Analysis on the Development Environment of 1. Fuel Cell Industry

1.Policy environment: Many countries and regions around the world have introduced policy plans and measures to support the development of hydrogen energy and fuel cells to promote the realization of carbon neutral goals. The European Union, for example, has issued a European Hydrogen Strategy, which it plans to do by 2030.Years of construction at least 400010,000 tons of renewable hydrogen capacity and 40000Kilometers of hydrogen pipeline; U.S. passes American Innovation and Competition Act, grants 810US $billion to strengthen R & D and promotion of clean energy technologies; Japan has developed a Basic Hydrogen Strategy with the goal of reaching 2030.Reduced hydrogen prices to 300 per kilogram inBelow the yen, and hydrogen energy as the future society.One of the main energy sources。

China also attaches great importance to the development of hydrogen energy and fuel cells, and has issued a series of related policies. For example, the Technology Roadmap for Energy Saving and New Energy Vehicles2.0"proposed2025Year and2035targets for annual fuel cell vehicle ownership, respectively.10million and100Ten thousand vehicles; "New Energy Vehicle Industry Development Plan (2021-2035Year) "clarified the task of accelerating the industrialization of hydrogen energy utilization and fuel cell vehicles;" Guiding Opinions on Accelerating the Construction of New Urbanization and Promoting the Integrated Development of Urban and Rural Areas "proposed to support the construction of a number of hydrogen corridor demonstration projects and promote urban public transportation Measures to transform to a cleaner direction. In addition, many provinces and cities have also formulated local hydrogen energy and fuel cell development plans and goals, such as Guangdong, Jiangsu, Shanghai, and Beijing.

2. Technical environment: Fuel cell technology is the core competitiveness of the fuel cell industry and one of the main factors restricting the development of the fuel cell industry. At present, the global fuel cell technology level is constantly improving, mainly in the following aspects:

（1) Fuel cell system performance improvement. The performance of fuel cell system mainly includes power density, durability, reliability and other indicators. According to data from the Champ Consulting Group,2022年，PEMFCThe power density of the system reaches 5.0kW/liter, than 2010Year of 1.5kW/Increase by 233 percent.. At the same time, PEMFCsystem durability also from 2010Year of 2500Hours increased to 2022Year of 7000Hoursand reliability from 201095% of the year.Raise to 202299.5 percent of the year. Expected to 2023At the end of the year, PEMFCThe power density of the system will be further increased to 5.5kW/The durability will reach 8000.hours, the reliability will reach 99.8 percent4. These data show that PEMFC is an efficient, clean and sustainable energy technology. The improvement of these indicators is conducive to improving the operating efficiency and stability of the fuel cell system, and reducing maintenance costs and failure risks.

（2) Fuel cell system cost reduction. The cost of the fuel cell system is mainly composed of the stack and the auxiliary system, of which the cost of the stack depends mainly on the membrane electrode (MEA) costs, whileMEAThe cost of the catalyst, proton exchange membrane (PEM) and gas diffusion layer (GDL) and other core materials. According to data from the Champ Consulting Group,2010Year2022year,PEMFCThe cost of the system is from1000USD/kW reduced200USD/Kilowatts, of whichMEAThe cost from500USD/kW reduced110USD/Kilowatts. The reduction of these costs is mainly due to the reduction of catalyst consumption, the localization of core materials, the improvement of production process, the exertion of scale effect and other factors.

（3) Increased integration of fuel cell systems. Fuel cell system integration refers to the compact layout and optimal matching between the components of the fuel cell system in the design and manufacturing process, so as to reduce the volume and weight of the system and improve the efficiency and reliability of the system. At present, a number of fuel cell companies around the world are constantly introducing more integrated fuel cell system products, such as the United States, the company launched the world's first integrated compressor, cooler, hydrogen circulation pump and other auxiliary equipment.PEMFCmodule; Toyota Motor Corporation of Japan introduced the second generationMiraimodel, which is equipped with three smaller, lighter and more efficientPEMFCHeap.

3. Market environment: The global hydrogen energy and fuel cell market is in a rapid growth stage, benefiting from the demand for clean energy and low-carbon travel in the fields of automobile, public transportation, logistics, distributed power generation and other fields. According to data from the Champ Consulting Group,2022The size of the global hydrogen energy market in367Billions of dollars, expected2025The year will reach560billion dollars, with a compound annual growth rate14.9%；2022The size of the global fuel cell market in84Billions of dollars, expected2025The year will reach144billion dollars, with a compound annual growth rate45.27%. Among them, the automotive sector is the main driving force of the fuel cell market,2022Global fuel cell vehicle sales in6.2Ten thousand vehicles, expected2025The year will reach40million vehicles, with a compound annual growth rate86.3%. In addition, areas such as public transportation, logistics, and distributed power generation will also become important growth points in the fuel cell market.

2. Fuel Cell Industry Market Size Analysis

1. Global Fuel Cell Market Size Analysis

According to data from the Champ Consulting Group,2022The size of the global fuel cell market in84Billion US dollars, year-on-year growth24.6%It mainly benefits from the policy support and market demand for hydrogen energy and fuel cells in Europe, America and Asia. Among them, according to the type of product,PEMFCIt accounts for the vast majority of the global fuel cell market, accounting for approximately85.6%, followed by solid oxide fuel cells (SOFC), approximately8.4%, again, the phosphate fuel cell (PAFC), approximately3.2%, other types of fuel cells (such as alkaline fuel cells (AFC), direct methanol fuel cell (DMFC), molecular sieve fuel cell (MFC) etc.) accounts for a relatively small proportion. By application, the automotive sector is the largest end-use market in the global fuel cell market, accounting for approximately43.2%, followed by the public transport sector, which accounts for about18.7%, again, the logistics sector, which accounts for about14.6%Other areas (such as distributed power generation, communication base stations, portable equipment, etc.) account for a relatively small proportion.

expected2025The global fuel cell market size will reach144billion dollars, with a compound annual growth rate45.27%. Among them, according to the type of product,PEMFCwill remain dominant and is expected to account88.7%，SOFCandPAFCThe proportion will decrease slightly, respectively.7.1%and2.4%The proportion of other types of fuel cells will remain stable. By application, the automotive sector will remain the largest end-use market in the global fuel cell market and is expected to account49.3%, the share of public transport and logistics will increase slightly, respectively.20.1%and16.2%The share of other areas will decline slightly.

2. China fuel cell market size analysis

According to data from the Champ Consulting Group,2022The size of the Chinese fuel cell market in94Billion yuan, year-on-year growth36.8%It mainly benefits from the country's strategic deployment and policy support for the development of hydrogen energy and fuel cells. Among them, according to the type of product,PEMFCIt is also the mainstream product type in the Chinese fuel cell market, accounting for about93.8%, followedSOFC, about4.6%Again, yes.PAFC, about1.2%Other types of fuel cells account for a very small proportion. By application, the public transport sector is the largest end-use market in China's fuel cell market, accounting for approximately54.2%, followed by the logistics sector, which accounts for about23.1%, Again is the automotive field, accounting for about12.3%Other areas (such as distributed power generation, communication base stations, portable equipment, etc.) account for a relatively small proportion.

expected2025The size of China's fuel cell market will reach343billion, with a compound annual growth rate90%. Among them, according to the type of product,PEMFCwill remain dominant and is expected to account95.4%，SOFCandPAFCThe proportion of will continue to decline, respectively.3.1%and0.8%The proportion of other types of fuel cells will remain negligible. By application, the public transport sector will remain the largest end-use market in China's fuel cell market, which is expected to account56.7%, the share of the logistics and automotive sectors will rise significantly, respectively.25.4%and17.6%The share of other areas will continue to decline.

Analysis of 3. Fuel Cell Industry Chain

The industrial chain of the fuel cell industry mainly includes four links: upstream raw materials, midstream core components, downstream system integration and terminal applications. The following is a brief introduction of each link:

1. Upstream raw materials: Upstream raw materials mainly include hydrogen, catalyst, proton exchange membrane, gas diffusion layer, bipolar plate, etc. Among them, hydrogen is the main energy source of fuel cells. At present, it is mainly produced through natural gas reforming, water electrolysis, coal hydrogen production, etc. In the future, hydrogen production from renewable energy will become the mainstream trend; catalysts are one of the core materials of fuel cells. Based on precious metals (such as platinum, rhodium, etc.), non-precious metal or low-precious metal catalysts are expected to replace or reduce the use of precious metals in the future; proton exchange membrane is one of the core materials of fuel cells, and is currently mainly based on perfluorosulfonic acid resin (PFSA) as the basis, the future high-temperature proton exchange membrane and non-perfluorinated proton exchange membrane will be expected to improve the performance and stability of fuel cells; the gas diffusion layer is one of the core materials of fuel cells. At present, it is mainly based on carbon paper or carbon cloth. In the future, the new gas diffusion layer is expected to reduce costs and improve efficiency. Bipolar plate is one of the core materials of fuel cells. At present, it is mainly based on metal or carbon composite materials, in the future, new bipolar plates are expected to reduce weight and enhance conductivity.

2. Midstream core components: Midstream core components mainly include membrane electrodes (MEA), electrical stacks and auxiliary systems, etc. among them,MEAIt is a composite structure consisting of a catalyst, a proton exchange membrane and a gas diffusion layer, and is the smallest unit of a fuel cell;MEAThe stack structure composed of bipolar plates is the main power output component of the fuel cell; the auxiliary system refers to the system that provides the necessary conditions such as hydrogen, oxygen, water, electricity, and heat for the stack, including compressors, coolers, and water management System, power management system, thermal management system, etc.

3. Downstream system integration: Downstream system integration mainly refers to the process of assembling the midstream core components into a complete fuel cell system and adapting and optimizing them according to different application scenarios. The main functions of downstream system integration include improving the performance, stability and reliability of the fuel cell system, reducing the volume and weight of the fuel cell system, and improving the integration and intelligence of the fuel cell system.

Terminal applications: Terminal applications mainly refer to the application of fuel cell systems in different fields and scenarios to achieve the goals of clean energy and low-carbon travel. The main areas of terminal applications include automobiles, public transportation, logistics, distributed power generation, etc. Among them, the automotive field is one of the important application fields of fuel cells, mainly including passenger cars and commercial vehicles; the public transportation field is one of the important application fields of fuel cells, mainly including buses, buses, rail transit, etc. The logistics field is one of the important application fields of fuel cells, mainly including forklifts, stackers, trucks, etc.; the distributed power generation field is one of the important application fields of fuel cells, mainly including household power generation, commercial power generation, industrial power generation, etc.

Technical Level Analysis of 4. Fuel Cell Industry

1. Analysis of the technical level of the global fuel cell industry

The technical level of the global fuel cell industry is constantly improving, mainly in the following aspects:

（1) Enhanced technological innovation capability. Many countries and regions around the world are increasing investment and support in the research and development of hydrogen energy and fuel cell technology to enhance technological innovation capabilities. For example, the European Union established the European Alliance for Clean Hydrogen (ECH2A), aiming to promote innovative cooperation in the European hydrogen energy industry; the United States has established the Office of Hydrogen and Fuel Cell Technology (HFTO), aiming to promote the development and commercialization of hydrogen energy and fuel cell technology; Japan has established a new energy and industrial technology comprehensive development agency (NEDO), aiming to promote the advancement and internationalization of hydrogen energy and fuel cell technology.

（21) Technical standard system is perfect. Many countries and regions around the world are developing and improving technical standards and specifications related to hydrogen energy and fuel cells to ensure technical quality and safety. For example, the International Organization for Standardization (ISO) has developed a number of international standards related to hydrogen energy and fuel cells, suchISO 14687-2:2012Hydrogen Fuel Quality-Hydrogen for Proton Exchange Membrane Fuel Cells,ISO 22734-1:2019Water electrolyzers-Industrial and commercial use-No.1The European Commission has developed a number of European standards related to hydrogen energy and fuel cells, such.EN 17124:2019Compressed Hydrogen Fuel Station for Hydrogen Fuel Cell VehiclesEN 62282-2:2012Fuel Cell Technology-No.2Section: Fuel Cell Modules, etc.; the United States has developed a number of U.S. standards related to hydrogen energy and fuel cells, suchANSI/CSA FC 1-2014Fuel Cell Engine,ANSI/CSA HGV 4.3-2014Hydrogen interface for hydrogen fuel cell vehicles, etc.

（3) Improve the level of technology application. Many countries and regions around the world are accelerating the application and demonstration of hydrogen energy and fuel cell technology to improve the level of technology application. For example, Europe has launched a number of projects and programs related to hydrogen energy and fuel cells, suchH2ME(European hydrogen-powered vehicles) project,JIVE(Joint Initiative Clean Transportation) program, etc.; the United States has launched a number of projects and programs related to hydrogen energy and fuel cells, suchH2@Scale(large-scale hydrogen energy utilization) project,H2FIRST(Hydrogen fuel infrastructure research and innovation) program, etc.; Japan has launched a number of projects and programs related to hydrogen energy and fuel cells, suchEne-Farm(household fuel cell) project,Ene-Farm Business(commercial fuel cell) plan, etc.

2. Analysis of the technical level of China's fuel cell industry

The technical level of China's fuel cell industry is also showing a trend of continuous improvement, mainly in the following aspects:

（1) Enhanced technological innovation capability. China has formulated a number of scientific and technological plans and projects related to hydrogen energy and fuel cells at the national level to enhance its technological innovation capacity. For example, the "National Key Research and Development Plan-Key Special Projects for New Energy Vehicles" covers key technologies for hydrogen energy and fuel cell vehicles; "National Key Laboratory Construction Plan (2018-2020Year) covers basic research on hydrogen energy and fuel cell technology, and the National Major Scientific Instrument and Equipment Development Project covers the testing and evaluation of hydrogen energy and fuel cell technology.

（21) Technical standard system is perfect. China has formulated a number of technical standards and specifications related to hydrogen energy and fuel cells at the national level to ensure technical quality and safety. For example,, 《GB/T 24548-2019The General Requirements for Hydrogen Energy Systems specifies the requirements for the definition, classification, design, installation, operation and maintenance of hydrogen energy systems; 《GB/T 34014-2017Compressed hydrogen filling interface for fuel cell vehicles specifies the requirements for the size, material and performance of the compressed hydrogen filling interface; 《GB/T 34015-2017Compressed Hydrogen Filling Station for Fuel Cell Vehicles specifies the requirements for the definition, classification, design, construction, operation and maintenance of compressed hydrogen filling stations.

（3) Improve the level of technology application. China has carried out the application and demonstration of hydrogen energy and fuel cell technology in many provinces, cities and fields to improve the level of technology application. For example, Guangdong Province has launched the Pearl River Delta Hydrogen Corridor Demonstration Project, which plans2025Annual construction100hydrogen fuel cell vehicle refueling station and1010,000 hydrogen fuel cell vehicles; Jiangsu Province has launched a demonstration project for the Yangtze River Delta Hydrogen Corridor, with plans2025Annual construction50hydrogen fuel cell vehicle refueling station and510,000 hydrogen fuel cell vehicles; Shanghai launched the World Expo hydrogen energy demonstration area project, planned2025Annual construction20hydrogen fuel cell vehicle refueling station and1million hydrogen fuel cell vehicles.

Application Analysis of 5. Fuel Cell Industry

1. Automotive field

The automotive field is one of the important application fields of fuel cells, mainly including passenger cars and commercial vehicles. A passenger car is a car that is primarily used for personal or family travel,SUV、MPVCommercial vehicles refer to trucks, buses, and special vehicles that are mainly used to transport goods or people.

（1) Global Fuel Cell Vehicle Market Analysis

According to data from the Champ Consulting Group,2022Global fuel cell vehicle sales in6.2Ten thousand vehicles, year-on-year growth6.7%It mainly benefited from the policy support and market demand for hydrogen energy and fuel cell vehicles in Europe, Japan and South Korea. Among them, passenger cars account for the vast majority of the global fuel cell vehicle market by product type, about93.3%, followed by commercial vehicles, about6.7%. By region, Europe is the largest market in the global fuel cell vehicle market, accounting for about40.6%, followed by Japan, which accounts for about25.6%, again South Korea, accounting for about18.9%Other regions (such as the United States, China, etc.) account for a smaller proportion.

expected2025In, global fuel cell vehicle sales will reach40million vehicles, with a compound annual growth rate86.3%. Among them, by product type, passenger cars will remain dominant, and the proportion is expected to reach94.8%, The proportion of commercial vehicles will decline slightly,5.2%. By region, Europe will remain the largest market in the global fuel cell vehicle market, which is expected to account42.5%The share of Japan and South Korea will decline slightly, respectively.23.8%and17.5%, the share of other regions (e. g., the United States, China, etc.) will rise slightly.

（2) China Fuel Cell Vehicle Market Analysis

According to data from the Champ Consulting Group,2022China's fuel cell vehicle sales in7834Vehicles, year-on-year growth57.1%It mainly benefits from the country's strategic deployment and policy support for the development of hydrogen energy and fuel cells. Among them, by product type, commercial vehicles account for the vast majority of China's fuel cell vehicle market, about88.6%, followed by passenger cars, about11.4%. By region, Guangdong is the largest market in China's fuel cell vehicle market, accounting for about36.4%, followed by Jiangsu Province, which accounts for about18.2%, again Shanghai, which accounts for about9.1%Other provinces and cities (such as Beijing, Hubei Province, etc.) account for a smaller proportion.

expected2025China's fuel cell vehicle sales will reach10million vehicles, with a compound annual growth rate88.7%. Among them, by product type, commercial vehicles will remain dominant, and the proportion is expected to reach86.0%, the proportion of passenger cars will rise slightly14.0%. By region, Guangdong Province will remain the largest market for China's fuel cell vehicle market, which is expected to account38.0%, the proportion of Jiangsu Province and Shanghai City will decline slightly, respectively.16.0%and8.0%The proportion of other provinces and cities (such as Beijing, Hubei Province, etc.) will increase slightly.

2. Public transport area

Public transportation is one of the important application fields of fuel cells, including buses, buses, rail transit and so on. Buses refer to large passenger cars mainly used for urban public travel; passenger cars refer to large passenger cars mainly used for intercity or long-distance travel; rail transit refers to railway transportation mainly used in cities or regions, including subways, light rails, and trams Wait.

（1) Global Fuel Cell Public Transport Market Analysis

According to data from the Champ Consulting Group,2022The size of the global fuel cell public transportation market in14.7Billion US dollars, year-on-year growth26.1%It mainly benefited from the policy support and market demand for hydrogen energy and fuel cell public transportation in Europe, Japan and South Korea. Among them, by product type, buses account for the vast majority of the global fuel cell public transportation market, about.94.7%, followed by passenger cars, about4.0%, again, rail transit, about1.3%. By region, Europe is the largest market in the global fuel cell mass transit market, accounting for about41.3%, followed by Japan, which accounts for about26.7%, again South Korea, accounting for about19.3%Other regions (such as the United States, China, etc.) account for a smaller proportion.

expected2025The global fuel cell public transportation market will reach28billion dollars, with a compound annual growth rate39.8%. Among them, by product type, buses will remain dominant and are expected to account for a percentage95.4%, the share of passenger cars and rail transit will decline slightly, respectively.3.2%and1.4%. By region, Europe will remain the largest market in the global fuel cell public transport market, which is expected to account43.6%The share of Japan and South Korea will decline slightly, respectively.24.6%and17.9%, the share of other regions (e. g., the United States, China, etc.) will rise slightly.

（2) China Fuel Cell Public Transport Market Analysis

According to data from the Champ Consulting Group,2022The size of China's fuel cell public transport market in39.5Billion yuan, year-on-year growth35.9%It mainly benefits from the country's strategic deployment and policy support for the development of hydrogen energy and fuel cells. Among them, by product type, buses account for the vast majority of China's fuel cell public transportation market, about.96.4%, followed by passenger cars, about3.6%Rail transportation accounts for a very small proportion. By region, Guangdong is the largest market for fuel cell public transportation in China, accounting for about54.3%, followed by Jiangsu Province, which accounts for about18.6%, again Shanghai, which accounts for about9.3%Other provinces and cities (such as Beijing, Hubei Province, etc.) account for a smaller proportion.

expected2025China's fuel cell public transport market will reach185billion, with a compound annual growth rate67.9%. Among them, by product type, buses will remain dominant and are expected to account for a percentage97.3%, the proportion of passenger cars will decrease slightly2.7%, the proportion of rail transit will remain minimal. By region, Guangdong Province will remain the largest market for China's fuel cell public transport market, which is expected to account56.8%, the proportion of Jiangsu Province and Shanghai City will decline slightly, respectively.16.2%and8.1%The proportion of other provinces and cities (such as Beijing, Hubei Province, etc.) will increase slightly.

3. Logistics field

The logistics field is one of the important application fields of fuel cells, mainly including forklifts, stackers, and trucks. Forklift refers to small freight vehicles mainly used for storage, loading and unloading, transportation and other scenarios; stacker refers to aerial vehicles mainly used for storage, loading and unloading, transportation and other scenarios; truck refers to manual or electric push-pull vehicles mainly used for storage, loading and unloading, transportation and other scenarios.

（1) Global Fuel Cell Logistics Market Analysis

According to data from the Champ Consulting Group,2020The size of the global fuel cell logistics market in5.8Billion US dollars, year-on-year growth21.8%, mainly benefiting from the policy support and market demand for hydrogen energy and fuel cell logistics in Europe, the United States and Japan. Among them, by product type, forklifts account for the vast majority of the global fuel cell logistics market, about98.3%, followed by the stacker and the carrier, each accounting0.9%and0.8%. By region, Europe is the largest market in the global fuel cell logistics market, accounting for approximately39.7%, followed by the United States, which accounts for about33.6%, again, Japan, which accounts for about16.4%Other regions (such as South Korea, China, etc.) account for a smaller proportion.

expected2025The size of the global fuel cell logistics market will reach22billion dollars, with a compound annual growth rate38.2%. Among them, according to product type, forklifts will remain dominant, and the proportion is expected to reach98.7%, the proportion of stackers and trucks will decrease slightly, each accounting0.7%and0.6%. By region, Europe will remain the largest market in the global fuel cell logistics market, which is expected to account41.8%The share of the United States and Japan will decline slightly, respectively.31.4%and15.1%, the share of other regions (e. g., South Korea, China, etc.) will increase slightly.

（2) Analysis of China Fuel Cell Logistics Market

According to data from the Champ Consulting Group,2022The size of China's fuel cell logistics market in17Billion yuan, year-on-year growth33.3%It mainly benefits from the country's strategic deployment and policy support for the development of hydrogen energy and fuel cells. Among them, by product type, forklifts account for the vast majority of China's fuel cell logistics market, about.99.2%, followed by the stacker and the carrier, each accounting0.4%. By region, Guangdong is the largest market in China's fuel cell logistics market, accounting for about37.0%, followed by Jiangsu Province, which accounts for about18.5%, again Shanghai, which accounts for about9.2%Other provinces and cities (such as Beijing, Hubei Province, etc.) account for a smaller proportion.

expected2025The size of China's fuel cell logistics market will reach87billion, with a compound annual growth rate68.8%. Among them, according to product type, forklifts will remain dominant, and the proportion is expected to reach99.5%, the proportion of stackers and trucks will remain negligible. By region, Guangdong Province will remain the largest market for China's fuel cell logistics market, which is expected to account38.5%, the proportion of Jiangsu Province and Shanghai City will decline slightly, respectively.17.0%and8.5%The proportion of other provinces and cities (such as Beijing, Hubei Province, etc.) will increase slightly.

6. Fuel Cell Industry Competitive Landscape Analysis

1. Analysis of the competitive landscape of the global fuel cell industry

The competitive landscape of the global fuel cell industry is characterized by diversification and differentiation, mainly in the following aspects:

（1) A large number of enterprises. The global fuel cell industry covers multiple links such as upstream raw materials, midstream core components, downstream system integration and terminal applications, involving multiple fields and scenarios, and attracting many companies to participate. According to data from the Champ Consulting Group,To 2023By the end of the year, the number of global hydrogen and fuel cell related enterprises is expected to reach 1200Many, of which Europe has the highest proportion, about 300.home, followed by the United States, about 270home, Japan and South Korea each have 220Home and 170Home, China has 140Home around. These enterprises are involved in hydrogen energy preparation, storage and transportation.Hydrogen refueling stations, fuel cells and hydrogen vehicles are important forces in the development of the hydrogen energy industry.

（2) Enterprises vary in size. There are large, medium and small enterprises of different sizes in the global fuel cell industry, and the scale is not completely proportional to the strength. On the one hand, some large enterprises have strong advantages in technology, capital and brand, such as Toyota Motor, Hyundai Motor, Protec, etc.; on the other hand, some small and medium-sized enterprises have achieved good results in some subdivisions or scenarios by virtue of their innovation ability, professionalism and flexibility, such as Ningde era, intelligent energy, Ballard, etc.

（3) Frequent cooperation between enterprises. There are many forms of partnerships in the global fuel cell industry, including alliances, joint ventures, partnerships, and investments. These partnerships are designed to achieve resource sharing, risk reduction, and efficiency gains. For example, the European Alliance for Clean Hydrogen (ECH2A) is led by the European Commission and brings together European governments, enterprises, research institutions and other stakeholders to promote innovative cooperation in the European hydrogen energy industry; Toyota and Hyundai are two of the world's leading fuel cell vehicle manufacturers. They have reached joint ventures or cooperation agreements with China's GAC Group and BAIC Group to promote the development of fuel cell vehicles in the Chinese market; protec and Ningde Times are two of the world's leading suppliers of fuel cell systems and power cells. They have reached investment or cooperation agreements with China's SAIC and BYD, respectively, to promote fuel cell systems and power cells in the Chinese market. The progress of technology.

2. Analysis of the competitive landscape of China's fuel cell industry

The competitive landscape of China's fuel cell industry is characterized by diversification and differentiation, mainly in the following aspects:

（1) A large number of enterprises. China's fuel cell industry covers multiple links such as upstream raw materials, midstream core components, downstream system integration and terminal applications, involving multiple fields and scenarios, attracting many companies to participate. According to data from the Champ Consulting Group,As of 2023By the end of the year, more than 200 are expected.Many enterprises are involved in this field, among which Guangdong Province, Jiangsu Province, Shanghai and Beijing are still the main gathering places. According to incomplete statistics, Guangdong Province has about 80There are about 40 hydrogen energy and fuel cell-related enterprises in Jiangsu Province.Home, Shanghai and Beijing each have about 20other provinces (such as Hubei Province, Shandong Province, etc.) also have a certain scale of development.

（2) Enterprises vary in size. There are large, medium and small enterprises of different sizes in China's fuel cell industry, and the scale is not completely proportional to the strength. On the one hand, some large enterprises have strong advantages in technology, capital and brand, such as Ningde times, SAIC Group, GAC group, etc.; on the other hand, some small and medium-sized enterprises have achieved good results in some sub areas or scenarios, such as smart energy, Ballard, hydrogen energy, etc., by virtue of their advantages in innovation ability, professionalism and flexibility.

（3) Frequent cooperation between enterprises. There are many forms of cooperation in China's fuel cell industry, including alliances, joint ventures, cooperation, investment, etc. These partnerships are designed to achieve resource sharing, risk reduction, and efficiency gains. For example, China's hydrogen energy and fuel cell industry innovation strategic alliance (CHFCA) is led by the National Development and Reform Commission, bringing together governments, enterprises, research institutions and other stakeholders from all over China to promote the innovative development of China's hydrogen energy and fuel cell industry; Toyota Motor and Hyundai Motor are two of the world's leading fuel cell car manufacturers, which have reached joint ventures or cooperation agreements with China's GAC Group and BAIC Group, respectively, to promote the development of fuel cell vehicles in the Chinese market; protec and Ningde Times are two of the world's leading suppliers of fuel cell systems and power cells. They have reached investment or cooperation agreements with China's SAIC and BYD, respectively, to promote fuel cell systems and power cells in the Chinese market. The progress of technology.

Development Prospect of 7. Fuel Cell Industry

The fuel cell industry is in a stage of rapid development on a global scale. Benefiting from multiple factors such as policy support, technological progress, cost reduction, and market demand, it is expected to maintain a high growth rate in the next few years. According to the projections of Champ Consulting,2025The global fuel cell market size will reach144billion dollars, with a compound annual growth rate45.27%; China's fuel cell market size will reach343billion, with a compound annual growth rate90%. Among them, automobiles, public transportation, logistics and other fields will become important growth points in the fuel cell market, and product types such as passenger cars, buses, and forklifts will become the mainstream product types in the fuel cell market,PEMFCIt will become the mainstream product type in the fuel cell market.

Shangpu Consulting Group believes that the fuel cell industry has great development potential and prospects, but it also faces some challenges and risks, which require the joint efforts of all stakeholders to achieve the sustainable development of the fuel cell industry. Specifically, Champ Consulting Group recommends that the fuel cell industry should make efforts in the following areas:

（1) Strengthen technological innovation. Technological innovation is the core driving force for the development of the fuel cell industry, and it is also a key factor in enhancing competitiveness and reducing costs. The fuel cell industry should strengthen the basic research, application development and industrialization promotion of hydrogen energy and fuel cell related technologies, break through key technical problems, and improve the technical level and quality.

（2) Improve product quality. Product quality is the basic guarantee for the development of the fuel cell industry, and it is also an important factor to win the trust and recognition of the market. The fuel cell industry should improve the quality management and supervision level of hydrogen energy and fuel cell related products, formulate and improve relevant technical standards and specifications, and ensure product performance and safety.

（3) Reduce system costs. System cost is the main constraint to the development of the fuel cell industry, and it is also a key factor affecting market competitiveness and consumption willingness. The fuel cell industry should reduce the production and operating costs of hydrogen energy and fuel cell-related systems, reduce dependence on scarce resources such as precious metals, and achieve economies of scale and economic benefits.

（4) Improve hydrogen energy infrastructure. Hydrogen energy infrastructure is an important support for the development of the fuel cell industry, and it is also a necessary condition to ensure market operation and service level. The fuel cell industry should improve the construction and maintenance level of hydrogen energy and fuel cell related infrastructure, accelerate the construction of hydrogen production, storage, transportation and filling, and improve the coverage and availability of hydrogen energy infrastructure.

（5) Expand the application scenario. Application scenarios are an important driving force for the development of the fuel cell industry and an important way to create market value and social benefits. The fuel cell industry should expand the fields and scenarios of hydrogen energy and fuel cell-related applications, develop more products and services, and meet the needs of more customers and users.

（6) Foster market confidence. Market confidence is an important foundation for the development of the fuel cell industry and an important factor in promoting market development and consumption growth. The fuel cell industry should cultivate confidence in the hydrogen energy and fuel cell related markets, strengthen the publicity and promotion of hydrogen energy and fuel cell related technologies, products and services, and improve market awareness and acceptance.