Stationary Fuel Cells

Fuel Cells for Prime Power, Large CHP, Residential CHP, and UPS Applications: Global Market Analysis and Forecasts

The stationary fuel cell industry continues to be the poster child of the entire global fuel cell sector. Focus on grid stability is increasing and the costs associated with natural disasters are rising. As a result, the use of fuel cells as small distributed power plants for grid stabilization or backup is moving forward faster than any other sector in terms of megawatts.

The principal drivers for adoption continue to be focused on the shifting economics of adoption and the increased need for more reliable power, as well as increased financing options. Since different countries are facing different pain points, in terms of power and power availability, the adoption costs of distributed generation (DG) technologies, including fuel cells, are also different. The core application segments of prime power, large combined heat and power (CHP), residential CHP (resCHP), and uninterruptible power supply (UPS) continue to grow, albeit at different paces. In addition, the stationary fuel cell industry is still led by a small number of companies, as just 20 key system players accounted for over 95% of revenue at the end of 2013. Navigant Research forecasts that global stationary fuel cell revenue will grow from $1.4 billion in 2013 to $40.0 billion in 2022.

This Navigant Research report analyzes the global market opportunity for stationary fuel cells across four key application segments: prime power, large CHP, resCHP, and UPS. The study provides a comprehensive assessment of the demand drivers, business models, and policy factors associated with the rapidly developing market for stationary fuel cells. Global revenue and capacity forecasts, segmented by application, region of manufacture, and electrolyte type, extend through 2022. The report also examines the main technology issues related to stationary fuel cells and includes in-depth profiles of key industry players.

Key Questions Addressed:
  • Which regions are leading in terms of stationary fuel cell manufacturing?
  • What is the projected segmentation of stationary fuel cell types going forward?
  • What is the current structure of the stationary fuel cell industry and how will it evolve over the medium term?
  • How many stationary fuel cells were shipped in each application segment between 2010 and 2012?
  • What is the global market forecast for stationary fuel cells through 2022?
  • What are the key market trends in the prime power, combined heat and power (CHP), and uninterruptible power supply (UPS) segments?
Who needs this report?
  • Fuel cell manufacturers
  • Fuel cell technology developers
  • Fuel reforming companies
  • Large commercial and industrial energy users
  • Utilities
  • Government agencies and energy policymakers
  • Investor community

Table of Contents

1. Executive Summary

1.1  Overview

2. Market Issues  

2.1  Key Drivers for Stationary Fuel Cell Adoption

2.1.1   Economics of Distributed Energy

2.1.2   Increased Need for Grid Capacity and Resilience

2.1.3   Black Swan Events – The Known Unknown

2.1.4   Growth in Global Use and Understanding of DG Technologies

2.1.5   Growth in Energy Demand from Building Stock and Industry

2.1.6   Regulatory Drivers

2.2  Business Models of Adoption

2.2.1   PPAs

2.2.2   Technology Ownership

3. Stationary Fuel Cell Industry in 2012     

3.1  Overview

3.2  Metrics from 2012

3.3  Company Landscape

3.3.1   Stationary Fuel Cell Sector: Overview of Key Deal Flow

3.3.2   Maturing Chinese Market?

3.4  Competitiveness of Stationary Fuel Cell Sector

3.4.1   Market Share

4. Technology Issues  

4.1  Background to the Technology

4.2  Differences among Fuel Cells

4.2.1   Types of Fuel Cells

   4.2.1.1  PEM Fuel Cells

   4.2.1.2  SOFCs

   4.2.1.3  PAFCs and MCFCs

4.3  Cost Structure and Cost Out

4.4  Innovation in PGM and Non-PGM Catalysts

4.5  Long-Term View of Intellectual Property under Development

5. Key Industry Players  

5.1  Introduction

5.2  North America

5.2.1   Altergy Systems

5.2.2   Ballard Power Systems

5.2.3   Bloom Energy

5.2.4   ClearEdge Power

5.2.5   FuelCell Energy

5.2.6   Hydrogenics

5.2.7   ReliOn, Inc.

5.3  Europe

5.3.1   AFC Energy

5.3.2   BAXI INNOTECH

5.3.3   Ceramic Fuel Cells Ltd.

5.4  Asia Pacific

5.4.1   GS Caltex

5.4.2   JX Nippon Oil & Energy Corp.

5.4.3   Panasonic

5.4.4   POSCO Energy

5.5  Other Industry Participants

6. Market Forecasts  

6.1  Overview of Forecast Methodology

6.2  Stationary Fuel Cell Forecast Overview

6.2.1   Global Capacity and Revenue Forecast

6.2.2   Capacity Forecast by Application

   6.2.2.1  ResCHP

   6.2.2.2  Prime Power and Non-ResCHP

   6.2.2.3  UPS

6.2.3   Systems and Revenue Forecast by Application

6.2.4   Revenue and Capacity Forecasts by Region of Manufacture

6.2.5   Capacity Forecasts by Electrolyte Type and Manufacturer Market Share

6.3  Qualitative Overview of Key Flex Points in the Model

6.3.1   Cost

6.3.2   Growth Profile of Companies

6.3.3   New or Strengthened Policy

6.4  Conclusions and Recommendations

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

  • Stationary Fuel Cell Capacity by Application, World Markets: 2013-2022
  • Solar PV Cost Curve, World Markets: 1992-2012
  • PEM Fuel Cell Cost Curve, World Markets: 1992-2017
  • Environmental and Disaster Costs, United States: 1990-2012
  • Cumulative Additions in Baseload Power, Key Countries and Regions: 2010-2035
  • Cumulative Incremental Additions in Power Generation, Key Countries and Regions:  2010-2035
  • Total Natural Gas, Electricity, and Heat Demand from Industry and Buildings, Key Countries and Regions: 1990-2035
  • Fuel Cell Capacity Shipped by Market Sector and Application, World Markets: 2010-2012
  • Historical Stationary Fuel Cell Capacity Shipments, World Markets: 2010-2012
  • Market Share by Revenue, Stationary Fuel Cell System Companies, World Markets: 2012
  • LT PEM Fuel Cell System Cost at Projected High-Volume Manufacturing, World Markets: 2013
  • SOFC Fuel Cell System Cost at Projected High-Volume Manufacturing, World Markets: 2013
  • Platinum Demand, All Sectors, World Markets: 1975-2013
  • Stationary Fuel Cell Patents Assigned by Company, World Markets: 2002-2012
  • Universities with Fuel Cell Research by Country, World Markets: 2013
  • Stationary Fuel Cell Capacity Shipped and Revenue, World Markets: 2013-2022
  • Stationary Fuel Cell Capacity by Application, World Markets: 2013-2022
  • Stationary Fuel Cell Revenue by Region of Manufacture, World Markets: 2013-2022
  • Stationary Fuel Cell Capacity by Electrolyte Type, World Markets: 2013-2022
  • Stationary Fuel Cell System Capacity by Manufacturer Market Share, World Markets: 2013 and 2022
  • FuelCell Energy Calculated LCOE for MCFC Systems
  • Stationary Fuel Cell Systems by Region of Stack Manufacture, World Markets: 2013-2022

List of Tables

  • Stationary Fuel Cells in Resilient Applications
  • Recent Updated Policies/Regulation Pushing Adoption of Stationary Fuel Cells
  • Altergy Systems SWOT Analysis
  • Ballard Power Systems SWOT Analysis
  • Bloom Energy SWOT Analysis
  • ClearEdge Power SWOT Analysis
  • FuelCell Energy SWOT Analysis
  • Hydrogenics SWOT Analysis
  • ReliOn SWOT Analysis
  • AFC Energy SWOT Analysis
  • BAXI INNOTECH SWOT Analysis
  • Ceramic Fuel Cells SWOT Analysis
  • GS Caltex SWOT Analysis
  • JX Nippon Oil & Energy Corp. SWOT Analysis
  • Panasonic SWOT Analysis
  • POSCO Energy SWOT Analysis
  • Other Industry Participants in 2013
  • Environmental and Disaster Costs, United States: 1990-2012
  • Historical Stationary Fuel Cell Capacity Shipments by Application, World Markets: 2010-2012
  • LT PEM, HT PEM, and SOFC Fuel Cell System Cost at Projected High-Volume Manufacturing, World Markets: 2013
  • Universities with Fuel Cell Research by Country, World Markets: 2013
  • Stationary Fuel Cell Capacity by Application, World Markets: 2013-2022
  • Stationary Fuel Cell Systems by Application, World Markets: 2013-2022
  • Average Stationary Fuel Cell System Size by Application, World Markets: 2013-2022
  • Stationary Fuel Cell Revenue by Application, World Markets: 2013-2022
  • Stationary Fuel Cell Revenue by Region of Manufacture, World Markets: 2013-2022
  • Stationary Fuel Cell Revenue by Application and Region of Manufacture, World Markets: 2013-2022
  • Stationary Fuel Cell Capacity by Region of Manufacture, World Markets: 2013-2022
  • Stationary Fuel Cell Systems by Region of Stack Manufacture, World Markets: 2013-2022
  • Stationary Fuel Cell Capacity by Electrolyte Type, World Markets: 2013-2022

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