A fuel cell is an electrochemical cell that converts the chemical energy of a fuel (often hydrogen) and an oxidizing agent (often oxygen) into electricity through a pair of redox reactions. There are four categories fuel cells: Polymer Electrolyte Membrane Fuel Cells (PEMFC), Phosphoric Acid Fuel Cells (PAFC), Molten Carbonate Fuel Cells (MCFC) and Solid Oxide Fuel Cells (SOFC). Fuel cell can be wildly used in the field of on-road (cars, buses, trucks), off-road (material handling equipment, mining equipment, agriculture and forest machinery, construction equipment), Stationary (prime power, back-up power, peak shaving, shore power) and Marine (fast ferries, passenger vessels, cargo vessels and yachts).

The global fuel cell market was valued to be 3.5 billion USD and 1.3 GW in 2020 respectively. The fuel cell market size and volume are anticipated to have grown with a CAGR of 20.9% and 28.5% in the coming years to reach 11.0 billion USD and 6.1 GW in 2026 respectively.

The largest application field of fuel cells is off-road which occupies 50.1% market share, followed by stationary (24.4%), on-road (16.3%), marine (4.4%). It is believed that the on-road market share will keep increasing due to the supporting policy of fuel cell vehicles by the Chinese goverment.