Solid Oxide Fuel Cell Market Worth USD 997.43 Million by 2030 with a CAGR of 37.30% - Report by Market Research Future (MRFR)
Supportive Regulatory and Government Initiatives to Boost Solid Oxide Fuel Cell Market Growth
New York, US, Sept. 08, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Solid Oxide Fuel Cell Market Analysis by Type, Mobility, Application, End-user- Forecast till 2030” valuation is poised to reach USD 997.43 Million by 2030, registering an 37.70% CAGR throughout the forecast period (2022–2030).
Solid Oxide Fuel Cell Market Overview
Solid oxide fuel cells have several advantages over other types of fuel cells, including long-term stability, high combined heat & power efficiency, fuel flexibility, low emissions, & low cost. Thus, solid oxide fuel cells are used in diverse applications such as data centers, in-vehicle auxiliary power units, and military & defense, among others. This will offer robust opportunities for the market over the forecast period.
Solid Oxide Fuel Cell Market Report Scope:
Report Metric | Details |
Market Size by 2030 | USD 997.43 Million |
Growth Rate (2022-2030) | 12.87% CAGR |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Key Market Opportunities | Increasing Adoption in Different Industries to offer Robust Opportunities |
Key Market Drivers | Supportive Regulatory and Government Initiatives to Boost Solid Oxide Fuel Cell Market Growth |
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Solid Oxide Fuel Cell Market Drivers
Supportive Regulatory and Government Initiatives to Boost Market Growth
The supportive regulatory and government initiatives for promoting the use of the low carbon technology in power generation will boost market growth over the forecast period.
Soaring Operating Temperatures to act as Market Restraint
The soaring operating temperatures that impact the performance of solid oxide fuel cells coupled with high capital costs needed for SOFC may act as market restraints over the forecast period.
Solid Oxide Fuel Cell Market Segments
The solid oxide fuel-cell market is bifurcated based on application, mobility, and type.
By type, planar will lead the market over the forecast period.
By mobility, stationary will dominate the market over the forecast period.
By application, power generation will spearhead the market over the forecast period.
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Solid Oxide Fuel Cell Market Regional Analysis
North America to Spearhead Solid Oxide Fuel Cell Market
North America is in fact the world's largest market. In 2017, the region dominated the market, accounting for 46.5 percent of the total. The US is the key economy contributing to the market in this region. Furthermore, the region will expand at a CAGR of 13.11 percent and maintain its dominance all through the forecast period. Favorable government initiatives, the development of large-scale companies, significant investments in R&D activities, and advances in technology have all contributed to the market's impressive growth in recent years. The region is divided into two countries: the United States and Canada. The United States is the region's largest and fastest-growing market.
The high need for the fuel cell power generation and increased research and development for hydrogen generation, can be attributed to the country's growth. Furthermore, government policies and subsidies, such as DoE and SECA Program, are major factors driving growth in the US market. North America will experience significant growth during the forecast period, as policymakers and regulators in this region have set long- and medium-term goals for decarbonizing the economy and accelerate the deployment of advanced zero-emission technologies.
Increasing government subsidies & fuel cell programs in North America is a critical factor driving market growth, as is the ability to run on multiple fuels, stringent emission norms in North America driving need for clean energy sources, rising rate of electrical efficiency of SOFCs, increasing potential of technology especially in developing economies, growing awareness regarding alternative sources of energy, and an increase in carbon emissions.
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APAC to Have Significant Growth in Solid Oxide Fuel Cell Market
The Asia-Pacific market is expected to grow significantly due to maximum companies focusing on the energy-efficient power generation & sustainable energy sources. Collaboration amid the government and private companies opens the way for regional market development. Furthermore, several commercial and retail establishments are investing in the solid oxide fuel cells for powering their stores and offices in order to save money and reduce emissions. Furthermore, data centers are implementing the technology for saving energy and generating more efficient power. Aside from that, the military sector in this region extensively uses these cells for the power generation solutions.
In the upcoming years, the APAC region is expected to account for a significant portion of global capacity demand, with Japan serving as the epicenter of this demand. A solid oxide fuel cell is primarily used in stationary applications in Asia Pacific. During the forecast period, the market is predicted to grow at the fastest rate. Furthermore, rising distributed power generation in the United States and Asia Pacific, rising end-user adoption in data centers and the military sector, and rising development of hybrid-SOFC technologies will all develop new opportunities for this market.
COVID-19 Analysis
The global outbreak of COVID-19 in 2020’s first half forced several countries in going into total lockdown. Since governments and local governments issued strict guidelines, all non-essential operations have been halted. The suspension of end-user activities had a negative impact on the SOFC market. Furthermore, because end-user industries are still not operating at full capacity, production & supply chain delays indeed are predicted to pose a short-term challenge.
The pandemic was finally over in the United States, Canada, and Western European countries in August 2021. This advancement was made possible by the constant rollout of vaccines within these countries. Nonetheless, while vaccines have proven highly effective in preventing this severe disease in West European countries, and countries such as the United Kingdom, Israel, and the United States have reported shortcomings in the vaccine's ability to prevent infection from new variants.
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Solid Oxide Fuel Cell Market Competitive Analysis
Key players have incorporated several strategies to stay at the forefront such as mergers, acquisitions, partnerships, new product development and new product launches, geographic expansions, to name a few.
Dominant Key Players on Solid Oxide Fuel Cell Market Covered are:
U.S Bloom Energy (U.S.)
Delphi (U.K)
Atrex Energy (U.S.)
Convion Fuel Cell Systems (Finland)
WATT Fuel Cell Corporation (U.S.)
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