The global solid oxide fuel cell market is anticipated to touch USD 1,183.6 million by 2023, as per an insightful report by Market Research Future (MRFR). It is expected to expand at a 12.87% CAGR during the assessment period.
Solid oxide fuel cells (SOFCs) are fuel cells capable of generating power through electrochemical conversions. Zirconium and calcium are used to enhance its electrical efficiency. The global Solid Oxide Fuel Cells Market report by Market Research Future (MRFR) covers trends on its applications and the scope on investments during the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its effects on the production and value chain are explored in detail.
The market is set to accumulate huge revenues over the forecast period owing to pressure from nations globally for reducing carbon emission levels. Government funding and collaborations between private and public companies can drive the technology of SOFCs. Favorable policies coupled with implementation of fuel cell systems can augment the market size considerably. Awareness of alternative energy sources and establishment of micro combined heat and power applications can bode well for the market.
The high-cost for processing of SOFCs can limit the market growth.
- By type, the Solid Oxide Fuel Cell (SOFC) Market has been segmented into tubular and planar. The planar segment can be expected to showcase a strong growth rate owing to high energy efficiency and low power losses accrued by its usage. Its future applications in auxiliary power units, underwater vehicles, and portable devices can boost segment growth during the forecast period.
- By mobility, the market is segmented into stationary and portable. The stationary segment can lead in the global solid oxide fuel cells market due to its demand in uninterrupted power supply (UPS), residential CHP, and large CHP. They are used a power source in various commercial applications.
- By application, the market is segmented into combined heat power, power generation, and military. The power generation segment is likely to dominate over the forecast period owing to increasing demand for power in energy-producing plants for cooling purposes.
Major market end-users include commercial residential, data center, retail, and auxiliary power units. The data center segment is likely to contribute to the global SOFC market owing to corporate giants shifting their proprietary data to the cloud for curbing operational expenditures. The use of SOFCs for cooling data centers and curbing emissions can bode well for the market. On the other hand, commercial residential users can display the fastest growth rate in the market.
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North America accounted for 46.5% market share in 2017. It is also expected to register the fastest CAGR during the forecast period. This can be credited to nations such as the U.S. and Canada’s massive investment in the industry. Natural Sciences and Engineering Research Council of Canada, a part of SOFC Canada, has committed to producing next-generation SOFC technologies. The U.S. has a wide-scale usage of SOFCs in sectors requiring large-scale auxiliary power, electric utilities, and distributed generation.
APAC followed North America in this regard due to South Korea and Japan contributing to the system the most. Japan is leading the market and expects to be the fastest growing country during the review period due to its heavy deployment of CHP and supporting schemes such as ENE-FARM.
- Ceres Power Holdings Plc
- WATT Fuel Cell Corporation
- Bloom Energy
- Convion Fuel Cell Systems
- Atrex Energy
- Ceramic Fuel Cell Ltd.
- FuelCell Energy
- Redox Power Systems
Bloom Energy and SK Engineering and Construction have recently won a contract for supply SOFCs to an industrial complex in South Korea in 2020. The contract will be used in powering a microgrid to be used in supplying power to various industrial organizations.
Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Solid Oxide Fuel Cell Market, By Reactor Type
5 Global Solid Oxide Fuel Cell Market, By Strategy
6 Global Solid Oxide Fuel Cell Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
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