India, Pune, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global solid oxide fuel cell market size was valued at USD 0.90 billion in 2020. Projections anticipate a remarkable growth trajectory, scaling from USD 1.09 billion in 2021 to USD 5.31 billion by 2028, marking a compelling Compound Annual Growth Rate (CAGR) of 25.3% throughout the forecast period.
Industry Developments:
Many companies and research institutions have been investing heavily in research and development to enhance SOFC technology. This includes efforts to improve efficiency, reduce costs, and expand applications.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 25.3% |
| 2028 Value Projection | USD 5.31 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.09 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 188 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Rising Demand for Clean Power Sources to Accelerate Growth |
| Commercial Segment Held 49.3% Share in 2020: Fortune Business Insights™ |
Drivers:
Global Clean Energy Drive:
Across the world, there's a strong momentum toward cleaner and sustainable energy sources. SOFCs stand out as they generate electricity through electrochemical reactions, sidestepping combustion and resulting in reduced greenhouse gas emissions and pollutants.
Enhanced Efficiency:
SOFCs boast superior efficiency compared to other fuel cell types, effectively converting a larger proportion of fuel energy into electricity. This heightened efficiency holds great appeal for applications prioritizing energy conservation.
Versatile Applications:
SOFCs find utility across diverse sectors, spanning residential, commercial, and industrial domains. Their adaptability extends to power generation, distributed energy systems, auxiliary power units, and more.
Technological Progress:
Continuous research and development initiatives are steering advancements in SOFC technology. These efforts yield improved performance, lower operating temperatures, and reduced costs, enhancing competitiveness in the energy market.
Contributing to Energy Security:
SOFCs play a pivotal role in bolstering energy security by offering dependable and decentralized power generation options. This lessens reliance on centralized power grids, fortifying resilience against potential disruptions in power supply.
Rising Demand in Emerging Economies:
Emerging economies, striving for sustainable development, are actively seeking efficient energy solutions. Consequently, the demand for clean energy technologies like SOFCs is poised to escalate significantly in these regions.
COVID-19 Pandemic: Lower Demand for Reliable Power Sources to Obstruct Growth
The outbreak of the COVID-19 pandemic has compelled various global, national, and regional organizations, such as the U.S. Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) to implement stringent policies to curb the spread of the coronavirus. The solid oxide fuel cell industry was moderately affected because of the declining demand for reliable power sources because of the shutdown of production facilities. At the same time, cross-border trade activities were also lowered, thereby hampering the supply chain.
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Segments-
Commercial Segment Held 49.3% Share in 2020: Fortune Business Insights™
Based on end-users, the market is categorized into military & defense, data centers, commercial, and others. Out of these, the commercial segment earned 49.3% in the solid oxide fuel cell market share in 2020. It is anticipated to remain at the forefront throughout the forthcoming years because of the higher demand for electricity from numerous establishments. It is further driving the need for clean energy generation.
| Segmentation | Application, End-User, Region |
| By Application |
|
| By End-User |
|
Report Coverage-
The research report of the SOFC industry presents in-depth information about value chain optimization, recent developments, import & export analysis, market share, production analysis, trade regulations, strategic growth analysis, impact of domestic and localized organizations, application niches, geographical expansions, emerging revenue pockets, technological innovations, product approvals, and category market growths.
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Regional Insights-
Increasing Urbanization to Help Asia Pacific Remain at the Forefront
Geographically, in 2020, Asia Pacific earned USD 0.37 billion in terms of revenue. It is expected to grow rapidly in the near future because of the high demand for energy and rapid urbanization. In Europe, on the other hand, the surging focus on reducing carbon footprints would aid the demand for SOFC. Lastly, North America is set to showcase steady growth backed by the rising initiatives by regulatory bodies to conduct R&D activities.
Competitive Landscape-
Key Players Focus on Collaborations to Develop New Manufacturing Facilities
The global market houses a large number of renowned companies that are majorly focusing on the collaboration strategy with local players to co-develop new production facilities. This is helping them to surge the manufacturing capacities to cater to the high customer demand.
SK Engineering and Construction and Bloom Energy bagged a competitive Request for Proposal (RFP) to deliver solid oxide fuel cells powered by 100% electrolyzers and hydrogen to an industrial complex in Korea.
A list of prominent solid oxide fuel cell manufacturers operating in the global market:
- Ceres (U.K.)
- Bloom Energy (U.S.)
- Convion (Finland)
- AVL (Austria)
- AISIN (Japan)
- SOLIDpower Italia (Italy)
- Bosch (Germany)
- Mitsubishi Power (Japan)
- FuelCell Energy, Inc. (U.S.)
- Catator AB (Sweden)
- Elcogen (Estonia)
- Nexceris, LLC (U.S.)
- Suzhou Huatsing Jingkun New Energy Technology Co., Ltd. (China)
- Sunfire GmbH (Germany)
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solid Oxide Fuel Cell Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Stationary
- Transport
- Portable
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Data Centers
- Military & Defense
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Stationary
- Transport
- Portable
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Data Centers
- Military & Defense
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
Continued...
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