
        Graph/Chart)                                                    III-74

        Table 72: Rest of Europe 14-Year Perspective for Fuel Cells
        by Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets for Years
        2011, 2017 & 2024 (includes corresponding Graph/Chart)          III-75

  5. ASIA-PACIFIC                                                       III-76
      A.Market Analysis                                                 III-76
        Current and Future Analysis                                     III-76
        Asia-Pacific Fuel Cell Sector to Witness Significant Growth     III-76
        Overview of Regional Markets                                    III-76
         Australia                                                      III-76
         China                                                          III-77
          A Promising Market for Fuel Cells-based Applications          III-77
          Transportation: The Major Application Segment for Fuel Cells  III-77
          Hydrogen Fuel Cells Market in China - An Overview             III-78
          Fuel Cell Research in China                                   III-79
         India                                                          III-79
          Market Overview                                               III-79
          Telecom - The Early Adopter of Fuel Cells                     III-80
         Korea                                                          III-80
          Korea - A Key Adopter of Fuel Cells                           III-80
           Table 73: Fuel Cells Market in Korea (2017): Percentage
           Breakdown of Capacity by Segment - Landfill, New Public
           Buildings, Sewage Disposal, Small Steam Supply & Power
           Generation, and Others (includes corresponding
           Graph/Chart)                                                 III-81
         Taiwan                                                         III-81
          A Potential Market for Fuel Cells                             III-81
          Developing Fuel Cell Technology in the Taiwanese Market       III-82
          Opportunities for OEMs                                        III-82
          Transportation - Another Segment Offering Huge Potential      III-83
         Southeast Asia                                                 III-83
          Southeast Asia Fuel Cells Market: Limitations in Power
           Generation                                                   III-83
          Biomass Power Generation Poses Direct Competition to Fuel
           Cells Market                                                 III-83
          Concentration on Various Renewable Technologies Hinders
           Fuel Cells Development                                       III-83
          Over-Priced Fuel Cells Technology Restrains Commercialization III-84
          Inconsistent Regulations Curtail Development of Fuel Cells
           Technology                                                   III-84
        Product Launches                                                III-84
        Strategic Corporate Developments                                III-85
        Horizon Fuel Cell Technologies Pte Ltd. (Singapore) - A Key
         Player                                                         III-87
      B.Market Analytics                                                III-88
        Table 74: Asia-Pacific Recent Past, Current & Future
        Analysis for Fuel Cells by Geographic Region - China, South
        Korea and Rest of Asia-Pacific Markets Independently
        Analyzed with Annual Sales in US$ Thousand for Years 2016
        through 2024 (includes corresponding Graph/Chart)               III-88

        Table 75: Asia-Pacific Historic Review for Fuel Cells by
        Geographic Region - China, South Korea and Rest of
        Asia-Pacific Markets Independently Analyzed with Annual
        Sales in US$ Thousand for Years 2011 through 2015 (includes
        corresponding Graph/Chart)                                      III-89

        Table 76: Asia-Pacific 14-Year Perspective for Fuel Cells by
        Geographic Region - Percentage Breakdown of Dollar Sales for
        China, South Korea and Rest of Asia-Pacific Markets for
        Years 2011, 2017 & 2024 (includes corresponding Graph/Chart)    III-90

        Table 77: Asia-Pacific Recent Past, Current & Future
        Analysis for Fuel Cells by Cell Type - Phosphoric Acid Fuel
        Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells,
        Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells,
        and Other Fuel Cells Markets Independently Analyzed with
        Annual Sales in US$ Thousand for Years 2016 through 2024
        (includes corresponding Graph/Chart)                            III-91

        Table 78: Asia-Pacific Historic Review for Fuel Cells by
        Cell Type - Phosphoric Acid Fuel Cells, Molten Carbonate
        Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells,
        Proton Exchange Membrane Fuel Cells, and Other Fuel Cells
        Markets Independently Analyzed with Annual Sales in US$
        Thousand for Years 2011 through 2015 (includes corresponding
        Graph/Chart)                                                    III-92

        Table 79: Asia-Pacific 14-Year Perspective for Fuel Cells by
        Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets for Years
        2011, 2017 & 2024 (includes corresponding Graph/Chart)          III-93

  6. REST OF WORLD                                                      III-94
      A.Market Analysis                                                 III-94
        Current and Future Analysis                                     III-94
        Brazil Focuses on Fuel Cells Technology                         III-94
        Strategic Corporate Development                                 III-94
      B.Market Analytics                                                III-95
        Table 80: Rest of World Recent Past, Current & Future
        Analysis for Fuel Cells by Cell Type - Phosphoric Acid Fuel
        Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells,
        Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells,
        and Other Fuel Cells Markets Independently Analyzed with
        Annual Sales in US$ Thousand for Years 2016 through 2024
        (includes corresponding Graph/Chart)                            III-95

        Table 81: Rest of World Historic Review for Fuel Cells by
        Cell Type - Phosphoric Acid Fuel Cells, Molten Carbonate
        Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells,
        Proton Exchange Membrane Fuel Cells, and Other Fuel Cells
        Markets Independently Analyzed with Annual Sales in US$
        Thousand for Years 2011 through 2015 (includes corresponding
        Graph/Chart)                                                    III-96

        Table 82: Rest of World 14-Year Perspective for Fuel Cells
        by Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Other Fuel Cells Markets for Years
        2011, 2017 & 2024 (includes corresponding Graph/Chart)          III-97


 IV. COMPETITIVE LANDSCAPE

     Total Companies Profiled: 72 (including Divisions/Subsidiaries - 74)

     The United States (28)
     Canada (5)
     Japan (12)
     Europe (24)
     - France (4)
     - Germany (6)
     - The United Kingdom (7)
     - Rest of Europe (7)
     Asia-Pacific (Excluding Japan) (5)
Additional Information:
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Date of Publication:
Apr 17, 2018
File Format:
PDF via E-mail
Number of Pages:
418 Pages