Solid Oxide Fuel Cell Industry Report 2023 - Global Trends & Forecasts to 2028
Global Solid Oxide Fuel Cell Market
Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Solid Oxide Fuel Cell Market by Type (Planar, Tubular), Component (Stack, BOP), Application (Stationary, Portable, Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, Residential) & Region - Global Trends & Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.
The global solid oxide fuel cell market is estimated to grow from USD 1.4 Billion in 2023 to USD 5.4 Billion by 2028; it is expected to record a CAGR of 31.0%
The growth of the solid oxide fuel cell market is attributed to the increasing demand for reliable and uninterrupted power supply serves as a significant driver for solid oxide fuel cell. Also, increasing demand for decentralized power generation in industries such as data centers, manufacturing, and grid support requires higher power capacities that can be efficiently met by large-scale fuel cell systems.
Planar Solid oxide fuel cell: The largest segment of the solid oxide fuel cell market, by type
Based on type, the solid oxide fuel cell market has been split into two types: planar and tubular. The planar solid oxide fuel cell segment is expected to be the largest segment during the forecast period. Planar solid oxide fuel cellers account for a greater share of the total solid oxide fuel cell market due to use of simple geometry and relatively easier construction process.
The growth in the planar solid oxide fuel cell market is attributed to the low cost and the wide area of its application. Japan is the major residential industry in terms of production and deployment of solid oxide fuel cell, thus there is significant demand of planar solid oxide fuel cell.
Transport segment is expected to be the fastest growing segment during forecast period based on portability
By application, the solid oxide fuel cell market has been segmented into stationary, transport and portable. The stationary segment is expected to lead the solid oxide fuel cell market during the forecast period owing to increasing demand for primary power sources from data centers and commercial & industrial sector.
Additionally, Hydrogen solid oxide fuel cells produce electricity through the electrochemical reaction of hydrogen and oxygen, with the only byproduct being water vapor. Hydrogen solid oxide fuel cells have zero greenhouse gas emissions and do not contribute to air pollution, making them a clean and environmentally friendly energy source.
By end user, the commercial & industrial segment is expected to be the largest segment during the forecast period.
Based on end user, the solid oxide fuel cell market is segmented into commercial & industrial, residential, data centers and military & defense. The residential segment is expected to be the second largest segment the solid oxide fuel cell market during the forecast period owing to the rising need for energy reduction and energy efficiency in residential areas. Electricity demand in the residential sector tends to be highest on hot summer afternoons due to increased use of air conditioners, followed by evenings when lights are turned on. SOFCs are generally used for power generation in homes.
North America is expected to be the second-largest region in the solid oxide fuel cell market
North America is expected to be the second-largest solid oxide fuel cell market during the forecast period. The region has been at the forefront of sustainability initiatives, with strong commitments to reducing greenhouse gas emissions and transitioning to clean energy sources. Solid Oxide Fuel Cell, offering low-emission and zero-pollution power generation, align perfectly with these environmental goals.
Additionally, North America has established a favorable policy and regulatory framework to promote the development and deployment of fuel cell technology. Supportive measures such as financial incentives, grants, and research funding have spurred innovation and investments in the fuel cell sector.
Competitive landscape
The solid oxide fuel cell market is dominated by a few major players that have a wide regional presence. The leading players in the solid oxide fuel cell market are Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan). The major strategy adopted by the players includes new product launches, contracts & agreements and, investments & expansions.
Key Benefits of Buying the Report
The solid oxide fuel cell market has experienced significant development and growth in recent years. The increasing demand for portable power solutions, driven by factors such as outdoor recreational activities, emergency preparedness, and the need for reliable off-grid power, has propelled the market forward. Key market players have been actively engaged in product development, introducing innovative features such as higher power capacities, improved portability, faster charging, integration with renewable energy sources, advanced control systems, connectivity options, and enhanced safety features. Additionally, the market has witnessed the expansion of product offerings with varying size, catering to different end-use requirements.
Product Development/ Innovation: Manufacturers in the solid oxide fuel cell market actively engage in product development and innovation to enhance the capabilities of their offerings. They focus on increasing power capacity through advancements in battery technology, improving portability by reducing weight and refining the form factor, and enabling faster charging through enhanced charging efficiency. Integration of renewable energy sources, such as solar panels, is a key area of innovation, along with the development of advanced control and monitoring systems for better user control and visibility.
Market Development: The solid oxide fuel cell market offers substantial growth opportunities driven by several factors. Primarily, the increasing global focus on sustainability and the transition towards cleaner energy sources have created a favorable environment for fuel cell technology. Solid oxide fuel cell offer low-emission and zero-pollution power generation, aligning with environmental goals and regulations. Secondly, advancements in fuel cell technology, such as improved efficiency, durability, and cost-effectiveness, have enhanced their performance and made them more attractive for various applications. These technological developments have expanded the market potential for solid oxide fuel cell in sectors such as transportation, residential, commercial, and industrial. Additionally, government support through incentives, policies, and funding programs further accelerates the adoption of solid oxide fuel cell.
Market Diversification: Doosan Fuel Cell and the government of South Australia have entered into an agreement that encompasses several key areas of collaboration. The agreement involves the exchange of equipment and expertise to facilitate the production of environmentally friendly hydrogen and its derivatives.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan) among others in the solid oxide fuel cell market.
Key Attributes:
Report Attribute | Details |
No. of Pages | 232 |
Forecast Period | 2023 - 2028 |
Estimated Market Value (USD) in 2023 | $1.4 Billion |
Forecasted Market Value (USD) by 2028 | $5.4 Billion |
Compound Annual Growth Rate | 31.0% |
Regions Covered | Global |
Companies Mentioned
Adelan
Aisin Corporation
Bloom Energy
Ceres
Clara Venture Labs
Convion
Cummins Inc.
Doosan Fuel Cell Co. Ltd.
Edge Autonomy
Elcogen AS
Fuelcell Energy, Inc.
H2E Power
Kyocera Corporation
Mitsubishi Heavy Industries, Ltd.
Miura Co. Ltd.
Poscoenergy
Robert Bosch GmbH
Sofcman
Solydera Spa
Special Power Sources
Sunfire GmbH
Upstart Power, Inc.
Watt Fuel Cell Corporation
Ztek Corporation, Inc.
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