Selbyville, Delaware, June 04, 2023 (GLOBE NEWSWIRE) --
Solid Oxide Fuel Cell Market is expected to cross a valuation of USD 2.7 billion by 2032, according to the latest research report by Global Market Insights Inc.
The industry growth is backed by the high efficiency, low emissions, and versatility of solid oxide fuel cells (SOFC). These fuel cells are known for their ability to directly convert a wide range of fuels into electricity, including natural gas, biogas, hydrogen, and even coal-derived gases. This versatility makes them highly suitable for various applications, ranging from large-scale power plants to portable devices.
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With efficiency levels surpassing traditional combustion-based systems, SOFCs can achieve energy conversion rates as high as 60-65%. This increased efficiency translates into reduced fuel consumption, lower carbon emissions, and improved energy sustainability. Shifting preference for cleaner and more sustainable energy solutions is boosting the solid oxide fuel cell market demand across various industries, including power generation, transportation, and military.
Widespread application of tubular solid oxide fuel cells
The tubular solid oxide fuel cells industry size will grow at a notable pace during 2023 and 2032. Tubular SOFCs are known for their robust design and high efficiency, making them a preferred choice for various applications. These fuel cells consist of a tubular ceramic electrolyte, typically made of zirconia, surrounded by porous electrodes. The tubular design allows for efficient fuel and air flow, enhancing performance and reliability. The versatility of tubular SOFCs enables their use in both stationary and mobile applications, including power generation, transportation, and military sectors.
Increasing focus toward sustainable transportation
The solid oxide fuel cells market from transport application with record a strong CAGR through 2032, on account of wider acceptance of SOFCs as a promising energy solution for various modes of transportation, including cars, buses, and trucks. It offers various benefits, including reduced greenhouse gas emissions, enhanced energy efficiency, and decreased reliance on fossil fuels.
The high energy density and long operating times of SOFCs make them well-suited for extended travel ranges, addressing one of the key challenges in the adoption of alternative fuel vehicles. Additionally, these fuel cells can utilize a variety of fuels, including hydrogen and natural gas, providing flexibility to the transport sector. The increasing focus on sustainable transportation and stringent emission regulations are driving the demand for SOFCs in the transport application segment.
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Commitment to carbon neutrality to fuel Europe SOFC market
Europe accounted for a significant share in solid oxide fuel cell market in 2022 and will contribute notable to revenue by 2032, owing to the rapidly growing demand for clean and sustainable energy solutions like SOFCs. Europe has been at the forefront of renewable energy adoption with a strong focus on reducing carbon emissions. Several European countries have implemented supportive policies and incentives to promote the deployment of SOFCs, including feed-in tariffs and grants for R&D.
The European Union's commitment to achieving carbon neutrality and its ambitious targets for renewable energy generation have made the region home to leading SOFC manufacturers, research institutions, and innovative startups that are driving technological advancements and commercialization efforts. Additionally, collaborations between European countries and research organizations are facilitating knowledge sharing and accelerating the growth of the SOFC market.
Solid Oxide Fuel Cell Industry Players
Mitsubishi Heavy Industries, Ltd., Ceres Energy Ltd., SFC Energy, Aisin Corporation, AFC Energy, Bloom Energy, and Elcogen AS.
Solid Oxide Fuel Cell Industry News
- In March 2023, Alma Clean Power and Hydrogenious LOHC Technologies, along with Hydrogenious LOHC Maritime signed a joint venture to develop a completely conjoined LOHC-SOFC (Liquid Organic Hydrogen Carrier based SOFC) power system. This partnership aims to create a 100-kilowatt pilot powertrain for the Enova supported "HyNjord" project, which is on board the offshore supply vessel Edda Ferd, operated by Østensjø Rederi.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Solid Oxide Fuel Cell industry 360° synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Application trends
2.1.4 End Use trends
2.1.5 Regional trends
Chapter 3 Solid Oxide Fuel Cell Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Positive government outlook and incentive programs
3.3.1.2 Growing adoption of clean energy technologies
3.3.1.3 Surging demand of SOFCs in transportation sector
3.3.2 Industry pitfalls & challenges
3.3.2.1 High capital cost
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
