Solid Oxide Fuel Cell Market Size to Hit USD 5.31 Billion by 2028 | Exhibit a CAGR of 25.3%

Increasing Need to Reduce Carbon Emissions and High Energy Demand driving the growth of Solid Oxide Fuel Cell Market

Pune, India, March 31, 2022 (GLOBE NEWSWIRE) — The Solid Oxide Fuel Cell Market size is projected to reach USD 5.31 billion in 2028, at a CAGR of 25.3% during the forecast period. The global solid oxide fuel cell market size was USD 0.90 billion in 2020. Solid Oxide Fuel Cell industry set to gain traction from the increasing initiatives by various research institutions to conduct extensive R&D activities for developing novel SOFC technology. This information is published by Fortune Business Insights™ in a report, titled, “Solid Oxide Fuel Cell Market, 2021-2028.”

Researchers at the Korea Institute of Science and Technology (KIST) and the Seoul National University, for instance, developed a cutting-edge thin-film 3-D process and micro-patterning technology in August 2020 to produce highly efficient SOFC units.

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Report Highlights:

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. 

Drivers & 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.

Click here to get the short-term and long-term impacts of COVID-19 on this Market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/solid-oxide-fuel-cell-market-101306

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. 

Segments-

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.

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. Below are the two industry developments:

• 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.

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Companies Covered in solid oxide fuel cell Market manufacturers operating in the global market:

• 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)

Global Solid Oxide Fuel Cell Market Segmentation:

By Application

• Stationary
• Transport
• Portable

By End-User

• Commercial
• Data Centers
• Military & Defense
• Others

By Geography:

• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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