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
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.
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.
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.
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.
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.
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.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
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.
Market size value in 2021
Revenue forecast in 2031
CAGR of 28.7% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, Application, End-use and Region
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.
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.
Select License Type
US : +1 (716) 218-3733
UK : +44 (208) 1235555
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT