First, the on-board hydrogen storage system
GGII survey data shows that in 2021, 4129 sets of hydrogen fuel cell vehicle hydrogen storage systems were shipped in the Chinese market, an increase of 67.85% over the previous year. The main reason for the increase in shipments is the determination of the hydrogen fuel cell vehicle demonstration city cluster, and various enterprises are preparing orders for the hydrogen fuel cell vehicle demonstration city cluster in various places.
From the perspective of market characteristics, the domestic market in 2021 is mainly manifested in the fact that the market dominance of the vehicle hydrogen storage system is gradually controlled by the main engine plant; the market concentration of the vehicle hydrogen storage system is decreasing year by year; the market competitiveness is increasing year by year; and the participation of enterprises in market competition is diverse.
1. Market dominance: In 2019, the domestic hydrogen fuel cell market is mainly promoted by hydrogen fuel cell stacks and system manufacturers, and hydrogen storage system suppliers cooperate with stacks or system suppliers. In 2021, the domestic hydrogen power market is slowly developing, the control of the fuel cell vehicle supply chain by the main engine factory is gradually enhanced, and the choice of on-board hydrogen storage cylinder or hydrogen storage system is gradually transferred to the hands of the main engine factory.
2, market concentration: vehicle-mounted hydrogen storage cylinder market concentration is high, but showing a downward trend year by year. In 2021, the concentration (CR5) of the top five enterprises in China's vehicle-mounted hydrogen storage system shipments was 80.23%, down 7.33% from 2020 and 17.31% from 2019.
3. Market competitiveness has increased year by year: From the perspective of participant market share, the first three enterprises from 2020 to 2021 have not changed, namely Guofu Hydrogen Energy, Shunhua New Energy, and Ketaike. However, judging from the share of different echelons of enterprises in the market in the past three years, the market is gradually developing from concentration to decentralization. From 2019 to 2021, the proportion of Guofu hydrogen energy market, which ranks first in the shipment of domestic on-board hydrogen storage systems, is 35% to 45%, which is slightly declining year by year. The second echelon of enterprises, that is, the second to fifth enterprises in the shipment of on-board hydrogen storage systems, the total market share has also dropped from 53.83% in 2019 to 42.31% in 2021. The market share of the third echelon enterprises has increased year by year, and it will increase to 19.76% by 2021. From the perspective of competition form, from the two echelons of the first two echelons of the market to the three echelons of enterprises to divide the market situation equally.
4. Participation form: At present, the participants in the vehicle hydrogen storage system market are mainly five forms: the enterprise itself has the ability to integrate the vehicle hydrogen storage system, and at the same time produces hydrogen storage cylinders, such as Guofu Hydrogen Energy, Kotek, Tianhai Industry, CIMC ENRIC, etc.; the enterprise itself does not produce hydrogen storage cylinders, but has the market expansion capabilities of the vehicle hydrogen storage system, such as Shunhua New Energy, Lan Tianda; it does not produce hydrogen storage cylinders, but has the integration ability of the vehicle hydrogen storage system, and the market expansion ability is slightly weaker than other enterprises, mainly to replace the integrated vehicle hydrogen storage system. Such as Xingchi blue hydrogen, Perryhua hydrogen and so on. Enterprises produce on-board hydrogen storage bottles, but do not integrate the on-board hydrogen storage system, with the market expansion capabilities of the vehicle hydrogen storage system, so the vehicle hydrogen storage system business is outsourced to the generation of integrated enterprises; the enterprise is a hydrogen fuel cell stack or system enterprise, and there is a vehicle hydrogen storage system business expansion. Enterprises participate in various forms of market competition, and the competition is fierce.
Second, the on-board hydrogen storage bottle
GGII survey data shows that in 2021, the shipment of on-board hydrogen storage cylinders in the Chinese market is 30284, an increase of 122.43% over the previous year, and the increase in the shipment of hydrogen storage cylinders is larger than that of the hydrogen storage system, mainly because the number of domestic hydrogen fuel cell heavy trucks in 2021 has increased significantly, and the number of hydrogen storage cylinders carried by hydrogen fuel cell heavy trucks is more than that of hydrogen fuel cell light trucks, generally about 8. At the same time, some system integration enterprises will carry out partial bare bottle stocking, and the hydrogen storage bottle will be shipped after being packaged into a system, and there is a corresponding time difference.
From the perspective of the market level, the number of market participants has increased; the market concentration has decreased year by year, and the market competitiveness has increased.
1. The number of participants in the hydrogen storage cylinder market has increased: in 2019, there are 5 mainstream hydrogen storage bottle suppliers in China, namely Guofu Hydrogen Energy, Ketek, Tianhai Industry, Sinoma Technology, and Slinda. In 2020, Nantong CIMC will participate in market competition, and in 2021, the company that will achieve the shipment of hydrogen storage bottles above 1,000 in the market will add Aoyang Technology. The number of market participants is increasing year by year.
2, the market concentration declined, the competitiveness increased: in 2021, the domestic market to achieve more than 500 branches of vehicle hydrogen storage cylinder shipments of 7 enterprises. The concentration of the top three enterprises in shipment volume was 76.95%, down 5.42% from 2020 and 14.26% from 2019.
Although the market concentration will decline in 2021, the overall shipment volume of enterprises will show an increasing trend in 2021. From the perspective of enterprise market share ranking, there is no change in the first three enterprises in 2020 and 2021, and Guofu Hydrogen Energy's market shipments in 2021 account for 35.63%, ranking first. Because of the completion of the on-board hydrogen storage cylinder production line, Sinoma Technology will focus on the market in 2021, and the shipment volume will increase rapidly, ranking second. From the perspective of the market share of the shipments of each echelon enterprise, the market share of the second and third echelon enterprises has increased year by year, and the market competitiveness has gradually emerged.
From a technical point of view, the domestic market mainly presents 70 MPa III vehicle-mounted hydrogen storage cylinders to achieve more than 1000 units of loading; vehicle-mounted hydrogen storage cylinders to large volume development; IV bottles began mass production preparation.
1, 70 MPa III bottle 1000 units or more loading: In 2021, 140 Foton hydrogen electric buses use 70 MPa III hydrogen storage cylinders in the Winter Olympics, and some passenger cars use 70 MPa III type on-board hydrogen storage bottles. According to GGII statistics, the shipment of 70 MPa hydrogen storage cylinders in 2021 reached 1203, accounting for 4% of shipments. However, at present, the shipment of 70 MPa on-board hydrogen storage cylinders is mostly project-type, and it is difficult to have large-scale market growth in the short term.
2, large volume trend: from the volume of hydrogen storage cylinders, in 2019, the domestic market 35MPa hydrogen storage cylinder market is mostly 140L hydrogen storage cylinders, and its market accounted for more than 80%. In 2020, the domestic hydrogen storage bottle market will be 140L as the mainstream, and 165L and 210L will gradually grow. In 2021, the domestic hydrogen storage bottle market will gradually develop into a 140L, 165L, 210L bisected market form. In addition, some companies have launched 260L, 385L large-volume vehicle-mounted hydrogen storage cylinders, and some companies plan to launch more than 400L on-board hydrogen storage bottles.
3, IV bottles began mass production preparation: domestic enterprises are divided into technology introduction and independent research and development of two kinds of IV bottle mass production preparation. Due to the high technical difficulty of the development of the four-type bottle, there are multiple thresholds such as structural design, material processing, bulk of filament carbon fiber of filament tow, carbon fiber winding technology, etc., and the technical bottleneck is high. In order to accelerate the pace of technological development, some domestic enterprises have adopted the technology introduction method to enter the IV hydrogen storage cylinder market, and representative enterprises include CIMC Enric, Faurecia Slinda and other enterprises. In addition, Guofu Hydrogen Energy, Tianhai Industry, Yapu Shares, Aoyang Technology, etc. use self-research methods to prepare for the mass production of IV hydrogen storage cylinders.
In 2021, China's hydrogen fuel cell vehicle demonstration city cluster landed, and the domestic hydrogen power industry market form, competition pattern, business model, and technology status have undergone earth-shaking changes. In order to better serve the hydrogen power industry, in the early stage of the demonstration city cluster, the Hydrogen And Electricity Research Institute (GGII) launched a series of in-depth research reports on the hydrogen power industry. GGII hopes to provide accurate and valuable advice for investors, industry insiders, securities companies and people who want to understand the development of China's hydrogen fuel cell industry through detailed and in-depth reports.
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