Fuel Cells

US commercial fuel cell demand will expand nearly sixfold through 2012 to $975 million. Electric power generation will remain the largest market and grow 41 percent annually, bolstered by ongoing interest in less energy pollution and foreign dependency. Portable electronics will be the fastest growing market and benefit direct methanol fuel cells.

This study analyzes the US fuel cell industry. It presents historical demand data for the years 1997, 2002 and 2007, and forecasts for 2012 and 2017 by fuel cell product (e.g., stacks and systems, fuels, electronics, services, stack components, reformers and processors, storage devices); and market (e.g., electric power generation, motor vehicles, backup power supplies, military/aerospace, portable electronics).

The study also considers market environment factors, reviews technology, details industry structure, evaluates company market share and profiles 36 major players, including UTC Power, FuelCell Energy, Ballard Power Systems, and Teledyne Technologies.

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TABLE OF CONTENTS SECTION PAGE INTRODUCTION ix I. EXECUTIVE SUMMARY 1 II. MARKET ENVIRONMENT 4 General 4 Macroeconomic Environment 5 Long-Term Trends 9 Industrial Sector Outlook 11 Power Generation Sector 15 Motor Vehicle Sector 17 Electronics & Communications Sector 19 Chemicals Sector 21 Military/Aerospace Sector 24 Public/Institutional Sector 26 Cost/Pricing Dynamics 28 Legal & Regulatory Environment 30 International Environment 31 World Fuel Cell Markets 32 International Fuel Cell Programs 35 Foreign Trade & Multinational Investment 36 III. TECHNOLOGY 39 General 39 Basic Electrical Properties 40 Fuel Cell Construction & Operation 41 Fuel Cell Chemistries 42 Alkaline 43 Direct Methanol 44 Molten Carbonate 44 Phosphoric Acid 45 Proton-Exchange Membrane 46 Solid-Oxide 47 Other 48 Hydrogen Fuel Sources 50 Fuel Cell Materials 51 Catalysts 51 Electrodes, Electrolytes & Plates 52 Nanotechnology 53 Alternative Sources of Power 54 Batteries 56 Internal Combustion Engines 58 Turbines & Microturbines 60 Other Sources of Power 63 IV. PRODUCTS 66 General 66 Commercial Fuel Cell Demand 67 Fuel Cell Stacks & Systems 69 Proton-Exchange Membrane 71 Phosphoric Acid 73 Molten Carbonate 75 Solid-Oxide 77 Alkaline 79 Direct Methanol 80 Other 81 Fuel Cell Fuels 84 Hydrocarbon-Based 86 Pure Hydrogen 87 Renewable Sources 88 Other 90 Fuel Cell Electronic Devices 91 Test Equipment 92 Power Conditioning Devices 93 Controls & Other 94 Other Fuel Cell Products & Services 94 Fuel Cell Services 95 Stack Components 96 Fuel Cell Reformers & Processors 97 Fuel Cell Storage Devices 97 All Other 98 V. MARKETS 99 General 99 US Fuel Cell Programs 102 Electric Power Generation 105 Industry Outlook 105 Fuel Cell Market 107 Miocropower 108 Large-Scale 109 Motor Vehicles 110 Industry Outlook 111 Fuel Cell Market 113 Light Vehicles 116 Medium/Heavy Vehicles 117 Backup Power Supplies 118 Military/Aerospace 119 Defense & Space Outlook 120 Fuel Cell Market 121 Portable Electronics 123 Portable Electronics Outlook 124 Fuel Cell Market 126 Other Fuel Cell Markets 127 Motive Power 129 All Other 129 VI. INDUSTRY STRUCTURE 131 General 131 Industry Composition 132 Market Share 134 UTC Power 134 FuelCell Energy 135 Ballard Power Systems 135 Teledyne Technologies 136 Other Companies 136 Research & Product Development 137 Manufacturing 138 Marketing & Distribution 140 Cooperative Agreements 141 Financial Requirements 153 Acquisitions & Divestitures 154 Company Profiles 157 Acumentrics Corporation 158 Advanced Energy Technology, see GrafTech International Air Products and Chemicals Incorporated 160 Apollo Energy Systems Incorporated 162 Automotive Fuel Cell Cooperation Corporation, see Ballard Power Systems, Daimler AG and Ford Motor Ballard Power Systems Incorporated 164 Bridgeport Fuel Cell Park LLC, see FuelCell Energy Cellex Power Products Incorporated, see Plug Power Chrysler LLC 169 Daimler AG 170 Delphi Corporation 171 Distributed Energy Systems Corporation 173 DuPont (EI) de Nemours 176 ElectroChem Incorporated 178 Ford Motor Company 179 Fuel Cell Technologies Corporation, see Acumentrics FuelCell Energy Incorporated 182 General Hydrogen Corporation, see Plug Power General Motors Corporation 186 Gore (WL) & Associates Incorporated 190 GrafTech International Limited 192 Honda Motor Company Limited 194 Hydrogenics Corporation 195 IdaTech LLC 199 Jadoo Power Systems Incorporated 200 Johnson Matthey plc 202 Manhattan Scientifics Incorporated 204 McDermott International Incorporated 205 Medis Technologies Limited 206 Mesoscopic Devices LLC, see Protonex Methanex Corporation 209 Motorola Incorporated 210 Northern Power Systems, see Distributed Energy Nuvera Fuel Cells Incorporated 212 Plug Power Incorporated 214 Proton Energy Systems, see Distributed Energy Protonex Technology Corporation 219 Quantum Fuel Systems Technologies Worldwide Inc. 222 ReliOn Incorporated 225 Rolls-Royce plc 227 Siemens AG 228 SOFCo-EFS Holdings LLC, see Rolls-Royce plc Teledyne Technologies Incorporated 231 Toyota Motor Corporation 233 United Technologies Corporation 236 UTC Power, see United Technologies Corporation Other Companies Mentioned in Study 239 LIST OF TABLES TABLE NUMBER PAGE SECTION I -- EXECUTIVE SUMMARY Summary Table 3 SECTION II -- MARKET ENVIRONMENT 1 Economic Indicators 9 2 Industrial Sector Indicators 15 3 Electricity Supply & Demand 17 4 Motor Vehicle Parts & Shipments 19 5 Computer & Electronic Product Shipments 21 6 Chemical Shipments 24 7 Aerospace Equipment Shipments 26 8 Government Spending & Investment Trends 28 9 World Fuel Cell Spending 34 10 Selected International Fuel Cell Programs 35 SECTION III -- TECHNOLOGY 1 Battery Supply & Demand 58 2 Internal Combustion Engine Shipments 60 3 Turbine & Turbine Generator Demand 63 4 Selected Micropower Product Demand 65 SECTION IV -- PRODUCTS 1 Total Fuel Cell Spending 67 2 Commercial Fuel Cell Demand 69 3 Fuel Cell Stack & System Demand 70 4 Proton-Exchange Membrane Fuel Cell Demand 73 5 Phosphoric Acid Fuel Cell Demand 75 6 Molten Carbonate Fuel Cell Demand 77 7 Solid-Oxide Fuel Cell Demand 78 8 Alkaline Fuel Cell Demand 80 9 Direct Methanol Fuel Cell Demand 81 10 Other Fuel Cell Demand 83 11 Fuel Cell Fuels Demand 85 12 Hydrocarbon-Based Fuel Cell Fuels Demand 87 13 Pure Hydrogen Fuel Cell Fuels Demand 88 14 Renewable Sources Fuel Cell Fuels Demand 90 15 Other Fuel Cell Fuels Demand 91 16 Fuel Cell Electronic Device Demand 92 17 Other Fuel Cell Products & Services Demand 95 SECTION V -- MARKETS 1 Fuel Cell Demand by Market 101 2 Selected US Fuel Cell Programs 103 3 Electric Power Generation 106 4 Electric Power Generation Fuel Cell Demand 108 5 Motor Vehicle Outlook 113 6 Motor Vehicle Fuel Cell Demand 116 7 Backup Power Supply Fuel Cell Demand 119 8 Defense Spending Trends 121 9 Military/Aerospace Fuel Cell Demand 123 10 Wireless Communications & Portable Computing Device Demand 125 11 Portable Electronics Fuel Cell Demand 127 12 Other Fuel Cell Demand 128 SECTION VI -- INDUSTRY STRUCTURE 1 US Fuel Cell Sales by Company, 2007 133 2 Research & Development Spending Patterns: Selected Fuel Cell Companies, 2005-2007 138 3 Selected Cooperative Agreements 143 4 Selected Acquisitions & Divestitures 155 LIST OF CHARTS CHART NUMBER PAGE SECTION II - MARKET ENVIRONMENT 1 Average Energy Efficiency of Various Power Sources 11 2 Fuel Cell Pricing Patterns 30 SECTION III -- TECHNOLOGY 1 Basic Fuel Cell Construction 42 2 Gravimetric Energy Density of Various Power Conversion & Storage Systems 56 SECTION IV -- PRODUCTS 1 Fuel Cell Stack & System Demand by Chemistry, 2012 71 SECTION V -- MARKETS 1 Fuel Cell Demand by Market, 2012 102 SECTION VI -- INDUSTRY STRUCTURE 1 US Fuel Cell Market Share by Company, 2007 134

Fuel Cells

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Fuel Cells

1 INTRODUCTION

2 EXECUTIVE SUMMARY

Table | US FUEL CELL DEMAND (million dollars)

3 MARKET ENVIRONMENT

3.1 General

3.2 Macroeconomic Environment

Table | ECONOMIC INDICATORS (billion dollars)

3.3 Long-Term Trends

3.4 Industrial Sector Outlook

Table | INDUSTRIAL SECTOR INDICATORS (billion dollars)

3.4.1 Power Generation Sector

Table | ELECTRICITY SUPPLY & DEMAND (billion kilowatt hours)

3.4.2 Motor Vehicle Sector

Table | MOTOR VEHICLE PARTS & SHIPMENTS (billion dollars)

3.4.3 Electronics & Communications Sector

Table | COMPUTER & ELECTRONIC PRODUCT SHIPMENTS (billion dollars)

3.4.4 Chemicals Sector

Table | CHEMICAL SHIPMENTS (billion dollars)

3.4.5 Military/Aerospace Sector

Table | AEROSPACE EQUIPMENT SHIPMENTS (billion dollars)

3.4.6 Public/Institutional Sector

Table | GOVERNMENT SPENDING & INVESTMENT TRENDS (billion dollars)

3.5 Cost/Pricing Dynamics

3.6 Legal & Regulatory Environment

3.7 International Environment

3.7.1 World Fuel Cell Markets

Table | WORLD FUEL CELL SPENDING (million dollars)

3.7.2 International Fuel Cell Programs

Table | SELECTED INTERNATIONAL FUEL CELL PROGRAMS

3.7.3 Foreign Trade & Multinational Investment

4 TECHNOLOGY

4.1 General

4.2 Basic Electrical Properties

4.3 Fuel Cell Construction & Operation

4.4 Fuel Cell Chemistries

4.4.1 Alkaline

4.4.2 Direct Methanol

4.4.3 Molten Carbonate

4.4.4 Phosphoric Acid

4.4.5 Proton-Exchange Membrane

4.4.6 Solid-Oxide

4.4.7 Other

4.5 Hydrogen Fuel Sources

4.6 Fuel Cell Materials

4.6.1 Catalysts

4.6.2 Electrodes, Electrolytes & Plates

4.6.3 Nanotechnology

4.7 Alternative Sources of Power

4.7.1 Batteries

Table | BATTERY SUPPLY & DEMAND (million dollars)

4.7.2 Internal Combustion Engines

Table | INTERNAL COMBUSTION ENGINE SHIPMENTS (billion dollars)

4.7.3 Turbines & Microturbines

Table | TURBINE & TURBINE GENERATOR DEMAND (million dollars)

4.7.4 Other Sources of Power

Table | SELECTED MICROPOWER PRODUCT DEMAND (million dollars)

5 PRODUCTS

5.1 General

Table | TOTAL FUEL CELL SPENDING (million dollars)

5.2 Commercial Fuel Cell Demand

Table | COMMERCIAL FUEL CELL DEMAND (million dollars)

5.3 Fuel Cell Stacks & Systems

Table | FUEL CELL STACK & SYSTEM DEMAND (million dollars)

5.3.1 Proton-Exchange Membrane

Table | PROTON-EXCHANGE MEMBRANE FUEL CELL DEMAND (million dollars)

5.3.2 Phosphoric Acid

Table | PHOSPHORIC ACID FUEL CELL DEMAND (million dollars)

5.3.3 Molten Carbonate

Table | MOLTEN CARBONATE FUEL CELL DEMAND (million dollars)

5.3.4 Solid-Oxide

Table | SOLID-OXIDE FUEL CELL DEMAND (million dollars)

5.3.5 Alkaline

Table | ALKALINE FUEL CELL DEMAND (million dollars)

5.3.6 Direct Methanol

Table | DIRECT METHANOL FUEL CELL DEMAND (million dollars)

5.3.7 Other

Table | OTHER FUEL CELL DEMAND (million dollars)