Fuel Cells Annual Report 2012

Market Development for Fuel Cells in the Stationary, Portable, and Transport Sectors

The global fuel cell industry is growing at a rapid pace, having posted a compound annual growth rate (CAGR) of 83% during the period from 2009 to 2011. However, the industry is still small, particularly compared to some of its other counterparts in the clean energy arena such as solar and wind. And the fuel cell industry still suffers from a pattern of expansion and contraction. During 2011, for example, system shipments in the portable fuel cell sector contracted by 16% on a year-over-year basis, and in the process the sector lost a number of companies.

Meanwhile, the stationary sector posted the highest growth in 2011, primarily driven by the surge of interest in residential combined heat and power (resCHP) systems in Japan following the meltdown of the Fukushima Daiichi nuclear power plant. Companies such as FuelCell Energy increased their production. As a result, system shipments in the global stationary sector in 2011 grew by 75% over 2010 and posted a 2009-2011 CAGR of 63%. The dichotomy between the portable and stationary sectors illustrates the fact that the fuel cell industry remains a complex and multifaceted market, with adoption patterns – and the health of the supply chain – varying significantly among different application segments. Despite a number of challenges, however, the industry continues to be driven forward by concerns about the cost of energy, a continued focus around the world on clean energy policy initiatives, and the overall transition to a smart energy paradigm.

This Pike Research report provides an assessment of the state of the global fuel cell market across its three major industry sectors: stationary, portable, and transport. The study includes qualitative and quantitative analysis of demand drivers and barriers, public policy factors, and key industry players in the worldwide fuel cell industry. Market sizing and forecasts are included for megawatts shipped, electrolyte adoption rates, system shipments, and revenue by sector and application. This year’s edition of the report also includes a special section on the impact that the current natural gas boom could have on the fuel cell industry.

Key Questions Addressed:
  • What is the current growth rate of the fuel cell industry, by region and by sector?
  • How could the natural gas boom in the U.S. impact the fuel cell industry?
  • What was investment activity like in the fuel cell industry during 2011?
  • How are the markets for fuel cell electrolytes diverging?
  • What were the major policy updates, and implications thereof, in major fuel cell markets around the world?
  • Why did the portable fuel cell sector drop so dramatically in 2011?
  • Which country is leading in terms of fuel cell manufacturing?
  • Which regions are best positioning themselves to be leaders in fuel cell manufacturing?
  • Why does the price of residential fuel in the U.S. make the country ripe for the deployment of fuel cells?
Who needs this report?
  • Fuel cell system and stack developer companies
  • Fuel cell component suppliers
  • Government agencies
  • Industry associations
  • Investor community

Table of Contents

1.  Executive Summary

1.1   Market Overview

1.2   Market Forecasts

2.  Market Issues

2.1   Introduction

2.2   Drivers for Fuel Cell Adoption

2.2.1     Transition to a Smart Energy Paradigm

2.2.2     Energy, Climate Change Mitigation, and Transport Policy

2.2.2.1     Europe

2.2.2.1.1.             EU Energy Roadmap 2050

2.2.2.1.2.             Germany’s Shift to Renewable Energy – and Away from Nuclear

Combined Heat and Power Act (KWKG)

Callux Program

Relaunched MicroCHP Program

2.2.2.1.3.             UKH2Mobility and H2Mobility

2.2.2.2     Asia Pacific

2.2.2.2.1.             South Korea’s Renewable Portfolio Standard

2.2.2.2.2.             Japan’s Shift to Renewable Energy – and Away from Nuclear

2.2.2.2.3.             Australia’s Energy White Paper

2.2.2.3     Rest of World

2.2.2.3.1.             India’s Green Telecom Policy

2.2.3     Cost of Energy

2.2.4     Summary of Drivers for Fuel Cell Adoption

2.3   Barriers for Fuel Cell Adoption

2.3.1     Cost

2.3.2     Policy

2.3.3     Customer Awareness

3.  2011 Market Development

3.1   Introduction

3.2   Global Market Development, 2009-2011

3.3   Development by Sector and Application, 2009-2011

3.3.1     Stationary

3.3.1.1     Systems Shipped

3.3.1.2     Megawatts Shipped

3.3.2     Portable – Bloodbath in the Portable Fuel Cell Space

3.3.2.1     Systems Shipped

3.3.2.2     Megawatts Shipped

3.3.3     Transport

3.3.3.1     Systems Shipped

3.3.3.2     Megawatts Shipped

3.4   Stacks

3.5   Development by Company

3.5.1     Market Share

3.5.2     Funding

3.6   Development by Revenue

3.6.1     By Sector

3.6.2     By Region

3.7   Development by Region and Country

3.7.1     Global

3.7.2     North America

3.7.2.1     United States

3.7.3     Europe

3.7.3.1     Germany

3.7.4     Asia Pacific

3.7.4.1     Japan

3.7.4.2     South Korea

3.8   Development by Electrolyte

3.8.1     Polymer Electrolyte Membrane (PEM) Fuel Cells

3.8.1.1     Low-temperature (LT) PEM Fuel Cells

3.8.2     Direct Methanol Fuel Cells (DMFCs)

3.8.3     Solid Oxide Fuel Cells (SOFCs)

3.9   Development by Fuel

3.9.1     Direct Hydrogen

4.  The Development of the Natural Gas Market and Its Potential Impact on the Deployment of Fuel Cell Systems

4.1   Introduction

4.2   Rate of Adoption

4.3   Opening Up of New Markets

4.3.1     Natural Gas Compressor Stations

5.  Key Industry Players

5.1   Introduction

5.2   Stationary

5.2.1     AFC Energy (AFC: Prime Power: United Kingdom)      55

5.2.2     Altergy Systems (PEM: Backup Power, United States)

5.2.3     Ballard Power Systems (PEM: Prime Power: Canada)

5.2.4     Bloom Energy (SOFC: Prime Power: United States)

5.2.5     Ceramic Fuel Cells Ltd. (SOFC: resCHP: Australia)

5.2.6     Ceres Power (SOFC: resCHP: United Kingdom)

5.2.7     ClearEdge Power (HT PEM: Prime Power and Backup Power: United States)

5.2.8     Dantherm Power (PEM: Backup Power and resCHP: Denmark)

5.2.9     Diverse Energy (PEM: Off-grid Power: United Kingdom)

5.2.10   Electro Power Systems (PEM: Backup Power: Italy)

5.2.11   FuelCell Energy (MCFC: Prime Power: United States)

5.2.12   Hydrogenics (PEM: Prime Power & Backup Power: Canada)

5.2.13   JX Nippon (SOFC: resCHP: Japan)

5.2.14   Nedstack (PEM: Stacks: Netherlands)

5.2.15   ReliOn Inc. (PEM: Backup Power and Off-grid Power: United States)

5.2.16   Tropical (PEM: resCHP and Backup Power: Greece)

5.2.17   UTC Power (PAFC: Prime Power: United States)

5.3   Portable

5.3.1     Horizon Fuel Cell (PEM: External Battery Rechargers: Singapore)

5.3.2     Jadoo Power (PEM: Portable Generators: United States)

5.3.3     Lilliputian Systems (SOFC: External Battery Rechargers: United States)

5.3.4     myFC (PEM: External Battery Rechargers: Sweden)

5.3.5     SerEnergy (HT PEM: Portable Generators: Denmark)

5.3.6     SFC Energy (DMFC: Portable Generators: Germany)

5.4   Transport

5.4.1     Daimler AG (PEM: LDV: Germany)

5.4.2     H2logic (PEM: Range Extenders and Forklifts: Denmark)

5.4.3     Honda (PEM: LDV: Japan)

5.4.4     Hyundai-Kia Automotive Group (PEM: LDV: South Korea

5.4.5     Plug Power (PEM: Industrial Vehicles: United States)

5.4.6     Toyota (PEM: LDV: Japan)

6.  Market Forecasts, 2012-2017

6.1   Introduction

6.2   Model Overview

6.3   Megawatts Shipped, 2012-2017

6.4   Shipments by Sector, 2012-2017

6.5   Electrolyte Mix, 2012-2017

6.6   Revenue, 2012-2017

6.7   Region of System Manufacture, 2012-2017

6.8   Qualitative Overview of Key Flex Points in Model

6.8.1     New Companies Coming into the Market

6.8.2     New Markets Opening Up

6.8.3     New Policy Direction from Government

7.  Company Directory
8.  Acronym and Abbreviation List
9.  Table of Contents
10.  Table of Charts and Figures
11.   Scope of Study, Sources and Methodology, Notes

List of Charts and Figures

  • MWs of Fuel Cell Products Shipped by Electrolyte, World Markets: 2009-2011
  • Revenue from Smart Energy Storage and Energy Sales, World Markets: 2011
  • ENE-FARM Residential Stationary Fuel Cells Systems Shipped, Japan: 2002-2011
  • OECD – Indices of Real Energy Prices for Industry (Total Energy), Selected Countries: 2002-2Q 2011
  • OECD – Indices of Real Energy Prices for Residential Users (Total Energy), Selected Countries: 2002-2Q 2011
  • Fuel Cell Systems Shipped by Sector, World Markets: 2009-2011
  • MWs of Fuel Cell Systems Shipped by Sector, World Markets: 2009-2011
  • Stationary Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • MWs of Stationary Fuel Cell Systems Shipped by Application: World Markets: 2009-2011
  • Portable Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • MWs of Portable Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • Transport Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • MWs of Transport Fuel Cell Systems Shipped by Application: World Markets: 2009-2011
  • Percentage of Fuel Cell Stacks Shipped by Sector, World Markets: 2011
  • Fuel Cell System Shipments by Top 11 Companies, World Markets: 2011
  • Fuel Cell Systems Revenue by Sector, World Markets: 2009-2011
  • Fuel Cell Systems Revenue by Region, World Markets: 2009-2011
  • MWs of Fuel Cell Systems Shipped by Region, World Markets: 2009-2011
  • MWs of Fuel Cell Systems Shipped by Sector, North America: 2009-2011
  • Number of Fuel Cell Systems Shipped from U.S. Companies: 2009-2011
  • MWs of Fuel Cell Systems Shipped by Sector, Europe: 2009-2011
  • Number of Fuel Cell Systems Shipped from German Companies: 2009-2011
  • MWs of Fuel Cell Systems Shipped by Sector, Asia Pacific: 2009-2011
  • Number of Fuel Cell Systems Shipped from Japanese Companies: 2009-2011
  • Number of Fuel Cell Systems Shipped from South Korean Companies: 2009-2011
  • Fuel Cell Systems Shipped by Electrolyte Type, World Markets: 2009-2011
  • MWs of Fuel Cell Systems Shipped by Electrolyte Type, World Markets: 2009-2011
  • LT PEM Systems Shipped by Sector, World Markets: 2009-2011
  • DMFC Systems Shipped by Sector, World Markets: 2009-2011
  • MWs of SOFC Fuel Cell Systems Shipped by Sector, World Markets: 2009-2011
  • Fuel Cell Systems Shipped by Fuel Type, World Markets: 2009-2011
  • Fuel Cell Systems Using Direct Hydrogen by Sector, World Markets: 2009-2011
  • Natural Gas Price, Residential and Commercial, United States: January 2010 to February 2012
  • Unsubsidized Levelized Cost of Energy, United States: 2011
  • MWs of Fuel Cell Systems Shipped by Sector, World Markets: 2012-2017
  • Fuel Cell Systems Shipped by Sector, World Markets: 2012-2017
  • Fuel Cell Systems Shipped by Electrolyte, World Markets: 2012-2017
  • Fuel Cell Systems Revenue Generated by Sector, World Markets: 2012-2017
  • Fuel Cell Systems Manufactured by Region, World Markets: 2012-2017
  • Map of Natural Gas Compression Stations, United States: 2008

List of Tables

  • Nuclear Plants Taken Offline, Germany: 2011
  • Original Small CHP Impulse Program by Subsidy, Germany
  • Percentage Renewable Energy Generation Under RPS, South Korea: 2012-2020
  • Percentage Renewable Energy Generation Under RPS If All Were Fuel Cells, South Korea
  • Stack Components Cost Breakdown: 2011
  • OECD – Indices of Real Energy Prices for Industry (Total Energy), Selected Countries: 2002-2Q 2011
  • OECD – Indices of Real Energy Prices for Residential Users (Total Energy), Selected Countries: 2002-2Q 2011
  • Fuel Cell Systems Shipped by Sector, World Markets: 2009-2011
  • MWs of Fuel Cell Systems Shipped by Sector, World Markets: 2009-2011
  • Stationary Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • MWs of Stationary Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • Transport Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • MWs of Transport Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • Portable Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • MWs of Portable Fuel Cell Systems Shipped by Application, World Markets: 2009-2011
  • Fuel Cell Systems Shipped by Fuel Type, World Markets: 2009-2011
  • Fuel Cell Systems Using Direct Hydrogen by Sector, World Markets: 2009-2011
  • 10 Largest Natural Gas Compression Stations, United States: 2006
  • Natural Gas Price, Residential and Commercial, United States: January 2010 to February 2012
  • Unsubsidized Levelized Cost of Energy, United States: 2011
  • Nuclear Plants Taken Offline, Germany: 2011
  • Original Small CHP Impulse Program by Subsidy, Germany
  • Percentage Renewable Energy Generation Under RPS, South Korea
  • Percentage Renewable Energy Generation Under RPS If All Were Fuel Cells, South Korea
  • Stack Components Cost Breakdown: 2011
  • 10 Largest Natural Gas Compression Stations, United States: 2006
  • AFC Energy SWOT Analysis
  • Altergy Systems SWOT Analysis
  • Ballard Power Systems SWOT Analysis
  • Bloom Energy SWOT Analysis
  • Ceramic Fuel Cells Ltd. SWOT Analysis
  • Ceres Power SWOT Analysis
  • ClearEdge Power SWOT Analysis
  • Dantherm Power SWOT Analysis
  • Diverse Energy SWOT Analysis
  • Electro Power Systems SWOT Analysis
  • FuelCell Energy SWOT Analysis
  • Hydrogenics SWOT Analysis
  • JX Nippon SWOT Analysis
  • Nedstack SWOT Analysis
  • ReliOn SWOT Analysis
  • Tropical SWOT Analysis
  • UTC Power SWOT Analysis
  • Horizon Fuel Cells SWOT Analysis
  • Jadoo Power SWOT Analysis
  • Lilliputian Systems SWOT Analysis
  • myFC SWOT Analysis
  • SerEnergy SWOT Analysis
  • SFC Energy SWOT Analysis
  • Daimler AG SWOT Analysis
  • H2Logic SWOT Analysis
  • Honda SWOT Analysis
  • Hyundai-Kia SWOT Analysis
  • Plug Power SWOT Analysis
  • Toyota SWOT Analysis
  • Types of Events that Affect a Forecast
  • Fuel Cell Systems Shipped by MWs and Sector, World Markets: 2012-2017
  • Fuel Cell Systems Shipped by Sector, World Markets: 2012-2017
  • Fuel Cell Systems Shipped by Electrolyte Type, World Markets: 2012-2017
  • Fuel Cell Systems Revenue Generated by Sector, World Markets: 2012-2017
  • Fuel Cell Systems Manufactured by Region, World Markets: 2012-2017

Report Details

  • Pages: 106
  • Tables, Charts,
    Figures:
    101
  • Release Date: 3Q 2012

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