Solid Oxide Fuel Cell Market Current Analysis and Forecast (2021-2027)

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The Global Solid oxide fuel cell market was valued at 0.53 billion in 2020 and expected to grow at CAGR of around 20% during the forecast period (2021-2027). The solid oxide fuel cell market is growing at a propelling rate and is expected to have a substantial market demand in the forecasted period as well. A solid oxide fuel cell (SOFC) is an energy converter device that produces electricity through electrochemical conversions. It operates using various energy sources, such as biogas, natural gas, propane hydrogen, and other oxidized hydrocarbons. SOFCs are embedded into power systems to generate continuous energy for various commercial and industrial applications. They are also widely used for operating energy-intensive data centers to improve operational performance and facilitate the real-time backup of the data.

Additionally, various product innovations, such as the development of noiseless and portable SOFCs for military applications, are acting as other growth-inducing factors. Major factors that are driving the SOFC market is the augmented R&D on fuel cell programs as well as government subsidies, fuel flexibility together with growing demand for energy-efficient power generation as well as stringent emission norms is the factor that leads to demand for clean energy sources which in turn motivates the market growth.

The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. However, Covid-19 had a mixed effect on the fuel cells market. In some countries, like India, project delays were witnessed in the deployment of fuel cells in the transportation and commercial sectors. Also, the demand has been reduced in the residential and commercial end-userr segments due to limited new construction activities and the diversion of available funds by these end-userrs to sustain the pandemic.

Waste to Energy, Type,  2020

Bloom Energy, Mitsubishi Power Ltd., Cummins Inc., Ceres, General Electric, FuelCell Energy, Inc., Watt fuel cell corporation, Kyocera Corp., AVL, NGK Spark Plug Co., Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst type, planar segment holds the major share”

Based on type, the solid oxide fuel cell market is bifurcated into planar and tubular. The planar caters to extensive market share in the solid oxide fuel cell market. It is mainly owing to the increasing development of waste incineration facilities across the world. In addition, other factors, such as industrialization and economic development, would also contribute toward MSW generation, which is further expected to influence the growth of the thermal-based solid oxide fuel cell market.

“Amongst applications, stationary segment holds the major share”

Based on application, the solid oxide fuel cell market is classified into portable, stationary, and transport. The stationary segment caters significant market share in the solid oxide fuel cell market. As stationary fuel cells are used for many purposes, including as stationary power units for primary power, backup power, or combined heat and power (CHP). In addition, the growing electricity demand in various industries is expected to accentuate the demand for power back up which would positively influence the demand for stationary solid oxide fuel cells.

“Amongst end-user, commercial and industrial segment holds the major share”

Based on end-user, the solid oxide fuel cell market is segmented into commercial and industrial, data centers defense & military, and residentials. The commercial and industrial sector caters extensive share of the solid oxide fuel cell market. It is mainly owing to the growing demand for clean energy generation on sites that are providing a thrust to the market growth.

“North America represents one of the extensive market shares of global solid oxide fuel cell Market”

For a better understanding of the market dynamics of the global solid oxide fuel cell. North America caters a substantial share in the solid oxide fuel cell market over the past few years and is expected to have an influential growth rate in the forecasted period as well. It is mainly attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Analyzing the historical market, estimating of the current market, and forecasting the future market of the global solid oxide fuel cell market were the three major steps undertaken to create and analyze the adoption of solid oxide fuel cell in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global solid oxide fuel cell market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the solid oxide fuel cell market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the solid oxide fuel cell market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, application, end-user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the solid oxide fuel cell market. Further, we conducted factor analysis using dependent and independent variables such as growing demand from clean energy sources as well as distributed power generation. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solid oxide fuel cell market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global solid oxide fuel cell market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of solid oxide fuel cell market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global solid oxide fuel cell market in terms of the category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global solid oxide fuel cell market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and end-user in the global solid oxide fuel cell market.

The main objective of the Global Solid oxide fuel cell Market Study

The current & future market trends of the global solid oxide fuel cell market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the solid oxide fuel cell market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, application, and end-user.
• Define and analysis of the regulatory framework for the solid oxide fuel cell market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the solid oxide fuel cell market for the major region.
• Major regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the solid oxide fuel cell market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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