Key drivers of the solid oxide fuel cell market include the growing government push for developing solid oxide fuel cells. The increasing adoption in data centers, the military, and the defense industry will fuel the growth of the solid oxide fuel cell market during the forecast period. The rising green energy technology installations and huge R&D initiatives will bolster the growth of the market in the coming years.
Favorable government push
Solid oxide fuel cell manufacturers are gaining huge momentum in fuel cell production owing to extensive support from the government. Several states have offered incentives and subsidies for fuel cell installations and launched rapid programs. Many international and industrial organizations have set ambitious decarbonization targets for providing a carbon-free future. This will surge the growth of the solid oxide Fuel Cell market in the upcoming years. It is a promising technology owing to its high efficiency and impurity tolerance. Moreover, large-scale utility power generation projects are underway through extensive public-private partnerships. The need for energy diversification and the demand for alternative energy sources has shifted the focus to SOFCs. The electricity is generated through an electrom echanical reaction. They do not emit harmful pollutants such as sulfur dioxide, and nitrogen oxide thereby reducing harmful greenhouse gas emissions. The resultant CO2 that is generated is 50% less than conventional fuel combustion. Fuel cells have the potential to work in extremely low and high temperatures. They are reformed within the system itself thereby avoiding the need for external reforming. They are immune to small amounts of sulfur and provide stability, flexibility, and enhanced chemical compatibility.
Applications in data centers and military industry
Solid oxide fuel cell applications are diverse. The most extensive application is in the data centers. The data centers are high in demand for power-intensive computing. They require a continuous uninterrupted power supply for minimal loss of valuable data. As such in order to achieve cost reduction, data centers are utilizing distributed power systems like fuel cells. A reduction in carbon emissions is necessary. They provide high-efficiency electricity by using the existing network of natural gas infrastructure for fuel. Furthermore, SOFC cogeneration with absorption technology provides self-cooling while simultaneously meeting the requirements of server computers. The quick integration between solid oxide fuel cells and absorption refrigeration reduces carbon footprint. This will spur the growth of the solid oxide fuel cell market in the upcoming years. The need for stationery, noiseless and portable power generation in the defense industry is a must.
The rapid expansion of green energy technologies
The rush for reducing fossil fuel dependency is driving the adoption of solid oxide fuel cells in industries. In order to keep a check on the rising GHG levels power generation through renewable energy sources has increased with additional capacity installations. This is due to stringent clean energy fuel standards and enacting supportive policies for a smooth transition. This will drive the growth prospects of the solid oxide fuel cell market during the forecast period. As per the estimates of the IEA Solar PV and wind energy are contributing to two-thirds of the total renewable energy growth. Furthermore, the rapid R&D initiatives have increased the focus on SOFC technology.
High capital cost and operational inefficiencies
There are multiple issues plaguing the current SOFC technology. For instance, the high operating temperature results in longer startup times and mechanical compatibility challenges. The initial manufacturing costs are high. This will deter the growth of the solid oxide fuel cell market. It needs to reach a particular threshold limit to function at full capacity. Moreover, the fuel cell releases a huge amount of heat into o the atmosphere during the production process. There are additional technical barriers and other fuel cell systems are readily available which challenges the market penetration of SOFC.
Based on type, the planar segment will dominate the solid oxide fuel cell market share due to easy construction and simplified geometric design. The fuel cells are arranged in a sandwich-type design one above the other with electrolytes inserted in between the electrodes.
Based on application, the stationery segment will witness considerable growth in the solid oxide fuel cell market share as stationery SOFCs are deployed in a variety of industrial applications for power generation such as data centers, and the military. Additionally increasing installation in residential and commercial areas due to favorable regulatory support will also contribute to the growth.
Based on region, North America will be the most lucrative during the forecast period due to extensive R&D initiatives and huge demand for fuel cell power generation.
|
Report Metric |
Details |
|
Report Name |
Solid Oxide Fuel Cell Market |
|
The market size in 2020 |
$605.6 Million |
|
The revenue forecast in 2027 |
$1451.4 Million |
|
Growth Rate |
13.3% during 2021-2027 |
|
Base year considered |
2020 |
|
Forecast period |
2021-2027 |
|
Forecast units |
Value (USD) |
|
Segments covered |
Type, End-User, Offerings, and Region |
|
Market by Type |
Tubular, Planar, Others |
|
Market by Applications/Enduser |
Transportation, Portable & Military, Stationary |
|
Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
|
Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. The solid oxide fuel cell market size was valued at US$ 605.6 million in 2020 and is projected to reach US$ 1451.4 million by 2027, at a CAGR of 13.3% during 2021-2027.
Ans. Based on region, North America is expected to be one of the most lucrative segments in the solid oxide fuel cell market
Ans. Stringent government regulations aimed at minimizing the world's carbon footprint have driven a range of organizations to develop new technologies that are low on hydrocarbons and high on productivity.
Ans. The forecast period considered for the global solid oxide fuel cell market is 2021 to 2027
Ans. Based on type, the planar segment is expected to be one of the most lucrative segments in the solid oxide fuel cell market. This is due to the simple geometry and relatively easier construction process of the planar SOFC.
Ans. The major players operating in the solid oxide fuel cell market are Bloom Energy, Siemens Energy, Aisin Seiki, Mitsubishi Heavy Industries, Delphi Corp, GE, Convion, FuelCell Energy, Atrex Energy, Inc, SOLIDpower, ZTEK Corporation, Redox Power Systems, Ceres, Elcogen
Table of Content
LIST OF TABLES & FIGURES
$5600
$8850
$11200
HAVE A QUERY?
OUR CUSTOMER
SIMILAR REPORTS
Add to Cart
Add to Cart
Add to Cart
Add to Cart