The South Korean fuel cell industry
South Korea increased its capacity for power generation from fuel cells by around 120 megawatts in 2022, reaching a cumulative capacity of approximately 892 megawatts. That year, sales revenue from the fuel cell industry totaled over three trillion South Korean won. Due to the high technical difficulty and the long time needed for demonstration and commercialization, only a few companies in the world have been able to possess original technology and manufacturing facilities for fuel cells. Among these few companies is Doosan Fuel Cell, which commands just over half of the domestic market. Fuel cells are mainly classified into Phosphoric Acid Fuel Cells (PAFC), Solid Oxide Fuel Cells (SOFC), Molten Carbonate Fuel Cells (MCFC), and Polymer Electrolyte Membrane Fuel Cells (PEMFC) according to the type of electrolyte. Among these, Doosan Fuel Cell has focused on providing PAFCs but has also expressed plans to expand by acquiring SOFC technology in the future. However, developments here also depend on reliable hydrogen production.Government support for hydrogen production
Classified as a new energy type in South Korea, hydrogen-based energy has become key to meeting long-term emission reduction goals. With this in mind, the South Korean government has aimed to increase the deployment of fuel cells for power generation to 15 GW by 2040 according to its "Roadmap for Revitalizing the Hydrogen Economy". Indeed, it increased its budget for supporting hydrogen production by more than 10 times in the last six years. This support has resulted in the rapid development of hydrogen production in the country, with the bidding market for general hydrogen power generation having opened in June 2023. Developments in hydrogen production and fuel cell technology are likely to continue, allowing South Korea a path to favorably position itself in the global energy market in the future.
