Fuel Cells Annual Report 2012

The industry is still small, particularly compared to some of its other counterparts in the clean energy arena such as solar energy and wind power.

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.

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     Europe             EU Energy Roadmap 2050             Germany’s Shift to Renewable Energy – and Away from Nuclear

Combined Heat and Power Act (KWKG)

Callux Program

Relaunched MicroCHP Program             UKH2Mobility and H2Mobility     Asia Pacific             South Korea’s Renewable Portfolio Standard             Japan’s Shift to Renewable Energy – and Away from Nuclear             Australia’s Energy White Paper     Rest of World             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     Systems Shipped     Megawatts Shipped

3.3.2     Portable – Bloodbath in the Portable Fuel Cell Space     Systems Shipped     Megawatts Shipped

3.3.3     Transport     Systems Shipped     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     United States

3.7.3     Europe     Germany

3.7.4     Asia Pacific     Japan     South Korea

3.8   Development by Electrolyte

3.8.1     Polymer Electrolyte Membrane (PEM) Fuel Cells     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