World Fuel Cells to 2017

World Fuel Cells to 2017

Freedonia Group, Date of Publication: Jun 3, 2013
US$6,300.00
FR3140

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.

Company Profiles

Company Profiles for global industry players such as Bloom Energy, Fuel Cell Energy, JX Nippon Oil & Energy, Panasonic and Toshiba

Additional Information

This study analyzes world markets for fuel cells and related products.

Specific products and services covered include:

  • fuel cell systems (segmented by electrolyte chemistry: alkaline;molten carbonate; phosphoric acid; proton exchange membrane;direct methanol, which is derived from basic proton exchangemembrane chemistry; solid oxide; and other)
  • fuel cell fuels (including hydrocarbon-based, pure hydrogen, and renewable sources)
  • fuel cell electronic devices (controls, power conditioning devices, test equipment, etc.)
  • other products and services (including separately sold fuel cell stacks and stack components, fuel reformers and processors, and fuel storage devices, as well as fuel cell-related services)

Although the term “fuel cell” is also used to describe multilayer fuel tanks that have an inner liner of flexible, abrasion- and tear-resistant material to minimize fuel leakage (and the possibility of explosion) in conventionally powered aircraft, race cars, and other applications, these products are excluded from the scope of this study.


TABLE OF CONTENTS

		INTRODUCTION							     xii

	I.	EXECUTIVE SUMMARY						       1

	II.	MARKET ENVIRONMENT						       4
		General								       4
		World Economic Overview						       5
		   Recent Historical Trends					       7
		   World Economic Outlook					       9
		   Personal Income & Expenditure Trends				      12
		World Population Outlook					      14
		Gross Fixed Investment & Manufacturing Trends			      17
		   World Gross Fixed Investment Outlook				      18
		   World Manufacturing Outlook					      20
		Fuel Cell Infrastructure					      22
		   World Energy & Power Generation Outlook			      23
		      Energy Supply & Demand					      24
		      Electric Power Generation					      28
		      Distributed Power/Microgrids				      30
		   World Motor Vehicle Outlook					      32
		      Motor Vehicle Production Trends				      33
		      Hybrid & Electric Vehicle Outlook				      37
		   World Electronics Sector Outlook				      40
		   Government/Institutional Trends				      42
		Fuel Cell Cost/Pricing Dynamics					      44
		Environmental & Regulatory Issues				      48

	III.	TECHNOLOGY							      51
		General								      51
		Basic Electrical Properties					      52
		Fuel Cell Construction & Operation				      53
		Fuel Cell Efficiency						      55
		Fuel Cell Chemistries						      55
		   Alkaline							      56
		   Molten Carbonate						      58
		   Phosphoric Acid						      59
		   Proton Exchange Membrane					      60
		   Direct Methanol						      62
		   Solid Oxide							      63
		   Other Chemistries						      64
		Hydrogen Fuel Sources						      66
		Fuel Cell Materials						      68
		   Catalysts							      68
		   Electrodes, Electrolytes, & Plates				      69
		   Nanotechnology						      71
		Alternate Sources of Power					      72
		   Batteries							      74
		   Internal Combustion Engines					      75
		   Turbines & Microturbines					      77
		   Other Sources of Power					      79

	IV.	WORLD SUPPLY & DEMAND						      83
		General								      83
		World Fuel Cell Markets						      84
		Regional Demand Dynamics					      85
		   Total Fuel Cell Spending					      89
		   Commercial Fuel Cell Demand					      92
		Demand by Product						      95
		   Systems							      97
		   Fuels							      98
		   Electronic Devices						     101
		   Other Products & Services					     102
		Demand by Chemistry						     104
		   Proton Exchange Membrane					     106
		   Solid Oxide							     110
		   Molten Carbonate						     113
		   Phosphoric Acid						     116
		   Direct Methanol						     118
		   Alkaline							     120
		   Other Chemistries						     123
		Demand by Application						     124
		   Application Demand Measured by Revenues			     125
		   Application Demand Measured in Units				     127
		   Electric Power Generation					     129
		      Demand by Application, Chemistry, and Product		     130
			Micro-Power Generation					     132
			Other Electric Power Generation			             134
		      Demand by Region						     135
			North America						     136
		   Industrial Stationary & Motive Power				     136
		      Demand by Application, Chemistry, and Product		     137
			Industrial Stationary Power				     138
			Motive Power						     140
		      Demand by Region						     141
		   Motor Vehicles						     142
		      Demand by Chemistry and Product				     143
		      Demand by Region						     145
		   Other Transportation Equipment				     147
		      Demand by Application, Chemistry, & Product		     147
			Ships & Boats						     149
			All Other Transportation Equipment			     150
		      Demand by Region						     151
		   Portable Electronics						     152
		      Demand by Chemistry & Product				     153
		      Demand by Region						     154
		   Other Applications						     156
		      Demand by Chemistry & Product				     156
		      Demand by Region						     157
		World Fuel Cell Production					     158
		International Trade Flows & Multinational Investment		     161

	V.	NORTH AMERICA							     164
		General								     164
		Fuel Cell Activity & Markets					     165
		Fuel Cell Outlook & Suppliers					     166
		United States							     169
		Canada								     178
		Mexico								     184

	VI.	WESTERN EUROPE							     190
		General								     190
		Fuel Cell Activity & Markets					     191
		Fuel Cell Outlook & Suppliers					     196
		Germany								     200
		United Kingdom							     208
		Spain								     214
		France								     219
		Italy								     226
		Netherlands							     231
		Other Western Europe						     237

	VII.	ASIA/PACIFIC							     244
		General								     244
		Fuel Cell Activity & Markets					     245
		Fuel Cell Outlook & Suppliers					     247
		Japan								     251
		South Korea							     258
		China								     264
		India								     271
		Taiwan								     277
		Australia							     283
		Other Asia/Pacific						     289

	VIII.	OTHER REGIONS							     295
		Central & South America						     295
		Eastern Europe							     302
		   Russia							     309
		   Other Eastern Europe						     315
		Africa/Mideast							     320

	IX.	INDUSTRY STRUCTURE						     328
		General								     328
		Industry Composition						     329
		Market Share							     331
		Research & Product Development					     337
		Manufacturing							     339
		Marketing & Distribution					     342
		Cooperative Agreements						     344
		Financial Requirements						     358
		Acquisitions & Divestitures					     360
		Company Profiles						     363
		   Acumentrics Corporation					     365
		   Air Liquide Group						     366
		   Altergy Systems						     368
		   Angstrom Power, see Société BIC
		   AREVA Group							     370
		   Axane, see Air Liquide Group
		   Ballard Power Systems Incorporated				     372
		   BIC Group, see Société BIC
		   Bloom Energy Corporation					     377
		   Bridgeport Fuel Cell Park, see FuelCell Energy
		   Cellkraft AB							     379
		   Ceramic Fuel Cells Limited					     380
		   ClearEdge Power Incorporated					     383
		   Daimler AG							     384
		   Electro Power Systems SpA					     387
		   Ford Motor Company						     388
		   FuelCell Energy Incorporated					     390
		   FuelCellPower Incorporated					     395
		   General Motors Company					     396
		   Helion, see AREVA Group
		   Hess Corporation						     398
		   Honda Motor Company Limited					     401
		   Horizon Fuel Cell Technologies Private Limited		     403
		   Hydrogenics Corporation					     406
		   HyPulsion, see Air Liquide Group and Plug Power
		   Hyundai Motor Company					     409
		   Intelligent Energy Holdings plc				     411
		   IRD Fuel Cell A/S						     414
		   Johnson Matthey plc						     415
		   JX Holdings Incorporated					     417
		   Kia Motors, see Hyundai Motor
		   Lilliputian Systems Incorporated				     419
		   myFC AB							     420
		   NuCellSys, see Daimler
		   Nuvera Fuel Cells, see Hess
		   Osaka Gas Company Limited					     421
		   Panasonic Corporation					     423
		   Plug Power Incorporated					     425
		   Protonex Technology Corporation				     429
		   Quantum Fuel Systems Technologies 
		      Worldwide Incorporated					     431
		   ReliOn, see Plug Power
		   Serenergy A/S						     433
		   SFC Energy AG						     435
		   Siemens AG							     439
		   Société BIC							     440
		   Sunrise Power Company Limited				     441
		   Teledyne Technologies Incorporated				     442
		   Tokyo Gas Company Limited					     444
		   Toshiba Corporation						     445
		   Toyota Motor Corporation					     447
		   Toyota Tsusho Air Liquide Hydrogen Energy, see 
		      Air Liquide Group
		   United Technologies Corporation				     450
		   UTC Power, see ClearEdge Power
		   Versa Power Systems, see FuelCell Energy
		Other Companies Mentioned in Study				     452


				      LIST OF TABLES

    TABLE NUMBER								    PAGE


		SECTION I -- EXECUTIVE SUMMARY
		Summary Table							       3

		SECTION II -- MARKET ENVIRONMENT
	1	World Gross Domestic Product by Region				      12
	2	World Per Capita Gross Domestic Product by Region		      14
	3	World Population by Region					      17
	4	World Gross Fixed Investment by Region				      20
	5	World Manufacturing Value Added by Region			      22
	6	World Energy Production By Fuel					      27
	7	World Electric Power Generation by Region			      30
	8	World Motor Vehicle Production by Type & Region			      37
	9	World Hybrid & Electric Light Vehicle Production 
		   by Type & Region						      40
	10	World Electronic Product Shipments by Region			      42
	11	World Fuel Cell System Costs					      47

		SECTION III -- TECHNOLOGY
	1	World Battery Demand by Region					      75
	2	World Internal Combustion Engine Demand by Region		      77
	3	World Electric Power Generation Turbine Demand by Region	      79

		SECTION IV -- WORLD SUPPLY & DEMAND
	1	Total World Fuel Cell Spending by Type & Region			      91
	2	World Commercial Fuel Cell Demand by Region			      94
	3	World Commercial Fuel Cell Demand by Product			      97
	4	World Commercial Fuel Cell Demand by Chemistry			     105
	5	World Commercial Proton Exchange Membrane Fuel Cell 
		   Demand by Application & Region				     109
	6	World Commercial Solid Oxide Fuel Cell Demand 
		   by Application & Region					     112
	7	World Commercial Molten Carbonate Fuel Cell Demand 
		   by Application & Region					     115
	8	World Commercial Phosphoric Acid Fuel Cell Demand 
		   by Application & Region					     118
	9	World Commercial Direct Methanol Fuel Cell Demand 
		   by Application & Region					     120
	10	World Commercial Alkaline Fuel Cell Demand 
		   by Application & Region					     122
	11	World Commercial Demand For Other Fuel Cell Types 
		   by Application & Region					     124
	12	World Commercial Fuel Cell Demand by Application		     126
	13	World Commercial Fuel Cell Systems Demand by Application	     128
	14	World Commercial Electric Power Generation Fuel Cell 
		   Demand by Application, Chemistry, & Product			     132
	15	World Commercial Electric Power Generation Fuel Cell 
		   Demand by Region						     136
	16	World Commercial Industrial Stationary & Motive Power 
		   Fuel Cell Demand by Application, Chemistry, & Product	     138
	17	World Commercial Industrial Stationary & Motive Power 
		   Fuel Cell Demand by Region					     142
	18	World Commercial Motor Vehicle Fuel Cell Demand 
		   by Chemistry & Product					     145
	19	World Commercial Motor Vehicle Fuel Cell Demand 
		   by Region							     147
	20	World Demand For Fuel Cells Used in Other Transportation Equipment 
			by Application, Chemistry, & Product			     149
	21	World Demand For Fuel Cells Used In Other Transportation 
		   Equipment By Region						     152
	22	World Commercial Portable Electronics Fuel Cell Demand 
		   by Chemistry & Product					     154
	23	World Commercial Portable Electronics Fuel Cell Demand 
		   by Region							     155
	24	World Commercial Demand For Fuel Cells Used in Other 
		   Applications by Chemistry & Product				     157
	25	World Commercial Demand For Fuel Cells Used in Other 
		   Applications by Region					     158
	26	Selected International Fuel Cell Programs			     160

		SECTION V -- NORTH AMERICA
	1	North America: Market Environment for Fuel Cells		     166
	2	North America: Commercial Fuel Cell Demand			     168
	3	United States: Market Environment for Fuel Cells		     173
	4	United States: Commercial Fuel Cell Demand			     177
	5	Canada: Market Environment for Fuel Cells			     181
	6	Canada: Commercial Fuel Cell Demand				     183
	7	Mexico: Market Environment for Fuel Cells			     186
	8	Mexico: Commercial Fuel Cell Demand				     189

		SECTION VI -- WESTERN EUROPE
	1	Western Europe: Market Environment for Fuel Cells		     195
	2	Western Europe: Commercial Fuel Cell Demand			     199
	3	Germany: Market Environment for Fuel Cells			     204
	4	Germany: Commercial Fuel Cell Demand				     207
	5	United Kingdom: Market Environment for Fuel Cells		     210
	6	United Kingdom: Commercial Fuel Cell Demand			     213
	7	Spain: Market Environment for Fuel Cells			     216
	8	Spain: Commercial Fuel Cell Demand				     218
	9	France: Market Environment for Fuel Cells			     222
	10	France: Commercial Fuel Cell Demand				     225
	11	Italy: Market Environment for Fuel Cells			     228
	12	Italy: Commercial Fuel Cell Demand				     230
	13	Netherlands: Market Environment for Fuel Cells			     233
	14	Netherlands: Commercial Fuel Cell Demand			     236
	15	Other Western Europe: Market Environment for Fuel Cells		     240
	16	Other Western Europe: Commercial Fuel Cell Demand		     243

		SECTION VII -- ASIA/PACIFIC
	1	Asia/Pacific: Market Environment for Fuel Cells			     247
	2	Asia/Pacific: Commercial Fuel Cell Demand			     250
	3	Japan: Market Environment for Fuel Cells			     254
	4	Japan: Commercial Fuel Cell Demand				     257
	5	South Korea: Market Environment for Fuel Cells			     261
	6	South Korea: Commercial Fuel Cell Demand			     263
	7	China: Market Environment for Fuel Cells			     267
	8	China: Commercial Fuel Cell Demand				     270
	9	India: Market Environment for Fuel Cells			     274
	10	India: Commercial Fuel Cell Demand				     276
	11	Taiwan: Market Environment for Fuel Cells			     279
	12	Taiwan: Commercial Fuel Cell Demand				     282
	13	Australia: Market Environment for Fuel Cells			     285
	14	Australia: Commercial Fuel Cell Demand				     288
	15	Other Asia/Pacific: Market Environment for Fuel Cells		     291
	16	Other Asia/Pacific: Commercial Fuel Cell Demand			     294

		SECTION VIII -- OTHER REGIONS
	1	Central & South America: Market Environment for Fuel Cells	     298
	2	Central & South America: Commercial Fuel Cell Demand		     301
	3	Eastern Europe: Market Environment for Fuel Cells		     305
	4	Eastern Europe: Commercial Fuel Cell Demand			     308
	5	Russia: Market Environment for Fuel Cells			     312
	6	Russia: Commercial Fuel Cell Demand				     314
	7	Other Eastern Europe: Market Environment for Fuel Cells		     317
	8	Other Eastern Europe: Commercial Fuel Cell Demand		     319
	9	Africa/Mideast: Market Environment for Fuel Cells		     323
	10	Africa/Mideast: Commercial Fuel Cell Demand			     327

		SECTION IX -- INDUSTRY STRUCTURE
	1	Fuel Cell-Related Revenues for Selected Companies, 2012		     330
	2	Research & Development Spending by Selected Fuel Cell 
		   Companies, 2010-2012						     339
	3	Capital Spending by Selected Fuel Cell Companies, 2010-2012	     342
	4	Selected Cooperative Agreements					     346
	5	Selected Acquisitions & Divestitures				     362


				      LIST OF CHARTS

    CHART NUMBER								    PAGE


		SECTION II -- MARKET ENVIRONMENT
	1	World Energy Production by Fuel, 2002-2022			      28
	2	World Fuel Cell System Costs, 2002-2022				      48

		SECTION III -- TECHNOLOGY
	1	Basic Fuel Cell Construction					      54
	2	Gravimetric Energy Density of Various Power Conversion
		     & Storage Systems						      73

		SECTION IV -- WORLD SUPPLY & DEMAND
	1	Relationship Between Per Capita Fuel Cell Demand
		    & Per Capita GDP, 2022					      88
	2	Total World Fuel Cell Spending by Region, 2022			      92
	3	World Commercial Fuel Cell Demand by Region, 2022		      95
	4	World Commercial Fuel Cell Demand by Chemistry, 2022		     106
	5	World Commercial Fuel Cell Demand by Application, 2022		     126
	6	World Commercial Fuel Cell Systems Demand 
		   by Application, 2002-2022					     129

		SECTION V -- NORTH AMERICA
	1	North America:  Commercial Fuel Cell Demand 
		   by Country, 2022						     169

		SECTION VI -- WESTERN EUROPE
	1	Western Europe:  Commercial Fuel Cell Demand 
		   by Country, 2022						     200

		SECTION VII -- ASIA/PACIFIC
	1	Asia/Pacific:  Commercial Fuel Cell Demand 
		   by Country, 2022						     251


		SECTION IX -- INDUSTRY STRUCTURE
	1	World Fuel Cell Market Share, 2012				     332
 

 

 

Date of Publication:
Jun 3, 2013
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