Pune, India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The global Solid Oxide Fuel Cell Market is latest report published by Fortune Business Insights™. As per the report, the global solid oxide fuel cell market size was USD 0.90 billion in 2020 and its projected to grow from USD 1.09 billion in 2021 to USD 5.31 billion in 2028 at a CAGR of 25.3% during the forecast period. Researchers at the Korea Institute of Science and Technology (KIST) and the Seoul National University, for instance, developed a cutting-edge thin-film 3-D process and micro-patterning technology in August 2020 to produce highly efficient SOFC units.
Industry Developments:
October 2020: Ceres Power Holdings plc signed license and collaboration agreements with Doosan Fuel Cell Co., Ltd to develop a mass manufacturing facility for solid oxide fuel cell stacks with an initial capacity of 50MW by 2024 in South Korea
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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 & Restraints-
Rising Demand for Clean Power Sources to Accelerate Growth
The emergence of low carbon technologies and the increasing concerns to eliminate toxic carbon emissions would propel the solid oxide fuel cell market growth in the upcoming years. Various countries worldwide have put forward new objectives and goals to keep up with the high demand for energy. They are hence striving to generate clean power sources, thereby encouraging companies to adopt solid oxide fuel cells.
As per the International Energy Agency’s (IEA) Global Energy Review 2021, the usage of clean energy surged by 3% in 2020. Also, the generation of electricity from renewable sources grew by 7%. However, the availability of alternative and efficient fuel cell technologies, especially phosphoric acid fuel cells (PAFC) and proton-exchange membrane fuel cells (PEMFC) may obstruct demand.
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/solid-oxide-fuel-cell-market-101306
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 |
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| 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.
November 2020: 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
- Executive Summary
- Market Dynamics
- Key Insights
- Qualitative Analysis – Impact of COVID-19
- Global Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- North America Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast,
- Europe Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Asia Pacific Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Rest of the World Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Competitive Analysis
List of Figures
- Global Solid Oxide Fuel Cell Market Revenue Breakdown (USD Billion, %) by Region, 2020 & 2028
- Global Solid Oxide Fuel Cell Market Value Share (%), by Application, 2020 & 2028
- Global Solid Oxide Fuel Cell Market Forecast (USD Billion), by Stationary, 2017-2028
- Global Solid Oxide Fuel Cell Market Forecast (USD Billion), by Transport, 2017-2028
- Global Solid Oxide Fuel Cell Market Forecast (USD Billion), by Portable, 2017-2028
- Global Solid Oxide Fuel Cell Market Value Share (%), by End-User, 2020 & 2028
- Global Solid Oxide Fuel Cell Market Forecast (USD Billion), by Commercial, 2017-2028
- Global Solid Oxide Fuel Cell Market Forecast (USD Billion), by Data Centers, 2017-2028
- Global Solid Oxide Fuel Cell Market Forecast (USD Billion), by Military & Defense, 2017-2028
- Global Solid Oxide Fuel Cell Market Forecast (USD Billion), by Others, 2017-2028
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