Solid Oxide Fuel Cell Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Solid Oxide Fuel Cell Market grew at a CAGR of 20.4 % between 2017-2021 and is estimated to be US$ 1,342.8 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 23.1 % and is expected to reach a valuation of US$ 10,729.8 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for Data centers, military & defense data centers, and auxiliary power units in vehicles are just a few uses for solid oxide fuel cells.
GROWING GOVERNMENT SUBSIDIES AND A RISE IN R&D DRIVES THE MARKET FOR SOLID OXIDE FUEL CELL
The widespread interest in solid oxide fuel cells can be attributed to numerous factors that have increased sales and technology development. The governmental support programs offered by many states are an important driver of the industry because they provide incentives and subsidies for energy companies that install fuel cells into their facilities, as well as investors interested in funding these projects. In the United States, there are both private and governmental organizations that have instigated various policies to encourage the deployment of this clean energy source.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
Stabilized yttria-stabilized zirconia (YSZ) composite electrodes are needed for SOFCs as a core material because of their high thermal conductivity. The study from US research institutions concluded that cell performance increases further when the cell uses YSZ composite electrodes with the electrolyte. Therefore, these cells positively impact SOFC technology in its application to emission control systems for air pollutant reduction.
RISE IN ADOPTION FROM VARIOUS END-USE INDUSTRY
The use of data centers in the US is growing steadily at a high rate, consuming considerable amounts of power. The demand for electricity to sustain these data centers is expected to increase; thus, the need for cost reductions by adopting distributed generation, such as fuel cells. SOFCs have seen tremendous growth in recent years due to their adoption by Google, IBM, and Equinix. The current market size of SOFCs is still small compared with other sectors in the US, but with the expansion of existing facilities and new capacities, this could be a lucrative end-use segment for SOFCs.
Market Segments Covered in Report
By Type :
By Application :
By End User :
By Region and Country:
Why is Planar projected to ensure the most revenue during the forecast period?
The “Planar” segment held the largest revenue share of around 60.22% of the market in 2021 and is anticipated to dominate throughout the stipulated period. This is due to its much easier process of construction. The Planar type of SOFCs is designed in such a unique manner that the ceramic fuel cell modules are placed one above the other, just like a sandwiched-type design with an electrolyte inserted between the two electrodes (electrolyte soaked between two electrodes).
Why is the Stationary segment expected to expand the fastest during the forecast period?
In 2021, The stationary segment was the leader in the industry for many years, which continues to dominate this industry with a share of about 47.33% in 2021. The growth opportunities for the market lie mainly in Oxygen-powered fuel cells for renewable energy generation, as well as increased demand for energy storage systems that can be charged using renewable sources of power like wind and solar.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The competitive landscape is studied to understand the competitive forces and changes affecting the industry, which include differences in the demand for your products and services, product offerings and alignment with industry trends, quality management practices of competitors in your market, emerging technologies being used by other companies to outmatch performance of your company.
Some of the key developments that have taken place in the Solid Oxide Fuel Cell Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Applications, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 23.1%.
Increased R&D expenditures, governmental funding, and rising demand for more energy-efficient power generation are the key reasons that are consistently boosting the market’s overall growth.
Major global Solid Oxide Fuel Cell Market players are Mitsubishi Power, Aisin Seiki, Hitachi Zosen Corporation, Bloom Energy, Ceres Power, Adaptive Energy, Solid Power, Adelan, Watt fuel cell corporation, Upstart power, Convion ltd, Kyocera Corporation, AVL, Special Power Source, ZTEK Corporation, h2e Power, Elcogen AS, Miura, Sunfire .
The primary factor severely impeding this business’s expansion is fuel cell expense. The average cost of a fuel cell.
The Europe region is expected to account for the largest market revenue share in the Global Solid Oxide Fuel Cell market.
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