Solid Oxide Fuel Cell Market

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.

Market Dynamic

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 :

• Planar
• Tubular

By Application :

• Portable
• Stationary
• Transport

By End User :

• Commercial & Industrial
• Data Centers
• Military & Defense
• Residentials

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Europe market held a sizeable revenue share of 28.9%. Europe has many universities, research and development centers, and infrastructure. The country also implements government support policies to encourage the growth of this industry.
• The APAC (Asia-Pacific) region is predicted to grow at the highest CAGR of 8% throughout the estimated period because the governments of China, Japan, and South Korea are highly focused on the adequate utilization of renewable energy.

Competition Analysis

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:

• In October 2020, With great success, Mitsubishi provided solid oxide fuel cells to European projects for their continued development. The Gas-und Warme-Institut in Essen, Germany, where a full research process will be conducted on the proportionate utilization of hydrogen as fuel gas and the flexible operations of the SOFC, will bring this extremely effective hybrid system into practice.
• On May 2021, Calor backed Adelan’s Microtubular Solid Oxide Fuel Cell (mSOFC) technology to use SOFC fuel cells to reduce carbon emissions at the same pace as was previously accomplished with fuels like hydrogen.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.