Adoption of fuel cell powered products is gathering increasing momentum from a wide variety of sectors. The shift from an R&D based industry to a fully commercial one is well underway but has not been without its setbacks. The reasons for the groundswell of interest are as varied as the sectors that the technology is becoming embedded into. Whether it is the desire to “futureproof” a home, roll out off-grid mobile base stations in rural Africa, decarbonize transport, clean up ports, reduce energy dependence on oil producing nations, or to increase the resilience of energy networks, fuel cell technology is one of a suite of solutions that is being utilized.

Between 2008 and 2010, the fuel cell industry experienced a compound annual growth rate (CAGR) of 27%. Although this is lower than some industry commentators would have liked to see, this increase belies the fact that within this a number of companies have shifted into profit per unit status. Company-level profitability is still elusive, but the necessary first step of making a profit on each unit sold has now been taken by a handful of industry players. The stationary fuel cell market was the only one of the three meta sectors that posted an increase, with both the portable and transport sectors experiencing decreases in units shipped between 2009 and 2010. This decline was due to a number of factors, including a false dawn in the consumer electronics sector, fuel cells for light duty vehicles and buses still being released in batches in the market, and the slow recovery of some applications from the global recession. In terms of breakout applications in 2010, the market for remote monitoring units came out of the shadows and started to log adoption.

The first annual Pike Research Fuel Cells Annual Report analyzes the state of the global fuel cell industry, its key barriers and drivers, where the industry could be in 2017, and why 2015 is shaping up to be such a crucial point for the industry. This report is produced from extensive industry interviews as well as the Pike Research fuel cell forecast model.

Key Questions Addressed:

• What will be the size of the global fuel cell industry in 2017?
• What is the current rate of growth of the industry?
• Which sectors are growing quicker than the others and why?
• How many fuel cell LDVs will be on the road in 2015?
• Are there any early signs of electrolyte lock-in?
• How many megawatts did the industry ship in total in 2010 and how is this projected to change by 2017?
• What were the breakout fuel cell markets of 2010?

Who needs this report?

• Fuel cell, hydrogen, and renewable trade associations
• 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   Introduction

1.2   Fuel Cell Industry Sectors

1.2.1     Stationary Fuel Cell Sector

1.2.2     Portable Fuel Cell Sector

1.2.3     Transport Fuel Cell Sector

1.3   Electrolyte Type

1.4   Fuel Cells and Government Positioning

2. Introduction and Global Overview of Drivers

2.1   Introduction

2.2   Government-Level Drivers

2.2.1     Increase in Energy Demand

2.2.2     Oil Price Volatility

2.2.3     Carbon Emissions

2.2.4     Energy Security and Energy Resilience

3. Development by Sector and Application: 2008-2010

3.1   Introduction

3.2   Stationary Fuel Cell Sector

3.2.1     Market Overview

3.2.1.1     CHP – Residential and Non-Residential Units

3.2.1.1.1.    Danish Micro Combined Heat and Power Demonstration Project

3.2.1.1.2.    German Callux Program

3.2.1.2     Prime Power

3.2.1.3     Backup Power

3.2.2     Technology Issues

3.2.2.1     Cost

3.2.2.2     Durability

3.2.2.3     Standardization

3.3   Transport Fuel Cell Sector

3.3.1     Market Overview

3.3.1.1     LDVs

3.3.1.1.1.    Full-Size Passenger Cars

3.3.1.1.2.    Microcars, City Cars, and Neighborhood Electric Vehicles

3.3.1.1.3.    Major Demonstration Programs

3.3.1.2     Buses

3.3.1.2.1.    Full Size

3.3.1.2.2.    Midibuses or Shuttle Buses

3.3.1.2.3.    Articulated

3.3.1.2.4.    Demonstration Projects

3.3.1.3     APUs

3.3.1.4     Forklifts

3.3.1.5     Other

3.3.2     Technology Issues

3.4   Portable Fuel Cell Sector

3.4.1     Market Overview

3.4.1.1     Consumer Electronics

3.4.1.1.1.    Company Case Study – Lilliputian

3.4.1.2     Military

3.4.1.2.1.    Military Funding

3.4.1.3     Other – Remote Sensing

3.4.1.3.1.    Remote Sensing Developments: 2010

3.4.2     Technology Issues

4. Development by Country

4.1   Introduction

4.2   Fuel Cell Shipments

4.2.1     Shipments by Country

4.2.2     MWs by Country

4.3   North America

4.3.1     Special Focus: United States

4.3.1.1     State of the U.S. Fuel Cell Industry: 2010

4.3.1.2     Funding

4.3.1.3     Companies

4.3.1.3.1.    Bloom Energy (SOFC: Prime Power: United States)

4.3.1.3.2.    FuelCell Energy (MCFC: CHP/Power Plants: United States)

4.3.1.3.3.    IdaTech (PEM: Telecom Backup Power: United States)

4.3.1.3.4.    ReliOn (PEM: Telecom Backup Power: United States)

4.3.1.3.5.    UTC Power (PAFC: CHP/Grid Strengthening: United States)

4.3.2     Canada

4.3.2.1     Funding

4.3.2.2     Companies

4.3.2.2.1.    Angstrom Power (DMFC: Portable: Canada)

4.3.2.2.2.    Automotive Fuel Cell Cooperation (AFCC) Corp. (PEM: Automotive: Canada)

4.3.2.2.3.    Ballard Power Systems (PEM: Stationary, Niche Transport: Canada)

4.3.2.2.4.    BC Hydro (Hydrogen Production and Refueling: Canada)

4.3.2.2.5.    Hydrogenics (PEM: Stationary, Niche Transport, Hydrogen Production, Energy Storage: Canada)

4.4   Asia Pacific

4.4.1     Japan

4.4.1.1     Funding

4.4.1.2     Companies

4.4.1.2.1.    Aquafairy (DMFC: Personal Electronics: Japan)

4.4.1.2.2.    Fuji Electric (PAFC: CHP: Japan)

4.4.1.2.3.    Honda (PEM: LDV: Japan)

4.4.1.2.4.    Panasonic (PEM: resCHP: Japan)

4.4.1.2.5.    Toyota (PEM: LDV: Japan)

4.4.2     South Korea

4.4.2.1     Funding

4.4.2.2     Companies

4.4.2.2.1.    GS FuelCell (PEM: Residential: South Korea)

4.4.2.2.2.    Hyundai-Kia (PEM: LDV:  South Korea)

4.4.2.2.3.    LG Chem (DMFC: Portable: South Korea)

4.4.2.2.4.    POSCO Power (MCFC: Grid Strengthening: South Korea)

4.4.2.2.5.    Samsung SDI (PEM, DMFC: Portable, Niche Transport: South Korea)

4.4.3     China

4.5   Europe

4.5.1     Germany

4.5.1.1     Funding

4.5.1.1.1.    Federal Funding

4.5.1.2     Companies

4.5.1.2.1.    Baxi Innotech (PEM: resCHP: Germany)

4.5.1.2.2.    Daimler A.G. (PEM: LDV: Germany)

4.5.1.2.3.    Hexis (SOFC: resCHP: Germany)

4.5.1.2.4.    Proton Motor (PEM: Niche Transport: Germany)

4.5.1.2.5.    SFC Energy AG (DMFC: Portable, Niche Transport, Small Stationary: Germany)

5. Hydrogen Refueling Stations

6. Fuel Cell Industry Forecasts: 2011-2017

6.1   Overview

6.2   Fuel Cell Shipments: 2011-2015

6.3   Fuel Cell Installations: 2017

6.4   Fuel Cell Revenue: 2017

7. Discussion of Key Flex Points in the Industry

7.1   Government Intervention

7.2   Mass Manufacturing

7.3   Private Finance

7.4   New Companies Coming into the Market

7.5   New Markets Opening Up

8. Company Directory

9. Acronym and Abbreviation List

10. Table of Contents

11. Table of Charts and Figures

12. Scope of Study, Sources and Methodology, Notes

Lists of Charts and Figures

• Global Megawatts of Fuel Cell Product Shipments by Electrolyte:  2008-2010
• IEA Reference Energy Scenario:  1980-2030
• Average Monthly Price per Barrel of Oil FOB, World Markets:  2007-2011
• CO₂ Emissions from Fossil Fuel for Energy Generation, IEA Base Scenario, World Markets:  1990-2030
• Fuel Cell Shipments by Sector, World Markets:  2008-2010
• Fuel Cell Cumulative Shipments by Sector, World Markets:  2008-2010
• Megawatts Shipped by Sector, World Markets:  2008-2010
• Megawatts Shipped by Electrolyte, World Markets:  2008-2010
• Fuel Cell Industry Revenue by Sector, World Markets:  2008-2010
• Stationary Fuel Cell Units Shipped by Company:  2010
• CHP, UPS, and Non-UPS Fuel Cell Units Shipped:  2008-2010
• Revenue from CHP, UPS, and Non-UPS Fuel Cell Units Shipped:  2008-2010
• Developer Mix of Companies Developing or Shipped Prime Power Fuel Cell Units:  2010
• Projected Base Station Deployments:  2007-2012
• Delphi Cost Analysis for Its SOFC System:  2009
• Fuel Cell System Shipments from the Transport Sector:  2008-2010
• Fuel Cell Revenue from the Transport Sector:  2008-2010
• Shipments by Companies Operating in the Transport Fuel Cell Sector:  2010
• Companies Shipping Units Under 500 Systems in the Transport Fuel Cell Sector:  2010
• Fuel Cell Forklift Shipments by Region, World Markets:  2008-2010
• Global Portable Fuel Cell Shipments by Major Application Area:  2008-2010
• Revenue from the Portable Fuel Cell Sector:  2008-2010
• Company Profile in the Portable Fuel Cell Sector:  2010
• Location by Personal Electronics Shipments:  2010
• Location of Companies with Stated Interest in Using Fuel Cells in Personal Electronics:  2010
• Component Cost of Smartphones
• Cost/Profit Margins of Current Smartphones

• Fuel Cell Systems by Region of Shipment, World Markets: 2008-2010
• Fuel Cell Shipments by Region and Electrolyte, World Markets:  2008-2010
• Export/Local Use Fuel Cell Systems by Region, World Markets:  2008-2010
• Fuel Cell System Shipments by Country of Manufacture:  2008-2010
• Fuel Cell Stack Shipments by Country of Manufacture:  2008-2010
• MWs Shipped by Country of System Manufacture:  2008-2010
• Fuel Cell Shipments by Sector, North America:  2008-2010
• Companies by Electrolyte Interest, North America:  2008-2010
• Company Mix by Electrolyte Interest, North America:  2010
• U.S. and Non-U.S. Systems Companies Measured in Pike Research Dataset:  2010
• U.S. and Non-U.S. Fuel Cell Systems Shipped:  2008-2010
• Units Used in the U.S. with U.S. and Overseas Fuel Cell Stacks:  2008-2010
• Megawatts Shipped from U.S. and Non-U.S. Systems:  2008-2010
• U.S. Systems by Location of Use:  2008-2010
• Systems Used in the U.S. by Units Made Locally and Units Imported:  2008-2010
• Revenue from Systems Manufactured in the U.S. and from Systems Manufactured Outside the U.S.:  2008-2010
• Fuel Cell Shipments by Sector, Asia Pacific:  2008-2010
• Companies by Electrolyte Interest, Asia Pacific:  2008-2010
• Funding for Fuel Cells and Hydrogen, South Korea
• Fuel Cell Shipments by Sector, Europe:  2008-2010
• Companies by Electrolyte Interest, Europe:  2008-2010
• Federal Funding for Fuel Cells and Hydrogen, Germany:  2008-2010
• Funding by Sector, Germany:  2008-2010
• Total Fuel Cell and Hydrogen Funding Through the German NIP:  2007-2015
• Hydrogen Refueling Stations, World Markets:  2008-2010
• Fuel Cell Shipments by Sector Area, World Markets:  2011-2015
• Fuel Cell Units Installed by Region, World Markets:  2017
• Fuel Cell Revenue Split by Sector Area:  2017
• Cleantech Driver Matrix
• Two Generations of Panasonic mCHP Fuel Cell Units for Residential Use
• Danish Micro Combined Heat and Power Demonstration Project
• Residential CHP Development Map of the German National Development Plan
• FuelCell Energy Published Cost Down
• CHIC Strategy for Fuel Cell Bus Introduction in Europe
• Overview of Japanese Fuel Cell Development Roadmap:  2005-2015
• Solar Leaning Curve

List of Tables

• Overview Table of the Stationary Fuel Cell Sector
• RD&D Resources for Residential Fuel Cell CHP at National Level in Germany:  2007-2015
• Downtime Costs by Industry:  2011
• U.S. DOE LDV Program Targets
• U.S. DOT Fuel Cell Bus Targets
• EERE Budget:  FY 2009-FY 2021
• U.S. DOE Hydrogen and Fuel Cells Budget Breakdown by Subprogram:  2009-2012
• IEA Reference Energy Scenario:  1980-2030
• CO₂ Emissions from Fossil Fuel for Energy Generation, IEA
• Overview Table of the Transport Fuel Cell Sector