Good afternoon. Welcome to the 2021 annual meeting of shareholders of Ballard Power Systems Inc. Our host for today's call is Jim Roche, board chair. At this time, all participants will be in listen-only mode. Management would like to remind you that some of the statements made at this meeting may be considered forward-looking. Such statements are based on management's current expectations, beliefs, and assumptions concerning future events. Actual results could be materially different. Please refer to Ballard's most recent annual information form and other public filings on SEDAR for a complete disclaimer and related information. I will now turn the call over to your host, Jim Roche.
Thank you very much. Ladies and gentlemen, welcome to the annual meeting of shareholders of Ballard Power Systems Inc. My name is Jim Roche. I am the Chair of the Board and will act as the Chair of this meeting. We're delighted to be hosting our second virtual meeting, which allows us to improve access and increase shareholder participation. By hosting the meeting virtually, all of our shareholders are able to attend and vote with the same ease as listening to a quarterly earnings call rather than incurring the costs required to travel to an in-person meeting. This also allows us to maintain social distancing during the ongoing COVID-19 pandemic. We will conduct the business portion of our meeting first and answer questions at the end of the meeting.
Though we may not be able to answer every question, we'll do our best to provide a response to as many as possible in the time available. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. It is now shortly after 1:00 P.M. Pacific Time on June 2nd, and this meeting is officially called to order. Now, I'd like to introduce the members of management who are attending today's meeting. Randy MacEwen. Randy is our President and Chief Executive Officer. He is also one of the nominees for election as a director today. Paul Dobson, Senior Vice President and Chief Financial Officer. Robert Campbell, Senior Vice President and Chief Commercial Officer. Kevin Colbow, Senior Vice President and Chief Technology Officer. Jan Laishley, Senior Vice President, Human Resources. Jyoti Sidhu, Senior Vice President, Operations.
Kerry Hillier, Vice President and General Counsel. Kerry will also act as secretary for today's meeting. Guy McAree, Director of Investor Relations, and Monique Dunn, Senior Corporate Communications Analyst. On behalf of the Board, I wish to express thanks to those shareholders who submitted their proxies in advance of today's meeting. As this meeting is being held virtually via live webcast, there are some rules that we have established for the orderly conduct of the meeting. First, questions in respect of a motion may be submitted by a shareholder or duly appointed proxy holder using the designated Ask a Question field on the web portal. Please note that there will be a slight timing delay in receiving the questions. When asking a question, please indicate your name, which entity you represent, if any, and confirm that you are a registered or beneficial shareholder or a duly appointed proxy holder.
Third, questions will be addressed during the question period at the end of the meeting. However, I may deal with questions regarding procedural matters or directly related to the motions during the formal portion of the meeting at an appropriate time. Fourth, for the purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot. Shareholders and duly appointed proxy holders will be asked to vote on each business item after the presentation of all such business items. Only shareholders and duly appointed proxy holders of the corporation are permitted to participate in the voting. You can vote by clicking on the Vote Here button on the web portal to register your votes. You'll only have a certain amount of time to do so. In fact, the polls are now open.
We also refer you to our rules of conduct and procedures, which have been posted to our corporate website and the virtual shareholder meeting website. After the formal business of the meeting, management will provide an update presentation on our business. The question period will follow. We'll now proceed with the formal portion of today's meeting. Under the corporation's articles, no motion proposed at a meeting of shareholders need be seconded unless the chair rules otherwise, and the chair of any meeting of shareholders is entitled to propose a motion. Accordingly, as permitted by these articles and in order to ensure our online meeting flows smoothly, I'll move all motions set out in the notice of meeting, and I will not require motions to be seconded. I will begin the proceedings by appointing Leanne Branton and Rita Gutierrez Fernandez from Broadridge Financial Solutions to act as our scrutineers.
The notice of this meeting was mailed out on April 29th, 2021, to shareholders of record as of April 12th, 2021. Ballard has received a certificate of mailing from its transfer agent, which is available for inspection by any shareholder. I direct that the secretary append the certificate of mailing to the minutes of this meeting. Thanks, Kerry. I have been advised by the scrutineer that a quorum is present, and I therefore declare the meeting properly constituted for the transaction of business. The agenda for today's meeting was included in the notice of meeting that was sent to shareholders and is currently up on the screen. I'll now table the following materials. Our consolidated financial statements and the auditor's report for the year ended December 31st, 2020. We've mailed shareholders these materials together with the notice of this meeting. There are also copies available on our website.
Mr. Paul Dobson, our chief financial officer, and Mr. John Desjardins from KPMG are with us today and will be available to answer questions regarding the financial statements and the auditor's report during the Q&A session at the end of this meeting. I declare that the consolidated financial statements and the auditor's report have been received by the shareholders as submitted at this meeting. I'll now present the matters to be voted upon. Just a reminder that the polls are open and will remain open until the matters to be voted upon have all been addressed. Any shareholder or proxy holder who hasn't yet voted or wishes to change their vote may do so now by clicking on the voting button on the web portal and following the instructions there.
Shareholders and proxy holders who have sent in proxies or voted via telephone or internet and do not want to change their vote need not take any further action. We'll now proceed with the election of directors for the upcoming year. Biographies of the nominees are included in the information circular that has been sent out to shareholders. I'd like to now introduce the nominees for election as directors, all of whom are with us here today. In alphabetical order, these nominees are Doug Hayhurst. Doug is a corporate director. He was an executive with IBM Canada Business Consulting Services and a managing partner with Pricewaterhouse, Canada. Doug has served on the board since 2012 and as our chair of the Audit Committee since 2016. Kevin Jiang.
Kevin is President of Shandong Heavy Industry Group Co., Ltd. and one of two Weichai Power Co., Ltd. nominees appointed to the board in 2019. Kevin brings expansive experience in technology and product development and manufacturing in China and across the globe. Zhilong Li. Zhilong is President of DLE Management Consulting LLC. She has a long and distinguished career at Texas Instruments Inc. and brings technology transfer expertise to the board. She served on our board since 2017. Randy MacEwen. Randy is your President and CEO. Marty Neese. Marty is a Corporate Director. He's the founder of Nuvosil AS and has served as Chief Operating Officer of companies in this technology sector. Marty brings manufacturing and operational expertise to the board. He served on our board since 2015 and as Chair of the Commercial Committee since 2019. James Roche.
I am the President CEO of Stratford Group Ltd. and currently serve as Chairman of your board of directors. I served on the board since 2015. Sherman Sun. Sherman is an Executive Director and Executive President of Weichai Power Co., Ltd. and the other Weichai nominee appointed to the board in 2019. Sherman likewise brings substantial experience in technology and product development and manufacturing in China and across the globe. Janet Woodruff. Janet is a Corporate Director. Janet has served as Director and in executive positions in utility, energy, and transportation sectors and brings CFO expertise to the board. She was appointed Chair of the People, Corporate Governance, and Compensation Committee in 2019 and has served on our board since 2017. I nominate as Directors of the corporation, Doug Hayhurst, Kevin Jiang, Zhilong Li, Randy MacEwen, Marty Neese, James Roche, Sherman Sun, and Janet Woodruff.
The next item of business is the appointment of the auditors of the corporation for the coming year. I move that KPMG LLP Chartered Accountants be appointed as the auditors of the corporation until the next annual meeting of shareholders, and for their remuneration to be fixed by the audit committee of our board of directors. The next matter is an advisory vote on executive compensation, commonly known as say on pay. The corporation's approach to executive compensation is described in the executive compensation section of the information circular. The text of the resolution is provided on the web portal and also set out in the information circular on page 40. As the vote on this resolution is advisory, the results will not be binding on the board or the People and Corporate Governance Committee.
However, the board and committee will take these results into account as part of the ongoing review of executive compensation philosophy, policies, and programs. I move that the resolution set out in the information circular accepting the corporation's approach to executive compensation be adopted. The next matter of business is the reconfirmation and approval of the corporation's equity-based compensation plans. The corporation's equity-based compensation plans and the TSX requirements for their approval every three years are described in the information circular. The text of the resolution is provided on the web portal and also set out in the information circular on page 41. I move that the resolution set out in the information circular reconfirming and approving the corporation's equity-based compensation plans be adopted. If any shareholder or proxy holder would like to make a comment regarding any of the motions, please submit your comment through the web portal.
Okay. In the absence of comments, we'll move on. Now that everybody has had the opportunity to vote, I declare the polls for the 2021 Ballard Annual Shareholder Meeting closed. Kerry, do we have preliminary voting results?
Yes, we do, Jim. We've been informed by the scrutineer that the preliminary vote report shows that the nominees for election to the board have been duly elected, the auditors have been appointed, the corporation's approach to executive compensation has been approved by advisory vote, and the corporation's equity-based compensation plans have been reconfirmed and approved. The complete voting results will be available in a press release and filed on SEDAR tomorrow.
Great. Thanks, Kerry. I ask the secretary to append the final scrutineer's report to the minutes of today's meeting. There being no further business to come before the meeting, the 2021 annual meeting of shareholders of Ballard Power Systems Inc. is now adjourned. I'm going to call on Randy MacEwen, our CEO, who will provide an update presentation. Randy, over to you.
Thanks, Jim. Welcome everyone. I'd also like to thank all of our shareholders joining us live today for your time, interest, and confidence in Ballard. Our inspiring vision is to deliver fuel cell power for a sustainable planet. This purpose gets our entire global team fired up every day. Today there's good reason for this. We're much further along on this journey today than we were at this time last year. We're encouraged how the market conditions are forming, and we're excited by the growing opportunity set in front of your company. We have a simple agenda here today, and it's designed to share some of the context with you on why we're so optimistic about our long-term growth plans, as well as what to look for over the relative near term.
Increasingly, the discussion on the hydrogen fuel cell industry is not if the markets will adopt, but rather which markets will see the fastest and highest growth and penetration, and when. In my opinion, the single most important macro driver supporting the adoption of hydrogen in our market opportunities is a global challenge to achieve net zero. We're increasingly becoming a CO₂-regulated world, and there's also a growing global consensus on the important role for hydrogen. Today, there are some 75 countries that have net zero emission targets, typically by 2050. There are now around 50 countries that have CO₂ pricing initiatives, and 20 countries have announced future sales bans on internal combustion engine vehicles, while 24 European cities have also announced plans to outright ban diesel engines.
Importantly, over 30 countries, representing over 70% of global GDP, have announced hydrogen strategies or roadmaps, signaling the critical role that hydrogen will serve in decarbonizing mobility, energy, and industry. Over 200 major hydrogen projects have been announced globally. The trends and momentum are clear and undeniable. They also indicate that now is the time for investment in the hydrogen and fuel cell opportunities. For us at Ballard, this strong contextual overlay has informed our strategy and our execution plans. What we see is very exciting. We see a future of growth, scale, market share, sustainable competitive advantages, and profitability. We see large attractive markets where we're well-positioned to compete and thrive. We see a total addressable market of $425 billion for the sale of fuel cell engines by 2030, growing further by 2050.
Our strategy is to use the same core PEM fuel cell competencies, the same core PEM fuel cell technology, including our MEAs, plates, and stacks, along with the same standardized fuel cell engines, or a significant part of the bills of materials for our fuel cell engines, to be sold across multiple end markets, including bus, truck, rail, marine, light-duty vehicle, off-road vehicles, and stationary power. This means we have leverage and diversification in our business model with multiple shots on goal. This means that in addition to our technology leadership, we expect to have volume and scale advantages across these multiple end markets, enabling cost advantages. There's a virtuous growth cycle here because fuel cell technology penetration rates will be driven by cost reduction, as well as the availability of affordable low carbon hydrogen, which I'll comment on later.
Why do we see fuel cells winning, and in which markets? Ballard has been a thought leader addressing this question. We see the most important and earliest adoption markets in scale will be the medium and heavy-duty motive markets of bus, truck, rail, and marine. Not surprisingly, these are the markets that we're focused on at Ballard. We believe these markets will offer compelling revenue stacking opportunity as adoption rate curves goes forward. There are three key reasons why we're focused on the medium and heavy-duty motive markets of bus, truck, rail, and marine. First, these are the markets where the value proposition for fuel cells are most strongly expressed. Second, many of the use cases in these markets feature vehicles that operate tethered within a relatively small territory and return back to base at night for refueling.
Think about city buses that return to a yard after a long day on city roads. Think about delivery, drayage, and regional haul trucks that return to the same depots. Think about trains returning to stations on fixed routes. Think about marine vessels returning to port. For centralized depot refueling or point-to-point refueling, the barriers to entry on the refueling infrastructure are lower than applications requiring a distributed refueling network. Third, and this is very important to our team at Ballard, these are the hard-to-abate mobility market segments that disproportionately contribute to emissions, but to date have been extraordinarily difficult to abate. We believe these hard-to-abate markets will see hydrogen fuel cells as the only viable option for decarbonization. To summarize succinctly, we view hydrogen fuel cells offering a differentiated zero-emission value proposition for each of bus, truck, rail, and marine.
For buses, hydrogen fuel cells means any route, any time, under any weather conditions. For trucks, hydrogen fuel cells means no compromise on payload. For trains, hydrogen fuel cells mean low-cost electrification without the need for expensive overhead catenary wires. For marine vessels, hydrogen fuel cells mean zero emission in demanding marine conditions. Now we want to provide more dimension on the value proposition for fuel cells in heavy-duty mobility. We don't have time today to review each market, so I've selected to shine a light on the largest market opportunity, heavy trucks. What we see in this market is the opportunity for vehicle users to enjoy a similar operational experience they already have today with diesel-powered trucks, but while adding the benefits of zero emission, smooth and fast acceleration, and low noise. We see the opportunity for no disruption to the current business model of users.
We see fuel cell trucks offering comparable range, minimal payload impact, and comparable refueling time to diesel. The fuel cell advantages as compared to battery solutions are pronounced. Fuel cells offer roughly double the range, 15 times faster refueling, and optimized cargo loads. Now, this graph here helps to quantify the cargo advantage offered by fuel cells. Fuel cell electric vehicles offer a 30% range plus cargo capacity advantage over BEVs, or battery electric vehicles, at a 300-mi range. This translates to real value. When you consider the variables of weight, range, utilization, and route predictability, fuel cells are compelling for heavy weight, long range, and high utilization with a hub-and-spoke or point-to-point refueling. Now on the refueling infrastructure side, we see the evolution over time, where centralized refueling is the lowest barrier, then followed by point-to-point or line haul corridor refueling.
Over the long term, we expect to see the build-out of a broad public refueling infrastructure, as is already occurring today in Japan, Germany, California, and South Korea. Importantly, hydrogen refueling stations enjoy scaling advantages. As the number of FCEVs in the service fleet increase and the utilization of refueling stations increases, the economics improve. Refueling station CapEx falls 60% when utilization increases from 30% to 90%. Hydrogen refueling stations offer lower complexity and lower costs for fleet scaling as compared to large-scale recharging infrastructure. We often get asked the question about the carbon intensity of the hydrogen used to fuel fuel cell electric vehicles. There are different pathways to move to low carbon hydrogen. In the near to midterm, we'll need all of them to achieve our global decarbonization objectives.
Of course, over the longer term, we believe green hydrogen, which is hydrogen produced from electrolysis with renewable energy like solar and wind, will play the primary role. Green hydrogen has the lowest CO₂ emissions profile for all technologies that can power vehicles. I believe the cost reduction pathway for green hydrogen will arrive much faster than the industry is currently forecasting, as the cost for renewables continue to decrease and the cost for electrolyzers plunge with scale. Let's remember why all of this is so important and so exciting for hard-to-abate sectors. It's because vehicles powered with green hydrogen have the lowest possible CO₂ emissions. Let me say that again. Vehicles powered by green hydrogen have the lowest possible CO₂ emissions. This must and will be a key part of the global energy transition. What we see here in this graph is very powerful.
Using green hydrogen in fuel cells reduces greenhouse gas emissions by 89% in 2030 and 95% in 2050 compared to the diesel reference in the truck case. There are similar outcomes for bus, rail, and marine. Given some of the recent progress we've announced in the rail market, I did want to spend a moment to comment on freight locomotives in North America. As context, we've been active in China over the past five years with CRRC. As a result, the world's only fuel cell tram line in commercial operation today is in China, with five trams operated by Ballard since 2019. I should say powered by Ballard since 2019. We've also been collaborating with Siemens as they develop the Mireo fuel cell train powered by Ballard fuel cell engines for the commuter rail market in Europe.
Now we're seeing another opportunity beyond rail transport of people in China and Europe. Recently, we've seen market interest on how to decarbonize freight locomotives in North America. For freight locomotives, the typical use case is long, heavy trains on long fixed routes with point-to-point diesel refueling. Almost all of the North American rail infrastructure is not electrified, so fuel cells offer a unique opportunity to decarbonize locomotives without the high cost of overhead catenary wires. There are 40,000 diesel locomotives in North America. In the 1950s, the storyline was a transition from steam engines to diesel locomotives. I believe the storyline in the 2020s and 2030s will be the transition from diesel locomotives to fuel cell locomotives in North America. At Ballard, we're positioned to play a key role in this transition.
We're thrilled to be partnering with CP, an industry leader in the North American rail sector, on their hydrogen locomotive program that will develop North America's first hydrogen and fuel cell-powered line haul freight locomotive. Let's turn our attention now to what to watch for over the next 12 to 18 months. There are six key themes or catalysts to watch for in the industry and at Ballard. First, the next phase of regulatory support. Second, progress on low carbon hydrogen production. Third, indicators that the industry will start a ramp for deployments of fuel cell electric vehicles. Fourth, new product launches. Fifth, significant progress on product cost reduction, and sixth, continuation of the scale and acceleration in investments in our industry. I'll comment on each of these in turn. First, on the policy front, net zero targets will be a key driver of cascading policies.
We expect you'll start to see hydrogen roadmaps and strategies being backed up with material funding commitments and concrete execution plans, as we recently saw in Germany. We expect you'll see funds from green recovery plans starting to be awarded, including for green hydrogen production and related infrastructure. I expect to also see a heightened focus on carbon taxes or other carbon pricing mechanisms, as well as the phased adoption of zero emission regulations for buses, trucks, trains, and marine vessels. Increasingly, I believe China, Europe, and the U.S. will see hydrogen and its value chain as strategically important to their long-term energy security and economic growth plans. This means that policies will likely be structured to support adoption in home markets, played out most strongly with support for scaled adoption of green hydrogen production and the deployment of Fuel Cell Electric Vehicles in hard-to-abate segments.
Second, look for progress on low carbon hydrogen production. There's strong policy support for green hydrogen production, including in Europe, China, Chile, Australia, Saudi Arabia, and the U.S. This will enable growth in the global electrolyzer market, which we see reaching 90 GW of cumulative deployments in the base case and 150 GW in the aggressive case. In a recent study by Aurora Energy Research forecasts a 1,000-fold increase in electrolyzers by 2040, with over 200 GW of projects on slate for development by 2040, with project sizes moving from sub 10 MW to 100 MW to 500 MW. Third, we believe there'll be clear signals for the adoption of fuel cell vehicles, particularly in China and Europe. We believe market adoption for fuel cell electric vehicles and heavy-duty motive will surprise to the upside through 2030, well beyond the current forecast of 2 million buses and trucks.
We expect China and Europe to represent greater than 40% and 30%, respectively, of the global market by 2030. At Ballard, we're expecting to see a sharp increase over the next five years for the deployment of fuel cell electric vehicles with Ballard technology inside, driven by China and Europe. We expect this to be followed by an even steeper curve over the next 10 years, with trucks leading the volumes during that period. Now, while recent order flow has been muted, this masks the underlying strength and growth in customer engagement levels. We've grown our sales pipeline 70% since the start of 2020. Key theme over the next six to 18 months will be conversion of sales pipeline to orders. Theme four is new product launches. You will see newer entrants launching their first or second generation of fuel cell products over the next 18 months.
At Ballard, you can also expect to see continued product launches for bus, truck, rail, and marine as we continue to innovate and progress from generation 13 of our fuel cell stack and generation 8 of our fuel cell engines. We're also encouraged by products expected for launch from our Weichai Ballard joint venture in China, from our joint development work with MAHLE in the European truck market, and from our strategic partnership with Linamar in the light duty segment. The fifth catalyst is product cost reduction. The industry forecasts are for costs to come down 60% for the production of green hydrogen and 70% for fuel cells, there'll be milestones along this journey. Here I recommend you track Ballard carefully. We believe we have the leading cost roadmap in the industry in our target markets.
Our aggressive cost reduction plan is designed to enable broader and faster market adoption by hitting relevant cost parities. Now, we previously unveiled a key contributor to our product cost reduction, our three-by-three stack cost reduction plan, designed to achieve a 70% cost reduction by 2024 through engineering design, supply chain activities, and advanced manufacturing initiatives. I'm pleased to report that we're tracking favorably to our three-by-three plan. As you can see from the slide, much of our technology development work has been completed, and the large bulk of our remaining work going forward is on continued project execution. The sixth and final theme of catalyst relates to industry investment. You can expect to see an increase and acceleration of capital commitments and investments to hydrogen and fuel cells over the next 18 months, including by governments, companies, the investment community, and new hydrogen infrastructure funds.
At Ballard, we're also increasing and accelerating our investment ahead of market tipping points. We're increasing our investment across three categories of activity: product innovation, industrialization, and corporate development. For corporate development activities, we're seeing a very active pipeline of M&A and investment opportunities. We prioritize these activities first to support our customers by reducing friction points for customer adoption. Second, to enhance long-term value chain positioning by securing control points. Third, developing new routes to market. To summarize, we're excited with the macro backdrop. We like the tone and scale of the future market opportunities. We think fuel cells are well-placed to win significant market penetration in heavy-duty motive, and we think Ballard is well-positioned to compete and thrive in these markets. We believe there are themes and catalysts that are useful to track industry and corporate performance over the next 12 months.
Again, we appreciate your investment and confidence in Ballard. We believe Ballard offers a unique investment thesis on hydrogen fuel cell electrification in mobility. With that, we'll turn the call over for questions. Thanks.
Randy, thanks very much. Great presentation. Let's open it up for shareholder questions that are being answered today on the web portal. Please note we will attempt to answer as many questions as time allows, but of course, only questions that are relevant to the meeting will be addressed. Guy, let us know about the questions.
Thanks, Jim. We do have a few questions that are along a similar theme. For example, from Mr. George Smith, a individual or retail shareholder. Basically, if I could kind of describe the theme or the questions along these lines. Although I think everyone recognizes that Ballard does not provide formal financial guidance, these shareholders are wondering if we could comment at all on what would be reasonable expectation around financial results or top-line growth in the current year over the next few years as Ballard moves towards the major long-term opportunities that Randy just described in his update presentation. I wonder, perhaps Randy or Paul Dobson, perhaps you'd want to comment on that kind of question?
Yeah. Thanks, Guy. I'll start off, and then Paul can supplement. First of all, George, thanks very much for your question and for being a shareholder. I think what we've been articulating for a few years now, when you look at the regulations out there in terms of buses and trucks moving to zero emission, and the programs that we have with various customers, like, for example, in the rail market with Siemens and CP and CRRC, and like in the truck market, the work we're doing with MAHLE and even in the light-duty vehicle advanced segment with Linamar, and the work we're doing with Weichai and the expected real adoption rates. What we see is 2024, 2025 through 2030, the adoption curve is very steep. I think we're going to see potentially triple-digit growth during some of those years, so that's very exciting.
I do think that it's critically important for us to invest ahead of that growth curve. What I would say in terms of 2021 is we do disclose our order book, and our order book is kind of a leading indicator of what people can expect for delivery over the next 12 months. That's a data point that I think you can use for assessing what 2021 might look like. More importantly, I do think as you look to 2022, 2023, we'll see I think very attractive growth rates by most industry standards. Again, that steep curve will happen as you get closer to the 2024, 2025 timeframe with some of these markets like Europe and California and China having to meet emissions requirements where diesel will be very challenged to meet emissions requirements.
You've got in California a zero emission bus and zero emission clean truck standards starting in 2024 for trucks and requiring 50% of all new transit buses in California being zero emission in 2025. Similarly, in Europe, the requirements there are for a 15% reduction starting in 2025 and a 30% reduction in emissions by 2030. These are a number of variables that I think are critically important to track and will show that growth coming in a few years' time. I think the investment community can track the order book and the conversion of the sales pipeline to orders over time as a good lead indicator. Importantly, as we get closer to these emission requirements and the rollout of concrete plans from hydrogen strategies, those adoptions will occur. I'll just see if Paul has anything additional to add.
Thanks, Randy. I think you've covered it quite thoroughly. I think the only thing I might add is look for continuing order flow coming in like we've had from Wrightbus and Solaris most recently. We would see that as these companies come through their development phases, beginning to order more and more stacks and modules, and that'll be a good indicator of the revenue is ramping up. I think that timeframe that Randy laid out in 2024, 2025, we'll just be stepping on to then at that point, the growth curve and the real exciting growth I think will happen from 2025 to 2030 and beyond, actually. Look for those proof points in addition to government subsidies in China and in other places as well, will help unlock order flow. Back to you.
Yeah. Thanks, Paul. I might just add, one of the things that I find very attractive about the revenue growth we see in the future is the scaffolding or stacking effect that we see with the growth of the bus market, and then adding on top of that, the large, attractive truck market. As those two markets grow, adding on top of that, the rail market, and as those markets grow, adding on top of that, the marine market. That gives us a lot of rich diversification in different verticals and this leverage of volume across multiple end markets that will, again, enable us not only to have our technology advantage at Ballard, but also a volume and cost advantage.
Thanks, Randy and Paul. I think that addresses those questions very effectively. We actually have no further questions in the queue at this point.
Thanks, Guy. That concludes our Q&A session. On behalf of the board of directors, I'd like to thank the management team and thank everyone for joining us today.
This now concludes the meeting. Thanks for joining, and have a pleasant day.