Techno-economic feasibility of fuel cell applications: A review of assessment frameworks and key enablers

Fuel cell technology is key in global energy transition within the hydrogen economy, with versatility in applications spanning transportation, industry, and stationary power generation. Nonetheless, high costs remain a significant barrier to widespread adoption, requiring rigorous techno-economic analyses to assess their commercial feasibility. This study reviews 151 techno-economic studies on fuel cell applications published between 2020 and 2024, identifying methodological trends and key enablers for commercialization. The reviewed studies cover diverse applications, including fuel cell-based integrated system, stand-alone fuel cell systems (6%), hybrid renewable energy systems (HRES) (21%), and transport-related applications (23%), fuel cell component (1%), with integrated system being the most studied (50%). A variety of identified methodological frameworks are developed to address different purposes, categorized into six groups. The most frequently used economic metrics are LCOE (31%), payback period (12%), and net present cost (NPC) (11%). The analysis highlights three key enablers for improving the economic feasibility of fuel cell applications: (1) Technological innovations, such as system optimization, hybridization, integration, and technical parameter improvements; (2) fuel sources, including hydrogen production, fuelling infrastructure, and alternative fuels; (3) government policy, including carbon pricing, renewable energy incentives, and government subsidies. A SWOT analysis identifies several future research directions, including targeted cost analysis of innovative materials, cost projections, and strategies to reduce reliance on government financial support. Aligned with the objectives of SDG-7 and SDG-13, this review provides actionable insights for stakeholders aiming to overcome economic barriers and accelerate the market adoption of fuel cell applications.