Sorting out hydrogen energy industry chain equipment: industry trends are gradually becoming clear
Hydrogen energy is entering a period of rapid development. Domestic policies have continued to develop recently. According to statistics from the provincial hydrogen energy industry development plans issued by various provinces, autonomous regions and municipalities directly under the Central Government, it is estimated that by 2025, my country will build more than 1,000 hydrogenation stations (407 as of the end of 2023) for fuel cell vehicles. The application scale exceeds 110,000 vehicles (12,682 vehicles by the end of 2022), and the total output value of hydrogen energy is nearly one trillion yuan.
The hydrogen energy industry chain is relatively long, and it is recommended to pay attention to equipment investment opportunities in each link. On the hydrogen production side, it is recommended to focus on purification equipment (including PSA units, cryogenic separation units), carbon capture equipment (carbon dioxide compressors) and electrolyzers; on the storage, transportation and refueling side, it is recommended to focus on high-pressure hydrogen storage bottles and valves, compressors, and hydrogen liquefaction Devices and hydrogenation station integrated equipment; hydrogen terminals are recommended to focus on fuel cells and hydrogen gas turbines.
In the long term, hydrogen energy, as a clean energy, has great development potential under the vision of carbon neutrality. According to the China Hydrogen Energy Alliance Research Institute, it is expected that global demand for hydrogen will reach 660 million tons by 2050, of which China will have approximately 195 million tons (production in 2022 will be 35.33 million tons), and the global green hydrogen share will reach 60-60 million tons. 80%.
The current development bottleneck of hydrogen energy lies in its high cost, including hydrogen prices and fuel cell vehicles. Equipment is one of the key links in the hydrogen energy industry to reduce costs and increase efficiency. In terms of cost ratio, according to our calculations, electrolyzers account for about 24% of the total investment in green hydrogen projects (taking the Daan wind and solar hydrogen production project as an example); according to "Hydrogen Cost Analysis of External Hydrogen Supply and On-site Hydrogen Production and Refueling Stations" According to Nengjing research data, equipment accounts for about 71% of the total investment in hydrogen refueling stations, of which compressors account for 30%, and fuel cell systems in hydrogen heavy trucks account for about 52%. The introduction of relevant policies will catalyze the demand for equipment such as hydrogen compressors and fuel cells to achieve scale effects, thereby further completing the equipment cost reduction route and helping the hydrogen energy industry achieve rapid growth.