New York, United States, Oct. 05, 2023 (GLOBE NEWSWIRE) -- In various industries, an electrochemical device, known as a solid oxide fuel cell, is employed to generate energy by means of fuel oxidation. These devices integrate ceramic or solid metal oxides as electrolytes to facilitate the movement of ions between the cell's cathode and anode.
According to the Research Manager at Straits Research Pvt. Ltd., The global solid oxide fuel cells market size is anticipated to reach USD 7096.87 million by 2030 at a CAGR of 40.1% and the stationary segment held the largest market share.
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Market Expansion
One of the primary factors driving the SOFC market is the growing awareness of the need to reduce harmful carbon emissions and the increasing adoption of low-carbon technologies. For instance, the International Energy Agency (IEA) said in its Global Energy Review 2021, published in April 2021, that in 2020, the use of clean energy climbed by around 3%, while the production of electricity from renewable sources increased by about 7%.
Key Drivers
The adoption of green power production techniques, together with the massive hydrogen and other renewable aims to keep a lid on the growing GHG levels, are expected to significantly increase attention, which is expected to drive product demand. For instance, the South Korean government unveiled a new policy in January 2019 dubbed the Hydrogen Economy Roadmap that outlines the objectives for H2 technologies. According to the policy, by 2040, the nation plans to produce 6.2 million FCEVs and install 1,200 hydrogen refuelling stations. The plan aims to provide approximately 15 G.W. of F.C. systems for stationary power generation by the target year.
Growth opportunities
- Increasing usage by end-users in data centres and the military
Due to high-power consumption, data centres utilize dispersed power production, especially fuel cells. SOFC and fuel cells grew rapidly in the U.S. Google, IBM, and Equinix's adoption of SOFC for data centres has boosted U.S. market growth. SOFC adoption by U.S. data centres is still small, making it one of the most attractive end-use markets for SOFC. SOFC power generation is growing in the military, both stationary and portable. SOFC portable applications for military use are projected to grow with new prospects.
Regional analysis
According to the region, the global solid oxide fuel cell market is broken down into North America, Europe, Asia-Pacific and the rest of the world.
Asia-Pacific dominated the global market in 2021 and accounted for 46.78 per cent of revenue. Japan is expected to focus on Asia-Pacific capacity demand in the future years. Asia- Pacific's stationary sectors use solid oxide fuel cells extensively. In the forecast years, the market will rise rapidly. India, Singapore, and Malaysia are still drafting alternative energy policies. Research institutes and government entities testing solid oxide fuel cells stimulate demand in India, Thailand, and Singapore. These factors are projected to enhance SOFC market expansion in the area.
North America's stationary sector uses solid oxide fuel cells extensively. Strong government support and strategic market emphasis have helped the U.S. solid oxide fuel cell sector grow rapidly compared to the rest of the world.
Key Highlights
- The global solid oxide fuel cells market size is anticipated to reach USD 7096.87 million by 2030 at a CAGR of 40.1%.
- The global solid oxide fuel cells market is divided into three parts based on application, product and region. Further, by application, the market is divided into Portable, Stationary and Transportation.
- Based on the end-users, the market is segmented into Data Centres, Military & Defence, Commercial and Others.
- According to region, the market is broken down into North America, Europe, Asia-Pacific and the rest of the world.
Competitive analysis of the global solid oxide fuel cell market
Some key players contributing majorly to the global solid oxide fuel cell market are Mitsubishi Power Ltd., NGK SPARK PLUG CO., LTD, General Electric, Fuel Cell Energy Inc., Cummins Inc., Ceres, KYOCERA Corporation, Bloom Energy, AVL, Watt Fuel Cell Corporation, and Ningbo SOFCMAN Energy.
Recent developments
- In June 2022, ANRPC, a prominent Egyptian oil and gas company, and Mitsubishi Power, a strong Mitsubishi Heavy Industries Ltd. (MHI) brand, signed a complete turnkey agreement to help ANRPC meet its decarbonisation goals with cutting-edge hydrogen fuel conversion technology.
- In June 2022, it was announced by WATT Fuel Cell Corp ("WATT") that their new 1500W ImperiumR Solid Oxide Fuel Cell System achieved ETL certification to run on either natural gas or liquid propane gas. The system meets North American safety requirements according to its ETL certification.
Segmentation
By Application
- Portable
- Stationary
- Transportation
By End-Users
- Data Centres
- Military & Defence
- Commercial
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the world
About Straits Research Pvt. Ltd.
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