This study analyzes emerging world markets for fuel cells and related products. Specific products covered include fuel cell stacks and systems (fuel cells themselves, segmented by electrolyte chemistry: alkaline; molten carbonate; phosphoric acid; proton-exchange membrane; direct methanol, which is derived from basic proton-exchange membrane chemistry; solid-oxide; and other), fuel cell fuels (including hydrocarbon-based, pure hydrogen and renewable sources), fuel cell electronic devices (controls, power conditioning devices, test equipment, etc.) and other (such as separately sold fuel reformers and processors, fuel storage devices and stack components, as well as fuel cell-related services).

INTRODUCTION x

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 12
Gross Fixed Investment & Manufacturing Trends 14
World Gross Fixed Investment Outlook 15
World Manufacturing Outlook 17
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 33
Government/Institutional Trends 35
Fuel Cell Cost/Pricing Dynamics 37
Environmental & Regulatory Issues 39

III. TECHNOLOGY 41
General 41
Basic Electrical Properties 42
Fuel Cell Construction & Operation 43
Fuel Cell Chemistries 44
Alkaline 45
Molten Carbonate 46
Phosphoric Acid 47
Proton-Exchange Membrane 48
Direct Methanol 49
Solid-Oxide 50
Other 51
Hydrogen Fuel Sources 52
Fuel Cell Materials 53
Catalysts 53
Electrodes, Electrolytes & Plates 54
Nanotechnology 56
Alternate Sources of Power 57
Batteries 58
Internal Combustion Engines 60
Turbines & Microturbines 62
Other Sources of Power 64

IV. SUPPLY & DEMAND 67
General 67
World Fuel Cell Markets 68
Regional Demand Dynamics 69
Total Fuel Cell Spending 72
Commercial Fuel Cell Demand 74
Demand by Chemistry 76
Proton-Exchange Membrane 78
Phosphoric Acid 80
Solid-Oxide 81
Molten Carbonate 82
Direct Methanol 83
Alkaline 83
Other 84
Demand by Application 85
Electric Power Generation 87
Motor Vehicles 90
Other Transportation Equipment 93
Industrial Stationary & Motive Power 96
Portable Electronics 99
Other 102
World Fuel Cell Production 104
Producing Countries 104
Fuel Cell Products 108
Stacks & Systems 110
Fuels 111
Electronic Devices 113
Other Products & Services 113
International Trade Flows & Multinational Investment 115

V. NORTH AMERICA 117
North America 117
United States 121
Canada 126
Mexico 130

VI. WESTERN EUROPE 136
Western Europe 136
Germany 141
United Kingdom 145
Italy 150
France 154
Spain 158
Netherlands 162
Other Western Europe 166

VII. ASIA/PACIFIC 172
Asia/Pacific 172
Japan 177
China 183
South Korea 188
Australia 193
Other Asia/Pacific 197

VIII. OTHER REGIONS 203
Latin America 203
Eastern Europe 208
Russia 213
Other Eastern Europe 218
Africa/Mideast 223

IX. INDUSTRY STRUCTURE 229
General 229
Industry Composition 230
Market Share 232
UTC Power 232
Ballard Power Systems 233
Hydrogenics 233
Siemens 234
FuelCell Energy 234
Teledyne 235
Other Companies 235
Research & Product Development 236
Manufacturing 238
Marketing & Distribution 239
Cooperative Agreements 241
Financial Requirements 257
Acquisitions & Divestitures 258
Company Profiles 261
Acumentrics Corporation 262
Angstrom Power Incorporated 265
Ansaldo Fuel Cells, see Finmeccanica
AREVA Group 266
Axane Fuel Cell Systems, see L’Air Liquide
Ballard Power Systems Incorporated 268
Bridgeport Fuel Cell Park, see FuelCell Energy
Ceramic Fuel Cells Limited 273
CFC Solution, see Tognum
DaimlerChrysler AG 275
Distributed Energy Systems Corporation 278
Finmeccanica SpA 283
Ford Motor Company 284
FuelCell Energy Incorporated 286
General Motors Corporation 291
Greenlight Power Technologies, see Hydrogenics
Helion, see AREVA Group
Hitachi Limited 297
Honda Motor Company Limited 299
Horizon Fuel Cell Technologies Pte Limited 301
Hydrogenics Corporation 302
Hyundai Motor Company 307
IdaTech LLC 308
Independent Power Technologies Limited 310
Ishikawajima-Harima Heavy Industries Company Limited 312
Jadoo Power Systems Incorporated 313
Kia Motors, see Hyundai Motor
L’Air Liquide SA 315
Mechanical Technology Incorporated 317
Medis Technologies Limited 320
Mesoscopic Devices, see Protonex Technology
Mitsubishi Heavy Industries Limited 323
MTI MicroFuel Cells, see Mechanical Technology
MTU CFC Solutions, see Tognum
NedStack Holding BV 325
Northern Power Systems, see Distributed Energy Systems
Plug Power Incorporated 326
Proton Energy Systems, see Distributed Energy Systems
Protonex Technology Corporation 331
Quantum Fuel Systems Technologies Worldwide Incorporated 334
ReliOn Incorporated 337
Samsung Electronics Company Limited 339
SFC Smart Fuel Cell AG 340
Siemens AG 343
Sunrise Power Company Limited 346
Teledyne Technologies Incorporated 347
Tognum GmbH 350
Toshiba Corporation 352
Toyota Motor Corporation 353
United Technologies Corporation 356
UTC Power, see United Technologies
Voller Energy Group plc 359
Other Companies Mentioned in Study 361

LIST OF TABLES
TABLE NUMBER PAGE
SECTION I - EXECUTIVE SUMMARY
Summary Table 3

SECTION II - MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 10
2 World Per Capita GDP by Region 12
3 World Population by Region 14
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 33
10 World Electronic Product Shipments by Region 35

SECTION III - TECHNOLOGY
1 World Battery Demand by Region 60
2 World Internal Combustion Engine Demand by Region 62
3 World Turbine Demand by Region 64

SECTION IV - SUPPLY & DEMAND
1 World Fuel Cell Spending by Type & by Region 73
2 World Commercial Fuel Cell Demand by Region 75
3 World Commercial Fuel Cell Demand by Chemistry 77
4 World Commercial Fuel Cell Demand by Application 86
5 World Commercial Electric Power Generation Fuel Cell Demand by Chemistry & by Region 89
6 World Commercial Motor Vehicle Fuel Cell Demand by Chemistry & by Region 92
7 World Commercial Demand for Fuel Cells Used in Other Transportation Equipment Applications by Chemistry & by Region 95
8 World Commercial Industrial Stationary & Motive Power Fuel Cell Demand by Chemistry & by Region 98
9 World Commercial Portable Electronics Fuel Cell Demand by Chemistry & by Region 101
10 Other Commercial World Fuel Cell Demand by Chemistry & by Region 103
11 Selected International Fuel Cell Programs 106
12 World Commercial Fuel Cell Demand by Product 110

SECTION V - NORTH AMERICA
1 North America - Economic & Market Environment 119
2 North America - Commercial Fuel Cell Demand 120
3 United States - Economic & Market Environment 123
4 United States - Commercial Fuel Cell Demand 125
5 Canada - Economic & Market Environment 128
6 Canada - Commercial Fuel Cell Demand 130
7 Mexico - Economic & Market Environment 133
8 Mexico - Commercial Fuel Cell Demand 135

SECTION VI - WESTERN EUROPE
1 Western Europe - Economic & Market Environment 139
2 Western Europe - Commercial Fuel Cell Demand 140
3 Germany - Economic & Market Environment 143
4 Germany - Commercial Fuel Cell Demand 145
5 United Kingdom - Economic & Market Environment 148
6 United Kingdom - Commercial Fuel Cell Demand 150
7 Italy - Economic & Market Environment 152
8 Italy - Commercial Fuel Cell Demand 154
9 France - Economic & Market Environment 156
10 France - Commercial Fuel Cell Demand 158
11 Spain - Economic & Market Environment 160
12 Spain - Commercial Fuel Cell Demand 162
13 Netherlands - Economic & Market Environment 164
14 Netherlands - Commercial Fuel Cell Demand 166
15 Other Western Europe - Economic & Market Environment 169
16 Other Western Europe - Commercial Fuel Cell Demand 171

SECTION VII - ASIA/PACIFIC
1 Asia/Pacific - Economic & Market Environment 175
2 Asia/Pacific - Commercial Fuel Cell Demand 177
3 Japan - Economic & Market Environment 181
4 Japan - Commercial Fuel Cell Demand 183
5 China - Economic & Market Environment 186
6 China - Commercial Fuel Cell Demand 188
7 South Korea - Economic & Market Environment 191
8 South Korea - Commercial Fuel Cell Demand 193
9 Australia - Economic & Market Environment 195
10 Australia - Commercial Fuel Cell Demand 197
(continued on next page)
11 Other Asia/Pacific - Economic & Market Environment 200
12 Other Asia/Pacific - Commercial Fuel Cell Demand 202

SECTION VIII - OTHER REGIONS
1 Latin America - Economic & Market Environment 205
2 Latin America - Commercial Fuel Cell Demand 208
3 Eastern Europe - Economic & Market Environment 211
4 Eastern Europe - Commercial Fuel Cell Demand 213
5 Russia - Economic & Market Environment 216
6 Russia - Commercial Fuel Cell Demand 218
7 Other Eastern Europe - Economic & Market Environment 221
8 Other Eastern Europe - Commercial Fuel Cell Demand 223
9 Africa/Mideast - Economic & Market Environment 226
10 Africa/Mideast - Commercial Fuel Cell Demand 228

SECTION IX - INDUSTRY STRUCTURE
1 Fuel Cell-Related Revenues for Selected Companies, 2006 231
2 Research & Development Spending by Selected Fuel Cell
Companies 237
3 Selected Cooperative Agreements 243
4 Selected Acquisitions & Divestitures 260

LIST OF CHARTS

CHART NUMBER PAGE

SECTION II - MARKET ENVIRONMENT
1 World Energy Production by Type, 1996-2016 23
2 World Fuel Cell Costs, 2001-2016 38

SECTION III - TECHNOLOGY
1 Basic Fuel Cell Construction 44
2 Gravimetric Energy Density of Various Power Conversion
& Storage Systems 58

SECTION IV - SUPPLY & DEMAND
1 Relationship between per Capita Fuel Cell Demand &
per Capita GDP, 2016 71
2 Total Fuel Cell Spending by Region, 2016 74
3 World Commercial Fuel Cell Demand by Region, 2016 76
4 World Commercial Fuel Cell Demand by Chemistry, 2016 78
5 World Commercial Fuel Cell Demand by Application, 2016 87

SECTION IX - INDUSTRY STRUCTURE
1 World Fuel Cell Market Share by Company, 2006 232