Pune, India, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The global solid oxide fuel cell market size is expected to grow from USD 1.09 billion in 2021 and is projected to reach USD 5.31 billion by 2028, exhibiting a CAGR of 25.3% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Solid Oxide Fuel Cell Market, 2021-2028.”
According to our analysts, the global solid oxide fuel cell (SOFC) market is set to gain traction from the increasing initiatives by various research institutions to conduct extensive R&D activities for developing novel SOFC technology. Increasing need to develop and rapidly adopt green power generation technologies will be one of the main forces driving the growth of this market. Coupled with this is the rising awareness and commitment to aggressively tackle global warming and pollution that will catalyze the rise of this market.
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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 2020 | USD 0.90 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 188 |
| Segments covered | By Application, By End-User and Regional Forecast |
| Growth Drivers | Rising Demand for Clean Power Sources to Accelerate Growth |
| Increasing Urbanization to Help Asia Pacific Remain at the Forefront |
COVID-19 Impact
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
Drivers and 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.
Proactive Government Policies to Enhance Market Potential
Rising government investments in promoting the adoption of advanced clean energy systems is anticipated to be one of the leading solid oxide fuel cell market trends. Furthermore, governments across the globe are taking proactive steps to reduce their carbon footprint. This has prompted many private organizations to undertake solid measures to decrease their dependency on hydrocarbons and fossil fuels. Lastly, government intervention through tax exemptions and subsidies have reduced the overall manufacturing costs of such technologies, which augurs well for the SOFC market.
Industry Development
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.
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.
July 2019: UK-based Ceres Power, a leader in SOFC technology, entered into an £8 million licensing agreement with Korea-based Doosan Corporation to collaboratively develop SOFC power systems to meet the rising demands of South Korea’s commercial building market.
July 2019: Mitsubishi Hitachi Power Systems, Ltd. and NGK SPARK PLUG CO., LTD. teamed up to set up a joint venture company dedicated to the manufacture and sale of cylindrical cell stacks. These stacks are the power generating components in solid oxide fuel cells.
List of Key Players Mentioned in the Report:
- 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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Segmentation
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.
Geographically, the global market is finally classified into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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.
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Global Solid Oxide Fuel Cell Market Size Segmentation:
By Application
- Stationary
- Transport
- Portable
By End-User
- Commercial
- Data Centers
- Military & Defense
- Others
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solid Oxide Fuel Cell Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Stationary
- Transport
- Portable
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Data Centers
- Military & Defense
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Stationary
- Transport
- Portable
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Data Centers
- Military & Defense
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
Continued…
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