Global Solid Oxide Fuel Cell Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- May 21, 2022
- ENERGY & POWER, NEWS
- Solid Oxide Fuel Cell Market, Solid Oxide Fuel Cell Market growth, Solid Oxide Fuel Cell Market share, Solid Oxide Fuel Cell Market size, Solid Oxide Fuel Cell Market trends
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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). 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.
For a detailed analysis of the Global solid oxide fuel cell Market browse through – https://univdatos.com/report/solid-oxide-fuel-cell-market/
The solid oxide fuel cell belongs to the fourth-generation fuel cell. It is a full-solid chemical power generation device that directly converts the chemical energy stored in the fuel and the oxidizing agent at medium and high temperatures into high-efficiency and environmentally friendly chemical energy. With the advancement of science and technology, the energy crisis, and the stringent measures on environmental protection, it is important to find a new type of battery with high efficiency and ecofriendly.
Hence, driving the market size of solid oxide fuel cells in developing economies. Moreover, the continuous increase in demand for electricity escalates the requirement of considerable power generation which can be fulfilled by (SOFC). As it is one of the fastest-growing alternate backup power options, primarily due to its ability to generate electricity using a variety of fuels.
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-user segments due to limited new construction activities and the diversion of available funds by these end-users to sustain the pandemic.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/solid-oxide-fuel-cell-market/
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.
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.
Based on end-user, the solid oxide fuel cell market is segmented into commercial and industrial, data centers defense & military, and residentials. The commercial 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.
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For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), ROW. 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.
Some of the major players operating in the market are 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&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Solid Oxide Fuel Cell Market Segmentation
Market Insight, by Type
• Planar
• Tubular
Market Insight, by Application
• Portable
• Stationary
• Transport
Market Insight, by End-User
• Commercial & Industrial
• Data Centers
• Military & Defense
• Residentials
Market Insight, by Region
- North America Solid Oxide Fuel Cell Market
- United States
- Canada
- Rest of North America
- Europe Solid Oxide Fuel Cell Market
- Germany
- United Kingdom
- Spain
- Italy
- France
- Rest of Europe
- Asia-Pacific Solid Oxide Fuel Cell Market
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• 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.
