TABLE OF CONTENTS
SECTION PAGE
INTRODUCTION xi
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
World Economic Overview 5
Recent Economic Performance 6
Economic Outlook 8
Personal Income & Expenditure Trends 11
World Population Outlook 13
Gross Fixed Investment & Manufacturing Trends 15
World Gross Fixed Investment Outlook 16
World Manufacturing Outlook 18
Fuel Cell Infrastructure 19
World Energy & Power Generation Outlook 20
Energy Supply & Demand 21
Electric Power Generation 24
Distributed Power/Micropower 25
World Motor Vehicle Outlook 26
Motor Vehicle Production Trends 27
Hybrid/Electric Vehicle Outlook 30
World Electronics Sector Outlook 35
Government/Institutional Trends 37
Fuel Cell Cost/Pricing Dynamics 38
Environmental & Regulatory Issues 41
III. TECHNOLOGY 44
General 44
Basic Electrical Properties 45
Fuel Cell Construction & Operation 46
Fuel Cell Chemistries 47
Alkaline 48
Molten Carbonate 49
Phosphoric Acid 50
Proton-Exchange Membrane 51
Direct Methanol 52
Solid-Oxide 53
Other 54
Hydrogen Fuel Sources 55
Fuel Cell Materials 56
Catalysts 57
Electrodes, Electrolytes & Plates 58
Nanotechnology 59
Alternate Sources of Power 60
Batteries 62
Internal Combustion Engines 63
Turbines & Microturbines 65
Other Sources of Power 68
IV. SUPPLY & DEMAND 71
General 71
World Fuel Cell Markets 72
Regional Demand Dynamics 73
Total Fuel Cell Spending 76
Commercial Fuel Cell Demand 79
Demand by Product 81
Systems 82
Fuels 83
Electronic Devices 85
Other Products & Services 86
Demand by Chemistry 87
Proton-Exchange Membrane 89
Molten Carbonate 91
Phosphoric Acid 93
Solid-Oxide 95
Direct Methanol 98
Alkaline 99
Other 101
Demand by Application 104
Electric Power Generation 108
Industrial Stationary & Motive Power 111
Industrial Stationary Power 113
Motive Power 113
Motor Vehicles 114
Other Transportation Equipment 117
Portable Electronics 119
Other 121
World Fuel Cell Production 123
International Trade Flows & Multinational Investment 127
V. NORTH AMERICA 129
General 129
Fuel Cell Activity & Markets 130
Fuel Cell Outlook 131
United States 133
Canada 139
Mexico 144
VI. WESTERN EUROPE 149
General 149
Fuel Cell Activity & Markets 150
Fuel Cell Outlook 152
Germany 155
United Kingdom 161
Italy 166
France 170
Spain 175
Netherlands 180
Other Western Europe 185
VII. ASIA/PACIFIC 190
General 190
Fuel Cell Activity & Markets 192
Fuel Cell Outlook 194
Japan 196
South Korea 203
China 208
India 214
Australia 219
Other Asia/Pacific 224
VIII. OTHER REGIONS 229
Latin America 229
Eastern Europe 234
Russia 239
Other Eastern Europe 245
Africa/Mideast 250
IX. INDUSTRY STRUCTURE 256
General 256
Industry Composition 257
Market Share 259
FuelCell Energy 260
Teledyne Energy Systems 260
UTC Power 261
Ballard Power Systems 261
Hydrogenics 262
Siemens 262
Other Companies 262
Research & Product Development 263
Manufacturing 265
Marketing & Distribution 267
Cooperative Agreements 268
Financial Requirements 283
Acquisitions & Divestitures 284
Company Profiles 287
Acumentrics Corporation 288
Altergy Systems 291
Ansaldo Fuel Cells, see Finmeccanica
Arcotronics Fuel Cells, see Morphic Technologies
AREVA Group 292
Automotive Fuel Cell, see Ballard Power Systems,
Daimler and Ford Motor
Axane Fuel Cell Systems, see L'Air Liquide
Ballard Power Systems Incorporated 294
Cell Impact, see Morphic Technologies
Ceramic Fuel Cells Limited 300
Ceres Power Holdings plc 303
CFC Solutions, see Tognum
Daimler AG 305
Exergy Fuel Cells, see Morphic Technologies
Finmeccanica SpA 307
Ford Motor Company 308
FuelCell Energy Incorporated 310
General Hydrogen, see Plug Power
General Motors Corporation 315
Helbio, see Morphic Technologies
Helion, see AREVA Group
Honda Motor Company Limited 319
Horizon Fuel Cell Technologies Pte Limited 321
Hydrogenics Corporation 323
Hyundai Motor Company 327
IdaTech LLC 329
IHI Corporation 332
Intelligent Energy Limited 333
Ishikawajima-Harima Heavy Industries, see IHI
Jadoo Power Systems Incorporated 335
L'Air Liquide SA 337
Matsushita Electric Industrial, see Panasonic
Mechanical Technology Incorporated 339
Mitsubishi Heavy Industries Limited 342
Morphic Technologies AB 343
MTI MicroFuel Cells, see Mechanical Technology
MTU Onsite Energy, see Tognum
Nippon Oil Corporation 347
Nuvera Fuel Cells Incorporated 348
Panasonic Corporation 351
Plug Power Incorporated 352
Proton Motor Fuel Cell, see Proton Power Systems
Proton Power Systems plc 356
Protonex Technology Corporation 358
Quantum Fuel Systems Technologies Worldwide
Incorporated 361
ReliOn Incorporated 364
SFC Smart Fuel Cell AG 366
Siemens AG 369
Sunrise Power Company Limited 372
Teledyne Technologies Incorporated 373
Tognum AG 375
Toshiba Corporation 377
Toyota Motor Corporation 378
United Technologies Corporation 381
UTC Power, see United Technologies
Other Companies Mentioned in Study 385
LIST OF TABLES
TABLE NUMBER PAGE
SECTION I - EXECUTIVE SUMMARY
Summary Table 3
SECTION II - MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 11
2 World Per Capita GDP by Region 13
3 World Population by Region 15
4 World Gross Fixed Investment by Region 17
5 World Manufacturing Value Added by Region 19
6 World Energy Production by Type 23
7 World Electric Power Generation by Region 25
8 World Motor Vehicle Production by Region 30
9 World Hybrid/Electric Light Vehicle Demand by Region 34
10 World Electronic Product Shipments by Region 36
11 World Fuel Cell System Costs 40
SECTION III - TECHNOLOGY
1 World Battery Demand by Region 63
2 World Internal Combustion Engine Demand by Region 65
3 World Turbine Demand by Region 68
SECTION IV - SUPPLY & DEMAND
1 Total World Fuel Cell Spending by Type & Region 78
2 World Commercial Fuel Cell Demand by Region 80
3 Total World Commercial Fuel Cell Demand by Product 82
4 World Commercial Fuel Cell Demand by Chemistry 88
5 World Commercial Proton-Exchange Membrane Fuel Cell
Demand by Application & Region 91
6 World Commercial Molten Carbonate Fuel Cell Demand
by Application & Region 93
7 World Commercial Phosphoric Acid Fuel Cell Demand by
Application & Region 95
8 World Commercial Solid-Oxide Fuel Cell Demand by
Application & Region 97
9 World Commercial Direct Methanol Fuel Cell Demand by
Application & Region 99
10 World Commercial Alkaline Fuel Cell Demand by
Application & Region 101
11 World Commercial Demand for Other Fuel Cell Types
by Application & Region 103
12 World Commercial Fuel Cell Demand by Application 105
13 World Commercial Fuel Cell Systems Demand
by Application 107
14 World Commercial Electric Power Generation Fuel Cell
Demand by Chemistry, Region & Product 110
15 World Commercial Industrial Stationary & Motive Power
Fuel Cell Demand by Application, Chemistry, Region
& Product 112
16 World Commercial Motor Vehicle Fuel Cell Demand
by Chemistry, Region & Product 116
17 World Commercial Demand for Fuel Cells Used in Other
Transportation Applications by Chemistry, Region
& Product 118
18 World Commercial Portable Electronics Fuel Cell
Demand by Chemistry, Region & Product 120
19 World Commercial Demand for Fuel Cells Used in Other
Applications by Chemistry, Region & Product 122
20 Selected International Fuel Cell Programs 125
SECTION V - NORTH AMERICA
1 North America - Economic & Market Environment 131
2 North America - Commercial Fuel Cell Demand 132
3 United States - Economic & Market Environment 136
4 United States - Commercial Fuel Cell Demand 138
5 Canada - Economic & Market Environment 141
6 Canada - Commercial Fuel Cell Demand 143
7 Mexico - Economic & Market Environment 146
8 Mexico - Commercial Fuel Cell Demand 148
SECTION VI - WESTERN EUROPE
1 Western Europe - Economic & Market Environment 152
2 Western Europe - Commercial Fuel Cell Demand 154
3 Germany - Economic & Market Environment 158
4 Germany - Commercial Fuel Cell Demand 160
5 United Kingdom - Economic & Market Environment 163
6 United Kingdom - Commercial Fuel Cell Demand 165
7 Italy - Economic & Market Environment 168
8 Italy - Commercial Fuel Cell Demand 170
9 France - Economic & Market Environment 172
(continued on next page)
10 France - Commercial Fuel Cell Demand 174
11 Spain - Economic & Market Environment 177
12 Spain - Commercial Fuel Cell Demand 179
13 Netherlands - Economic & Market Environment 182
14 Netherlands - Commercial Fuel Cell Demand 184
15 Other Western Europe - Economic & Market Environment 187
16 Other Western Europe - Commercial Fuel Cell Demand 189
SECTION VII - ASIA/PACIFIC
1 Asia/Pacific - Economic & Market Environment 193
2 Asia/Pacific - Commercial Fuel Cell Demand 195
3 Japan - Economic & Market Environment 199
4 Japan - Commercial Fuel Cell Demand 202
5 South Korea - Economic & Market Environment 205
6 South Korea - Commercial Fuel Cell Demand 207
7 China - Economic & Market Environment 211
8 China - Commercial Fuel Cell Demand 213
9 India - Economic & Market Environment 216
10 India - Commercial Fuel Cell Demand 218
11 Australia - Economic & Market Environment 221
12 Australia - Commercial Fuel Cell Demand 223
13 Other Asia/Pacific - Economic & Market Environment 226
14 Other Asia/Pacific - Commercial Fuel Cell Demand 228
SECTION VIII - OTHER REGIONS
1 Latin America - Economic & Market Environment 231
2 Latin America - Commercial Fuel Cell Demand 233
3 Eastern Europe - Economic & Market Environment 236
4 Eastern Europe - Commercial Fuel Cell Demand 238
5 Russia - Economic & Market Environment 241
6 Russia - Commercial Fuel Cell Demand 244
7 Other Eastern Europe - Economic & Market Environment 247
8 Other Eastern Europe - Commercial Fuel Cell Demand 249
9 Africa/Mideast - Economic & Market Environment 252
10 Africa/Mideast - Commercial Fuel Cell Demand 255
SECTION IX - INDUSTRY STRUCTURE
1 Fuel Cell-Related Revenues for Selected Companies, 2008 258
2 Research & Development Spending by Selected Fuel Cell
Companies, 2006-2008 265
3 Selected Cooperative Agreements 270
4 Selected Acquisitions & Divestitures 286
LIST OF CHARTS
CHART NUMBER PAGE
SECTION II - MARKET ENVIRONMENT
1 World Energy Production by Type, 1998-2018 23
2 World Fuel Cell System Costs, 1998-2018 41
SECTION III - TECHNOLOGY
1 Basic Fuel Cell Construction 47
2 Gravimetric Energy Density of Various Power Conversion
& Storage Systems 61
SECTION IV - SUPPLY & DEMAND
1 Relationship Between Per Capita Fuel Cell Demand &
Per Capita GDP, 2018 75
2 Total World Fuel Cell Spending by Region, 2018 79
3 World Commercial Fuel Cell Demand by Region, 2018 81
4 World Commercial Fuel Cell Demand by Chemistry, 2018 88
5 World Commercial Fuel Cell Demand by Application, 2018 106
6 World Commercial Fuel Cell Systems Demand by
Application, 1998-2018 108
SECTION V - NORTH AMERICA
1 North America - Commercial Fuel Cell Demand by
Country, 2018 133
SECTION VI - WESTERN EUROPE
1 Western Europe - Commercial Fuel Cell Demand by
Country, 2018 155
SECTION VII - ASIA/PACIFIC
1 Asia/Pacific - Commercial Fuel Cell Demand by
Country, 2018 196
SECTION IX - INDUSTRY STRUCTURE
1 World Fuel Cell Market Share by Company, 2008 259
