Conventional energy resources such as fossil fuels reserves depletion
is expected to boost the global fuel cell market demand over the next
five years. Fuel cell devices convert chemical energy into electricity
through a chemical reaction within the device. The process requires an
oxidizing agent which acts as a catalyst to propagate the reaction and
uses hydrogen as primary feedstock.
Conventional electricity generation processes utilize fossil fuels as
primary feedstock is facing uncertain raw material supply owing to
reserves depletion, whereas fuel cell utilizes hydrogen which is
available in abundant quantity. This key factor is anticipated to drive
the fuel cell market growth over the forecast period. Fuel cell gained
acceptance worldwide due to eco-friendly nature as their product only
consists of nitrous oxide which is projected to witness a significant
market growth over the foreseeable future.
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Fuel cells lack noise creation while electricity generation process
as compared to conventional methods which create lots of noise due to
moving parts during combustion process. This is anticipated to spur the
fuel cell market growth over the next five years. Fuel cell based
electricity generation facilities generates one ounce of pollutants to
produce 1000 KWH of electricity whereas fossil fuel based electricity
facilities creates 25 pounds of pollutants to generate same amount of
electricity. The product provides most efficient power back owing to
wide range of operating time and can be installed in several types of
devices including refrigerators.
Various nations such as Denmark, Finland and Norway have opened
hydrogen stations to enhance their fuel cell infrastructure. In 2009,
American Recovery and Reinvestment Act was approved to manage fuel cells
and hydrogen projects portfolio. This act supports accelerating fuel
cells commercialization for installation, manufacturing, maintenance and
services. The Department of Energy is broadly involved in R&D
activities to improve fuel cell technology. The extensive governments
support is anticipated to generate ample opportunities in near future.
The increasing requirement to reduce emission and enhanced fuel
efficiency has led researchers to develop fuel cell based commercial
vehicles which utilize hydrogen as primary feedstock. Daimler and
Hyundai are the prominent participants in fuel cell based vehicles
(FCEV-fuel cell electric vehicle) and planning to launch commercialized
vehicle in 2015. This is projected to create awareness about the product
among the consumers towards fuel cell market.
Fuel cell market is segmented based on products as Solid Oxide
(SOFC), Alkaline, Molten Carbonate (AMCFC), Phosphoric Acid (PAFC),
Direct Methanol (DMFC) and Proton Exchange Membrane (PEMFC). PEMFC was
the largest product segment in the market accounting for over 39% of the
global capacity in 2013. It also held the largest market share as per
the number of units shipped owing to increasing applications in
forklifts, telecommunications, automobiles, primary systems, data
centers and backup power systems.
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DMFC was the second major product segment owing to power supply over a
longer time period which makes them suitable for mobile phones, laptops
and cameras. MCFC are used in static power generation units on a large
scale and is expected to be the fastest growing segment owing to large
installed capacity and several applications.
Fuel cells are segmented based on applications as portable,
stationary and transportation. Portable applications include APU,
personal electronics, consumer products and portable products. Portable
application market was the largest market in 2013 accounting for over
70% of the total sold units. UPS, CHP and residential power are
stationary applications. Transportation applications include auxiliary
power and fuel cell based electric vehicles. The installed capacity of
stationary fuel cell exceeded 90MW in 2013 and is expected to grow at
fast pace. Transportation segment is not so popular now but is
anticipated to grow over the forecast period owing to increasing R&D
activites.
North America dominated the fuel cell market in 2013 in terms of unit
shipments and installed capacity on account of government regulatory
scenario and technological advancements. The region dominated the market
accounting for over 40% of the installed capacity and is also
anticipated to grow over the forecast period owing to commercialization
of fuel cell products and technology. Asia Pacific was the second major
fuel cell market in terms of installed capacity accounting for over 38%.
Japan was the major fuel cell consumer followed by South Korea in the
region due to large CHP demand.
The global fuel cell market was extensively concentrated due to top
five participants contributed over 80% market share in 2013. Key player
in the market is Fuel Cell Energy accounted for over 30% of the total
market and is expected to sustain in the market owing to expansion in
Bridgeport which is going to be the world’s largest fuel cell plant.
Other participants in the fuel cell market include Toshiba, Ballard,
Panasonic and Clearedge.
Table of Contents
Chapter 1 Executive Summary
1.1 Fuel Cell - Industry Summary & Critical Success Factors (CSFs)
Chapter 2 Fuel Cell Industry Outlook
2.1 Market Segmentation
2.2 Market Size and Growth Prospects
2.3 Fuel Cell Value Chain Analysis
2.4 Fuel Cell Market Dynamics
2.5 Key Opportunities Prioritized
2.6 Industry Analysis - Porter’s
2.7 Fuel Cell - Company Market Share Analysis
2.8 Fuel Cell - PESTEL Analysis
Chapter 3 Fuel Cell Product Outlook
3.1 PEMFC
3.2 DMFC
3.3 PAFC
3.4 SOFC
3.5 MCFC
3.6 AFC
3.7 Others
4.1 Portable fuel cell
4.2 Stationary fuel cell
4.3 Transportation fuel cell
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5.1 North America
5.2 Europe
5.3 Asia Pacific
5.4 RoW
Chapter 6 Fuel Cell Competitive landscape
6.1 Fuel Cell Energy
6.2 Ballard
6.3 Clearedge
6.4 Toshiba
6.5 Panasonic
6.6 Plug Power Inc.
6.7 Hydrogenics Corporation
6.8 SFC Energy AG
6.9 Plug Power Inc
6.10 UTC Power
6.11 Nedstack Fuel Cell Technologies
6.12 Bloom Power
7.1 Research Methodology
7.2 Research Scope & Assumption
7.3 List of Data Sources
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