Global Solid Oxide Fuel Cells (SOFCs) Industry

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I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONSStudy Reliability and Reporting Limitations I-1Disclaimers I-2Data Interpretation & Reporting Level I-2Quantitative Techniques & Analytics I-2Product Definitions and Scope of Study I-3II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW II-1

Solid Oxide Fuel Cells – A Curtain Raiser II-1

SOFCs: The Newest Theme for Clean Energy II-1

Outlook II-2

Present Levels of Commercialization II-2

The Role of the Government in Driving the Market’s Future II-2

Environmental Benefits Make SOFCs Irresistible II-3

SOFCs: A Technology of Interest to the Developed Countries II-3

SOFCs Preferred for Providing Power in High Temperature

Applications II-4

Table 1: Worldwide SOFC Market (2012 & 2018): Percentage

Breakdown of Sales Value by Application Segments-CPUs,

Generators, APUs & Remote Power Units, and Others (includes

corresponding Graph/Chart) II-4

SOFCs: Ideal for Distributed Power Generation II-5

SOFCs Takes On Market Leader PEMFC Head On II-5

Technological Developments Widen Scope of Applications for SOFCs II-6

Stationary Fuel Cell Market to Sail Through Economic Crisis II-6

Table 2: Worldwide Micro-CHP Market (2012): Percentage Share

Breakdown of Volume Sales by Driving Technologies- Internal

Combustion Engine, PEM Fuel Cell and Stirling Engine

(includes corresponding Graph/Chart) II-6

SOFCs Gather Momentum in Stationary Fuel Cell Market II-7

SOFC Demand Not Disruptive to Supplies of Rare Earth Elements II-7

Tempered by Uncertainty, Team Effort Prevails II-8

Conventional Power Companies Vie for the SOFC Pie II-8

Table 4: Global Fuel Cell Shipments by Geographic Region

(2010 & 2011): Percentage Breakdown of Megawatt Capacity for

corresponding Graph/Chart) II-12

Low Shipment Volumes Magnify Volatility II-12

Whimsical Visions of an All-Hydrogen Economy Drives Interest

in Fuel Cells II-12

Commercial Portable Fuel Cell Market Wanes II-13

Table 5: Global Fuel Cell Shipments (2010 & 2011): Percentage

Breakdown of Unit Volumes by End-use Application

Segments-Portable, Stationary and Transport (includes

corresponding Graph/Chart) II-14

Table 6: Global Fuel Cell Shipments (2010 & 2011): PercentageBreakdown of Megawatt Capacity by End-use ApplicationSegments-Stationary, Transport and Portable (includescorresponding Graph/Chart) II-14Positive Outlook for Fuel Cell Integrated Residential CHPs II-15Table 7: Worldwide Residential CHP Markets (2011 & 2012):Percentage Breakdown of Sales Volumes by Technology – FuelCells and Others (includes corresponding Graph/Chart) II-15Manufacturers Expand Production Hubs to New Shores II-16Fuel Cell Manufacturers Foray into Newer Segments II-16Fuel Cell Majors Snap Up Critical Component Vendors II-16Table 8: Geographic Distribution of Commercial Suppliers forIndividual Fuel Cell Components (2012) (includescorresponding Graph/Chart) II-17Cost: A Herculean Challenge II-17Surface Area of Components: A Major Issue II-17Miniaturization: A Major Challenge in Designing Portable FuelCells II-18Inadequate Infrastructure & Lack of Customer Confidence II-18

3. FUEL CELLS AND SOFCS: A TECHNOLOGY FREEZE FRAME II-19

Evolution of Fuel Cells II-19

Types of Fuel Cells II-19

Alkaline Fuel Cell (AFC) II-19

Phosphoric Acid Fuel Cell (PAFC) II-20

Solid Polymer or Proton Exchange Membrane Fuel Cell (PEM) II-20

Direct Methanol Fuel Cell (DMFC) II-20

Molten Carbonate Fuel Cell (MCFC) II-20

Solid Oxide Fuel Cell (SOFC) II-21

Comparative Analysis of Fuel Cell Technologies II-21

Technical Features II-22

Major Application Areas for Various Fuel Cell Technologies II-22

Solid Oxide Fuel Cell (SOFC) Technology II-22

Advantages II-22

Pollution Index II-23

Pitfalls II-23

High Manufacturing Costs II-23

High Operating Temperature II-23

A Working Model of a SOFC II-23

1. Reduction of Oxygen into Negatively Charged Oxygen Ions (O2-)

at Cathode II-24

2. Conduction Negatively Charged Oxygen Ions Through Electrolyte II-24

3. Oxidation of Hydrogen at Anode II-24

Architectural Dynamics II-24

Components of SOFCs II-25

Cathode II-25

Electrolyte II-25

Anode II-26

Interconnect II-26

SOFC Component Materials & Properties II-27

Yttria Stabilized Zirconia II-27

Nickel II-27

Strontium Doped Lanthanum Magnetite II-27

Lanthanum Chromite II-27

SOFCs: An Evolution Scan II-27

Types of SOFCs II-28

Classification by Design II-28

Planar SOFCs II-28

Electrolyte-Supported Planar SOFCs II-28

Electrode-Supported or Anode-Supported Planar SOFCs II-28

Drawbacks II-29

Tubular SOFCs II-29

What’s More Popular – Planar or Tubular? II-29

Classification by Operating Temperatures II-29

High Temperature SOFCs II-29

Advantages II-30

Disadvantages II-30

Intermediate Temperature SOFC II-30

The Math of Reducing Operating Temperature II-31

Other Implications II-31

Research Focus II-31

Advantages of Reducing Operating Temperatures II-32

Disadvantages of Reducing Operating Temperatures II-32

Applications of SOFCs II-32

Stationary Power Applications II-32

Standalone Power Generator II-32

Transportation II-33

The PEMFC Edge II-33

Mobile Electronic Equipments/Portable Energy Applications II-34

Space & Military II-34

What Makes SOFCs Such a Cherished Technology? II-34

What’s in the Material? II-35

Lanthanum Chromite: A Possible Material for Interconnects II-35

Solid Oxide Regenerative Fuel Cells (SORFC) II-35

5. RECENT INDUSTRY ACTIVITY II-42

LG Electronics Snaps Up 51% Interest in Rolls- Royce Fuel Cell

Systems II-42

FuelCell Energy to Form a JV with Fraunhofer IKTS II-42

FuelCell Energy Enters into an Agreement with Southern

California Edison II-42

Lockheed Martin Secures US Naval Contract for Military-purpose

SOFCs II-42

FuelCell Energy Wins US Navy Contract for UUV SOFC-Battery Units II-43

JX Nippon Oil & Energy Sets Up Fuel Cell Technology Center in

Germany II-43

Topsoe Fuel Cell Inks MoU with SK Holdings for Commercializing

SOFCs II-43

Mitsubishi Heavy Industries to Develop FHCC System II-44

NexTech Materials Wins US Navy Contract for UUV SOFC Module II-44

Coca-Cola Installs Bloom Energy Servers at California Plant II-44

Cox Communications Installs Five Bloom Energy Servers II-44

AT&T to Set Up Bloom Energy Servers at 11 Sites in California II-45

Ultra Electronics Acquires Adaptive Materials II-45

Elcogen Purchases Intellectual Property Rights from VTT

Technical Research II-45

WATT Fuel Cell and Solar Acquisitions Set Up JV Evolution Fuel

Cell II-45

FuelCell Energy to Partner with Abengoa for Marketing DFC Plants II-46

The Crown Estate Purchases FuelCell Energy’s DFC300 for

Quadrant 3 Project II-46

Daegu City Fuel Cell Park Commences Operations II-46

Solid Cell Secures SOFC Grant from NYSERDA II-47

Ultra Electronics, AMI Receives US Army Contract for SOFCs II-47

AFRL Extends Optomec SOFC Technology Development Contract II-47

FuelCell Energy Secures US DOE Funding for SECA Phase III II-47

WArtsilA to Integrate Versa Power’s SOFCs in Products II-48

Topsoe Fuel Cell to Expand SOFC Stacks Manufacturing

7. GLOBAL MARKET PERSPECTIVE II-56

Table 9: World Recent Past, Current & Future Analysis For

Solid Oxide Fuel Cells (SOFCs) by Geographic Region – US,

Analyzed with Annual Revenues in US$ Million for the Years

2009 through 2018 (includes corresponding Graph/Chart) II-56

A.Market Analysis III-1

Outlook III-1

Market Drivers In a Capsule III-1

Market Inhibitors In a Capsule III-1

SECA: A Unique Initiative III-2

Core Technology Program Members of SECA SOFC Program III-2

Major Programs for Fuel Cell and Hydrogen Storage at a Glance III-3

Major Trends III-4

US DOE Cuts Spending on Fuel Cell Research III-4

Stationary Power Application: The Largest End-Use Market III-5

Contribution by SOFC Power Units by Output for Years 2004,

2006 and 2009 (In %) (includes corresponding Graph/Chart) III-5

Key Market Trends III-5

The Shadow of Competition Grows Longer III-5

An Unstructured Retail Space III-6

SOFC: Popular With Traditional Power Giants III-6

SOFC Benefits from the Power Hungry World Population III-6

Clampdown on Pollution Encourages Technological Shift III-7

Government Backing Speeds Up Commercialization Process III-7

Strong Economy Leads to Faster Penetration/Adaptation III-7

Sluggish Deregulation Process of Power Industry Affects

SOFC Market III-7

Product/Technology Introductions/ Demonstrations III-8

Strategic Corporate Activity III-10

Key Players III-14

B.Market Analytics III-18

Table 12: US Recent Past, Current & Future Analysis for

Solid Oxide Fuel Cells (SOFCs) Analyzed with Annual Revenues

in US$ Million for the Years 2009 through 2018 (includes

corresponding Graph/Chart) III-18

A.Market Analysis III-21

A Primer III-21

Outlook III-21

Bird’s Eye View of Government’s Fuel Cell Projects III-22

NEDO’s SOFC Initiatives III-22

SOFC Types Under Development in NEDO Program III-23

SOFC Unit Installations Completed Under NEDO Program III-23

ENE-FARM Project III-23

Table 14: Japanese Government Subsidies for ENE-FARM

Residential CHP Unit Installations (2009-2012) (includes

corresponding Graph/Chart) III-24

Major Programs for Fuel Cell and Hydrogen Storage at a Glance III-24

Market Trends III-25

DRSOFC’s Residential SOFC Units Slow to Take off III-25

Japan Lures Foreign Investments III-26

Product/Technology Introduction/Demonstration III-27

Strategic Corporate Activity III-27

Key Player III-28

B.Market Analytics III-29

Table 15: Japanese Recent Past, Current & Future Analysis

for Solid Oxide Fuel Cells (SOFCs) Analyzed with Annual

Revenues in US$ Million for the Years 2009 through 2018

(includes corresponding Graph/Chart) III-29

Table 18: European 9-Year Perspective for Solid Oxide Fuel

Cells (SOFCs) by Geographic Region – Percentage Breakdown of

Markets for the Years 2009, 2012 & 2018 (includes

corresponding Graph/Chart) III-35

A.Market Analysis III-37

Outlook III-37

Major Programs for Fuel Cell and Hydrogen Storage at a Glance III-37

Strategic Corporate Development III-37

Key Player III-38

B.Market Analytics III-39

Table 20: German Recent Past, Current & Future Analysis for

Solid Oxide Fuel Cells (SOFCs) Analyzed with Annual Revenues

in US$ Million for the Years 2009 through 2018 (includes

corresponding Graph/Chart) III-39

A.Market Analysis III-41

Outlook III-41

Major Programs for Fuel Cell and Hydrogen Storage at a Glance III-41

Strategic Corporate Development III-41

Key Player III-41

B.Market Analytics III-43

Table 22: UK Recent Past, Current & Future Analysis for

Solid Oxide Fuel Cells (SOFCs) Analyzed with Annual Revenues

in US$ Million for the Years 2009 through 2018 (includes

corresponding Graph/Chart) III-43

5. REST OF WORLD III-48

A.Market Analysis III-48

A Primer III-48

Outlook III-48

Major Programs for Fuel Cell and Hydrogen Storage at a Glance III-48

Asia-Pacific III-48

South Korea III-48

China III-48

India III-49

Australia III-49

Africa III-49

Major Trends III-49

Asia Pacific Fuel Cell Market Set for Stellar Growth III-49

Chinese Fuel Cell & Hydrogen Economy Yet to Bloom III-50

Chinese Telecom Backup Market – A Hotspot for Fuel Cells III-50

South Korean Government Nurtures Fuel Cell Economy III-51

Green Home Project III-51

Fuel Cell Technology Development Roadmap III-52

Rising Adoption of Fuel Cell Technology in the Middle East III-52

Strategic Corporate Developments III-52

Key Players III-54

B.Market Analytics III-55

Table 24: Rest of World Recent Past, Current & Future

Analysis for Solid Oxide Fuel Cells (SOFCs) Analyzed with

Annual Revenues in US$ Million for the Years 2009 through

2018 (includes corresponding Graph/Chart) III-55

IV. COMPETITIVE LANDSCAPE

Total Companies Profiled: 66 (including Divisions/Subsidiaries – 70)

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