Burlingame, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The global Solid Oxide Fuel Cell Market is expected to be valued at US$ 635.4 million in 2023 and is projected to reach US$ 3,161.2 million by 2031; it is expected to grow at a CAGR of 22.21% from 2024 to 2031 according to a new report by Coherent Market Insights. Solid oxide fuel cells (SOFCs) are electrochemical conversion devices that generate electricity directly from oxidizing a fuel. SOFCs operate at high temperatures, typically between 550–1,000°C. They can use hydrogen, natural gas or other carbon-containing fuels. SOFCs have promising applications for stationary power plants, transportation and small-scale residential co-generation.
Request Sample of the Report: https://www.coherentmarketinsights.com/insight/request-sample/5562
Market Dynamics:
The solid oxide fuel cell market is driven by increasing investments in renewable energy technologies. Growing concerns over climate change and the need to reduce greenhouse gas emissions have led to a shift towards cleaner and more sustainable energy sources. Solid oxide fuel cells offer a promising solution as they generate electricity through the electrochemical reaction of oxygen and hydrogen, producing water and heat as byproducts. These fuel cells can be powered by a variety of fuels, including natural gas, biogas, and hydrogen.
Additionally, the renewable nature of solid oxide fuel cells makes them an attractive option for off-grid and remote power generation. They can provide a reliable source of electricity in areas with limited access to the grid or where traditional power sources are not feasible. This is particularly beneficial for applications such as military operations, remote communities, and backup power systems.
Solid Oxide Fuel Cell Market Report Coverage:
| Report Coverage | Details |
| Market Revenue in 2023 | $635.4 million |
| Estimated Value by 2031 | $3,161.2 million |
| Growth Rate | Poised to grow at a CAGR of 22.21% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Growing adoption of LIB technology • High cost of SOFC |
| Growth Drivers | • Rise in research and development activities for SOFC based technologies • Increase in demand for energy-efficient power generation |
Market Trends:
One of the key trends in the solid oxide fuel cell market is the increasing adoption of fuel cell technology in the transportation sector. Fuel cell electric vehicles (FCEVs) are gaining traction as an alternative to conventional internal combustion engine vehicles, as they offer several advantages such as zero emissions, higher energy efficiency, and longer driving range. Governments and automotive manufacturers are investing heavily in the development and deployment of FCEVs, which is expected to drive the demand for solid oxide fuel cells in the coming years.
Another trend observed in the market is the integration of solid oxide fuel cells with renewable energy systems. This allows for the efficient conversion and storage of renewable energy, addressing the intermittency issues associated with solar and wind power. Solid oxide fuel cells can be used in conjunction with renewable energy sources, such as solar panels or wind turbines, to convert excess energy into hydrogen or other fuels for later use. This integrated approach offers a more sustainable and reliable energy solution, further driving the demand for solid oxide
Vehicular Application
Solid oxide fuel cells (SOFCs) have gained significant attention in the vehicular application industry due to their high electrical efficiency, low emissions, and ability to operate on a variety of fuels. The demand for clean and sustainable energy sources in the automotive sector has led to the increased adoption of SOFCs.
Non-Vehicular Application
Apart from the vehicular application, there is a significant market opportunity for solid oxide fuel cells in non-vehicular applications such as stationary power generation, military, and aerospace. SOFCs offer many advantages in these applications including high efficiency, low emissions, and fuel flexibility.
Buy now this Business Complete Report: https://www.coherentmarketinsights.com/insight/buy-now/5562
Recent Development:
In August 2019, Bloom Energy Corporation created the novel AlwaysON Microgrid Solution to provide customers with energy resiliency to face interruptions.
In March 2021, Elcogen AS and Mainor Ulemiste teamed up to invest US$ 6.3 million in the development of a 50 MW solid oxide fuel cells and stack production facility in Tallinn.
Key Market Takeaways:
The solid oxide fuel cell market is anticipated to witness a CAGR of 22.21% during the forecast period 2024-2031, owing to the increasing demand for clean and efficient energy sources in non-vehicular applications.
On the basis of end user, the non-vehicular application segment is expected to witness substantial growth, driven by the growing need for reliable and sustainable power generation solutions in industries such as residential, commercial, and industrial sectors.
On the basis of regions, Asia Pacific is expected to hold a dominant position over the forecast period, due to the rapid industrialization and increasing focus on clean energy sources in the region.
The key players operating in the solid oxide fuel cell market include H2E Power Systems Inc., Mitsubishi Power, Ltd., CONVION Ltd., Watt Fuel Cell Corporation, Elcogen AS, Bloom Energy Corporation, Ceres Power Holdings plc., and Sunfire GmbH. These companies are actively investing in research and development initiatives to improve the performance and efficiency of SOFCs for non-vehicular applications.
Read complete market research report, " Solid Oxide Fuel Cell Market, By End User (Vehicular Applications, Non-vehicular Applications), By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Solid Oxide Fuel Cell Market By End User:
- Vehicular Applications
- Non-Vehicular Applications
- Global Solid Oxide Fuel Cell Market By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Ask for Customization: https://www.coherentmarketinsights.com/insight/request-customization/5562
Find more related trending reports below:
Fuel Cell Market, By Application (Vehicular, Non-vehicular), By Technology (Polymer Electrolyte Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Other Fuel Cell Technologies), By Geography (North America, Europe, Asia-Pacific, Rest of the World) - Size, Share, Outlook, and Opportunity Analysis, 2024 - 2031
Hydrogen Buses Market, By Bus Type (Single Deck, Double Deck, and Articulated Deck), By Fuel Cell Type (Polymer Electrolyte Membrane (PEM) Fuel Cells, Solid Oxide Fuel Cells (SOFC), and Alkaline Fuel Cell), By Application (City Buses, Coach/Interurban Buses, and Special Buses), By Hydrogen Storage Method (Compressed Hydrogen Storage and Liquid Hydrogen Storage), By Fleet Size (Large Fleets and Small to Medium Fleets), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Hydrogen Vehicle Market, by Vehicle Type (Commercial, Passenger, and Others), by Technology Type (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, and Solid Oxide Fuel Cell), and by Region - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2024-2031
Solid State Drive (SSD) Market, By SSD Interface (SATA, SAS, PCIE, and Other SSD Interface), By Application (Enterprise, and Client), and By Geography (North America, Europe, Asia Pacific, Rest of World)-
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
