; Solid Oxide Fuel Cell Market Size, Share and Forecast Report 2031

Solid Oxide Fuel Cell Market

Solid Oxide Fuel Cell Market: By Type (Planar and Tabular), By End-Use (Combined Heat & Power, Military, Power Generation and Others), By Application (Portable, Stationery and Transport) And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts To 2031

Published on: May-2023
Report Code: FG EP 01523
No. of Pages: 170-350
Report Format: PDF

Product Overview

Global Solid Oxide Fuel Cell was valued at 0.7 billion in 2021 at a CAGR of 28.7%. Solid oxide fuel cells have a high operating effectiveness, which can be further improved by harnessing the heat created by these SOFC while they are operating.

SOFC (Solid oxide fuel cell) is a device which converts electrical energy that uses electrochemical reactions to generate power. Biogas, fossil fuel, propane hydrogen, and other oxidized hydrocarbons are among the energy sources used. SOFCs come in a variety of shapes and sizes, including planar and tubular models that are somewhat stationary or portable. They are made up of a ceramic membrane which conducts ions & flows current flow at high temperatures, as well as non-porous & metal oxide electrolytes that transform chemical energy into electrical and thermal energy without the use of combustion. In comparison to other sources of energy, SOFCs are both cost-effective and environmentally friendly.

Market Highlights

Global Solid Oxide Fuel Cell market is expected to project a notable CAGR of 28.7% in 2031.

Global Solid Oxide Fuel Cell was valued at 0.7 billion in 2021 at a CAGR of 28.7%. Solid oxide fuel cells have a high operating effectiveness, which can be further improved by harnessing the heat created by these SOFC while they are operating. Government subsidies and expanded R&D on fuel cell programs, fuel flexibility, and increasing need for energy-efficient power generation, as well as rigorous pollution requirements, are all significant drivers for the SOFC cell market.

Market Analysis of  Global Solid Oxide Fuel Cell Market

Global Solid Oxide Fuel Cell Market: Segments

Power Generation segment to grow with the highest CAGR during 2021-31

The market is divided into three segments based on end-use: Combined Heat and Power, Military, & Power Generation. By end-user market share, the power generation category dominated the oxides fuel cell market. The SOFC cell industry is likely to benefit from increased demand from renewable energy generation. Distributed power generation methods for remote & backup power for residential, commercial, and industrial usage such as housing developments, data centers, retail outlets, business offices, and telecom towers are referred to as power generation. Furthermore, companies like blue melody as well as its successors have been collaborating to build utility-scale SOFC power facilities.

Planar segment to grow with the highest CAGR during 2021-31

The market is divided into two segments based on the type: planar and tubular. Due to its basic geometry and considerably easier fabrication process, the planar-segment is anticipated to lead the industry during the forecast period. Ceramic fuel cell components are often placed one over another in a sandwich configuration with electrolytes injected between electrodes in planar type solid oxide fuel cells. The planar segment has grown in popularity due to its basic shape and relatively straightforward fabrication method.

Market Analysis of  Global Solid Oxide Fuel Cell Market

Market Dynamics

Drivers

Increasing installation of green energy technologies

One of the primary driving reasons for the SOFC market is the growing worry about reducing harmful carbon efforts as well as the increasing deployment of low carbon technology on urban technologies. Several countries have expressed their desire to meet rising energy demand with renewable energy sources, boosting the possibility for fuel cell deployment. For example, International Energy Agency (IEA) published its worldwide energy review, stating that the use of clean energy has increased, while electrical generation from renewable sources has increased.

Rising objectives by governments to minimize dependencies

The devices can be used as a dependable source of power in a variety of verticals, including fixed transportation and portable pulse docks. The units provide a clean, dependable, & power - efficient output to meet the fast-growing demand. A significant increase has occurred. Inattention to the development of environmental power generating technologies, as well as the massive hydrogen as well as other renewable objectives to keep rising GHG levels in check, is expected to drive product demand.

Restraint

Operating limits, and the availability of rival fuel cell technologies

Different operational features, such as long beginning times, as well as the necessity for significant upfront manufacturing costs due to the use of heat resistant materials in construction, are some of the obstacles that may stymie the market. Furthermore, the lack of additional efficient fuel cell technologies, such as protons exchange membrane fuel cell (PEMFC) and phosphoric acid fuel cells (PAFC), may have an impact on the industrial landscape.

Global Solid Oxide Fuel Cell Market:

Key Players

  • Bloom Energy

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

  • Mitsubishi Power Ltd.
  • Cummins Inc.
  • Ceres
  • General Electric
  • FuelCell Energy, Inc.
  • Ningbo SOFCMAN Energy
  • Kyocera Corp.
  • AVL
  • NGK Spark Plug Co., Ltd.
  • Other Prominent Players

Global Solid Oxide Fuel Cell Market: Regions

Global Solid Oxide Fuel Cell market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the global market throughout the forecast period, and it is expected to maintain its dominance. The territory has been divided into two countries: The United States and Canada. The United States is the region's largest and fastest-growing market. The rising demand for fuel cell power production, as well as increased research & development for hydrogen generation, can be ascribed to the country's expansion.

Solid Oxide Fuel Cell Market: Regions

Impact of Covid-19 on Solid Oxide Fuel Cell Market

Multiple countries were compelled to go into total lockdown after the global outbreak of COVID-19 in the first part of 2020. All non-essential activities were halted after governments and municipal authorities issued severe instructions. Because end users' activities were halted, this had a negative impact on the SOFC market.

Global Solid Oxide Fuel Cell is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global Solid Oxide Fuel Cell report also contains analysis on:

Solid Oxide Fuel Cell Market Segments:

  • By Type
    • Planar
    • Tabular
  • By End-Use
    • Combined Heat & Power
    • Military
    • Power Generation
    • Others
  • By Application
    • Portable
    • Stationary
    • Transport
  • Solid Oxide Fuel Cell Market Dynamics
  • Solid Oxide Fuel Cell Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

Solid Oxide Fuel Cell Report Scope and Segmentation

 

Report Attribute

Details

Market size value in 2021

0.7 billion

Revenue forecast in 2031

8.8 billion

Growth Rate

CAGR of 28.7% from 2021 to 2031

Base year for estimation

2020

Quantitative units

Revenue in USD million and CAGR from 2021 to 2031

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, Application, End-use and Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Key companies profiled

Mitsubishi Power Ltd., Cummins Inc., Ceres, General Electric, Fuel Cell Energy, Inc., Ningbo SOFCMAN Energy, Kyocera Corp., AVL, NGK Spark Plug Co., Ltd. and Other Prominent Players.

Frequently Asked Questions (FAQ):

Global Solid Oxide Fuel Cell was valued at 0.7 billion s in 2021 at a CAGR of 28.7%.

SOFC (Solid oxide fuel cell) is a device which converts electrical energy that uses electrochemical reactions to generate power. Biogas, fossil fuel, propane hydrogen, and other oxidized hydrocarbons are among the energy sources used.

Planar and Power generation segments accounted for the largest Solid Oxide Fuel Cell market share.

Key players: Mitsubishi Power Ltd., Cummins Inc., Ceres, General Electric, Fuel Cell Energy, Inc., Ningbo SOFCMAN Energy, Kyocera Corp., AVL, NGK Spark Plug Co., Ltd. are the key players in the Solid Oxide Fuel Cell market.

The market is being driven by the Increasing installation of green energy technologies and Increasing objectives by governments to minimize dependencies is also likely to drive the market demand in the forecasted period, i.e., 2021-2031.

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