The Solid Oxide Fuel Cells Market is estimated to grow at a CAGR of over 30.4% during the forecast period of 2020-2028. As a result, the global market size is projected to reach USD 2213.0 million by 2024, from US$ 586.9 million in 2019.
Solid oxide fuel cells are one of several types of fuel cells that use natural gas to generate electricity, water, heat, and small amounts of carbon dioxide.
Global Solid Oxide Fuel Cells are an alternate source of power backup. They are well-known for their ability to generate power from a variety of fuels. They are one of the most prolific alternate power backup options available in the market today. Furthermore, they are biodegradable as their by-product is harmless, unlike many other technologies.
The US is right on course to adopt this product to provide clear energy-based solutions for transportation sectors and power generation sectors. The US is at the heart of applications utilizing power and transportation.
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Solid oxide fuel cells are rich sources of applications, in use as auxiliary power units in vehicles to stationary power generation with outputs from 100 W to 2 MW. They are a model generating power unit in their ability to be used for a wide range of applications. It encompasses power generation for satellites and space shuttles, and launch fuel cell vehicles like boats, automobiles, buses to generating primary or emergency backup power for buildings.
Amongst fuel cells of all types, solid oxide fuel cell type has the most promising potential with undeniable features. NASA had used fuel cells in powering space ships to land on the moon with three hydrogen fuel cells raking up electricity to the equipment in the spaceship.
Government policies with little nudges in form of incentives are instrumental in driving the market. The states leading the market segment in US are Delaware, California and Connecticut. Asia Pacific is also not entirely new to rebates from the Government and leverages as shown the way by China in using new energy vehicles. Companies were entitled to tax rebates for installing solid oxide fuels nearly up to 30% of the project cost.
The driving factors for the solid oxide fuel cell market is their focused use with electrical energy using natural gas as a key component will drive the market for solid oxide fuel cell market during forecast period
By Application
The fixed solid oxide fuel cell market segment is at the center of high-performance solid oxide fuel cells and is responsible for purest and efficient heat and electricity generation technologies. The overall efficiency is of high caliber in solid oxide fuel cells.
A merger amongst SOFC vendors and transportation sector vendors is expected to develop the stationary application segment during forecast period.
Regional Segmentation
The regions in contention include North America, Europe, Asia Pacific, Middle East and Africa (MEA) and South America.
North America is expected to witness highest growth rate in the solid fuel cell market on account of strong government support and vital market focus. Amongst Europe. The market has been defined properly in the energy policies. North America was witness to gross electricity spent to 1% of the entire energy usage in the world. So, the data centers shifted to power distribution from fuel cells. SOFC came into prominence with it being the most prolific fuel in use, simulating growth for the solid oxide fuel cell market. Data center is the most thriving end –use sector in the SOFC industry today.
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The Asia Pacific was at the helm of the SOFC market with Japan at the heart of the demand. The industry is expected to witness highest growth in Asia Pacific market in the forecast period. Industries in China, Japan, India and Thailand are expected to boost the growth of solid oxide fuel market. These factors will boost the markets in the forecast period.
In recent times, the commercialization of combined heat and power (CHP) in data centers and defense operations in the US has brought out the US intent to develop multiple applications. Germany is the highest accelerating market due to strong focused policies by the German government
Key Players
Key players in the solid fuel cell market include Bloom Energy, Mitsubishi Power Ltd. Cummins Inc., Ceres, General Electric, Fuel Cell Energy Inc., Ningbo SOFCMAN Energy, KYOCERA Corporation, AVL and NGK SPARK PLUG CO., LTD.
Key Developments
In Dec 2020, AVL and Ceres joined hands to develop fuel cell in need of providing momentum to solid oxide fuel cell technology.
In June 2019, Miura and Ceres Power Launch 4.2kW Solid Oxide Fuel Cell in Japan.
Ceres Power, the developer of Steel Cell, a pioneer in low-cost Solid Oxide Fuel Cell (SOFC) technology, and Miura Co., an industrial boiler manufacturer, declared a first fuel cell product launch using Ceres technology.
In Aug 2016, Nissan introduces world’s first Solid-Oxide Fuel Cell vehicle. The fixed attributes were a cruising range of 600km-plus for zero-emission bio-ethanol fuel-cell model.
In July 2016, KYOCERA designs Industry’s First 3-Kilowatt Solid Oxide Fuel Cell for Institutional Cogeneration. This is the most efficient SOFC in the solid oxide fuel cell market using ceramic technology.
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TOC:
Chapter 1 Solid Oxide Fuel Cell Market Overview
1.1 Product Overview and Scope of Solid Oxide Fuel Cell
1.2 Solid Oxide Fuel Cell Market Segmentation by Type
1.2.1 Global Production Market Share of Solid Oxide Fuel Cell by Type in 2020
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 Solid Oxide Fuel Cell Market Segmentation by Application
1.3.1 Solid Oxide Fuel Cell Consumption Market Share by Application in 2020
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 Solid Oxide Fuel Cell Market Segmentation by Regions
1.4.1 North America
1.4.2 China
TOC CONTINUED…
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