Solid Oxide Fuel Cell Market – Global Industry Analysis and Forecast (2022-2029)

Solid Oxide Fuel Cell Market was valued at US $ 1.019 Bn. in 2021, and Global Portable Generators market size is estimated to grow at a CAGR of 28.9% during the forecast period.
Solid Oxide Fuel Cell Market Overview:
A solid oxide fuel cell (SOFC) is an electrochemical conversion device that generates energy by oxidising a fuel. A SOFC is an electrolyte, used a hard, ceramic composition of metal oxides (chemically, O2) (such as calcium or zirconium). It offers the efficiency is at 60%, and the operating temperature is 1,000 °C. The output of the cells is reach up to 100 kW. A reformer is not necessary to extract hydrogen from the fuel at such high temperatures, and waste heat can be recovered to generate further energy.

SOFCs are used in a wide range of applications, such as vehicle auxiliary power units, and stationary power generation along with outputs ranging from 100 W to 2000 W. SOFCs are also used with heat engine energy recovery devices or combined heat and power systems because of their higher working temperatures, which improves total fuel efficiency.

To know about the Research Methodology :- Request Free Sample Report
Global Solid Oxide Fuel Cell Market Dynamics:
The Solid Oxide Fuel Cell Market is showing continuous northward direction growth, thanks to the growth in the power and energy industries around the world. Furthermore, rising clean energy demands, particularly in developing nations, such as India, China, and Brazil are propelling market growth. SOFCs are integrated into power systems to provide continuous energy for a variety of commercial and industrial uses. They're also commonly employed to run energy-intensive data centers, allowing for better operational performance and data backup in real time.

The various product developments, such as the creation of noiseless and portable SOFCs for military purposes are also boosting the product demand across the globe. Unmanned aerial vehicles (UAVs), military robotics, and communications equipment are all operated with these novel variations. Other factors, including as considerable research and development (R&D) activity in fuel cell projects, as well as favourable government legislation, are expected to fuel the SOFC market growth during the forecast period.

In the United States, data centers are the fastest-growing end consumers of the power generation application. Furthermore, data centers require continuous electricity 24 hours a day, seven days a week to avoid data loss. According to the IEEE Communications Society, global data center electricity use in 2021 was predicted to be 198 terawatt hours, or about 1% of global electricity demand. Data centers are opting for cost savings by using distributed power production, notably fuel cells, due to high power usage. As a result, fuel cells, especially SOFCs, have witnessed great growth in the United States in the past. The adoption of SOFCs for data centers by Google, IBM, and Equinix has sped up growth in the US SOFC market.

SOFCs require more time to get up and running, when compared to other fuel cell technologies. As SOFC is a high-temperature technology, it takes time for it to reach a critical operating temperature, which contributes to a longer start-up time. Furthermore, the functioning of a SOFC emits a large amount of heat into the environment, increasing the requirement for effective thermal shielding and, as a result, increasing the weight of the device. These are the factors are expected to hamper the SOFC Market growth during the forecast period.
Global Solid Oxide Fuel Cell Market Segment Analysis:
Based on the End-User, the Solid Oxide Fuel Cell Market is segmented into Commercial, Data Centers, Military and Defence, and Others. The Data Centers segment held the largest market share, accounting for 41% in 2021. Solid oxide fuel cells are a most preferred alternative for power backup and voltage changes, thanks to their high efficiency, huge capacity, and continuous power generation capability. India is one of the world's fastest-growing economies, and the rise of public cloud-based data centers is expected to accelerate in the country. As the country's largest private sector employment, the IT industry leads the Indian market, where data centers are widely employed, driving the solid oxide fuel cell market growth for this region.

China's hyper-scale platforms have also grown in popularity, necessitating the provision of data center services for Chinese hyper-scale platforms. China has 50 internet users per 100 people, indicating a lot of room for growth in the connection ecosystem and, as a result, propelling the market for solid oxide fuel cells.

Based on the Application, the Solid Oxide Fuel Cell Market is segmented into Stationary, Transport, and Portable. The Stationary application segment held the largest market share, accounting for 79% in 2021. The segment growth is attributed to the rapid increase in the energy demand across different verticals, along with the need for low carbon alternatives for efficient power generation and cogeneration plants. Stationary SOFC system is one of the cleanest and most effective heat and electricity generation technologies, which is driving the SOFC market growth for this segment.

The Transport Application segment is expected to witness a significant growth rate at a CAGR of xx% during the forecast period. The increasing need for medium and heavy-duty automotive, across the globe is expected to boost the product demand during the forecast period.
Global Solid Oxide Fuel Cell Market Regional Insights:
North America region held the largest market share accounted for 44 % in 2021. The high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation are driving the product demand for products in the region. With the strong government support and strategic market emphasis, the market in the United States has grown at a phenomenal rate and is rising substantially faster than the rest of the world. For Instance, In Sept 2021, the U.S. Department of Energy (DOE) has announced to provide the US $ 34 million to design and fabricate small-scale SOFC systems.

Asia Pacific region is expected to witness rapid growth at a CAGR of xx% during the forecast period. The governments across the region are primarily focusing on utilizing renewable energy and hence opting for utility-scale SOFC power plants. China, Japan, India, and South Korea are the leading countries in the Asia Pacific that are promoting the use of fuel cells for a variety of purposes, including utility-scale power generation.

The objective of the report is to present a comprehensive analysis of the Solid Oxide Fuel Cell Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Solid Oxide Fuel Cell Market dynamic, structure by analyzing the market segments and projecting the Solid Oxide Fuel Cell Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Solid Oxide Fuel Cell Market make the report investor’s guide.
Global Solid Oxide Fuel Cell Market Scope: Inquire before buying



Global Solid Oxide Fuel Cell Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 1.019 Bn.


Forecast Period 2022 to 2029 CAGR:
28.9%
Market Size in 2029:
US $ 7.770 Bn.


 Segments Covered:
by Type
• Tabular
• Planar
• Others


by End-User
• Commercial
• Data Centers
• Military and Defence
• Others


by Application
• Stationary
• Transport
• Portable



Global Solid Oxide Fuel Cell Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• The Middle East and Africa
Global Solid Oxide Fuel Cell Market, Key Players
• Bloom Energy
• Ceres Power
• Mitsubishi Power
• Aisin Seiki Co
• Hitachi Zosen
• Ensol Systems
• Sunfire GmbH
• FuelCell Energy
• AVL
• Catator
• Bosch
• Convion
• Elcogen
• Sunre GmbH
• Nexceris, LLC

Frequently Asked Questions:

1] What segments are covered in the Solid Oxide Fuel Cell Market report?
Ans. The segments covered in the Solid Oxide Fuel Cell Market report are based on Type, End-User, and Application.

2] Which region is expected to hold the highest share in the Solid Oxide Fuel Cell Market?
Ans. The North America region is expected to hold the highest share in the Solid Oxide Fuel Cell Market.

3] What is the market size of the Solid Oxide Fuel Cell Market by 2029?
Ans. The market size of the Solid Oxide Fuel Cell Market by 2029 is US $ 7.770 Bn.

4] What is the forecast period for the Solid Oxide Fuel Cell Market?
Ans. The Forecast period for the Solid Oxide Fuel Cell Market is 2022-2029.

5] What was the market size of the Solid Oxide Fuel Cell Market in 2021?
Ans. The market size of the Solid Oxide Fuel Cell Market in 2021 was US $ 1.019 Bn.