Research Outline

Hydrogen Fuel Cells Competitors


To provide an understanding of the competitive environment of companies that generate/produce hydrogen for fuel cells, with a special focus on competitors for SunHydrogen.

Early Findings

Overview of Competition in the Hydrogen Generation Industry

  • The industry is considered highly competitive and has low barriers to entry.
  • The top three companies in the hydrogen fuel cell market made up more than 46% of the market share in 2015, and they are Ballard Power Systems Inc.: 17.36%; Toshiba: 16.68%, and Plug Power: 11.93%.
  • "The majority of large corporations are mainly concentrated in Japan and South Korea, and North America."
  • Many of the companies involved in the hydrogen and fuel cell technology are not profitable yet.
  • Bloom Energy is considered one of the best performing players in the space with a positive cash flow and a rise in its stock price of 117% in 2020. In the last year, the company has "generated nearly 60% more revenue than its three major rivals combined."
  • Smaller and emerging companies face formidable competition from large corporations/big players, "including government-backed rivals in China and deep-pocketed manufacturers, such as Cummins (CMI)."

SunHydrogen Competitors

From its annual report, SunHydrogen categorizes its competitors as:
  • Companies that are leading players in the industry, overall, such as Air Products and Chemicals Inc. and Air Liquide. This is verified by industry reports, such as this one that consider these two companies to be among the dominant players in the hydrogen generation market.
  • Companies that produce renewable hydrogen fuel through electrolyzers powered by solar or wind such as ITM Power and Proton Onsite (which is a subsidiary of Nel ASA) which are two of the largest companies in this industry.

Summary of Findings

  • In this preliminary hour of research, we provided some insights that provide an overview of the competitive environment for companies in the hydrogen fuel cells market. We also provided the key competitors of SunHydrogen based on the company's self-analysis.
  • Due to time constraints we were not able to provide any further information on these companies, or give additional competitors for the company.
  • Our suggestion for further research is detailed below: