USD 642.22 million
Report ID: SQMIG10B2045 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 64 | Figures: 75
Global Solid Oxide Fuel Cell (SOFC) Market size was valued at USD 642.22 million in 2022 and is poised to grow from USD 889.48 million in 2023 to USD 12043 million by 2031, growing at a CAGR of 38.5% in the forecast period (2024-2031).
A solid oxide fuel cell is a type of electrochemical system that generates energy through the oxidation of fuel. These devices use ceramic or solid metal oxides as electrolytes to conduct ions between the cell's cathode and anode. Furthermore, the systems are built to resist high working temperatures and can deliver optimal output with a variety of fuels, including hydrogen, natural gas, and propane, among other clean fuels and mixes. Additionally, the units are mostly powered by hydrogen fuel, resulting in zero-emission operations with just heat and water vapours as byproducts.
US Solid Oxide Fuel Cell Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 642.22 million
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Global Solid Oxide Fuel Cell (SOFC) market is segmented based on application, end-user, and region. Based on the application, the Solid Oxide Fuel Cell (SOFC) Market is segmented into stationary, transport, portable. Based on the end-user, the Solid Oxide Fuel Cell (SOFC) Market is segmented into commercial, data centers, military & defense, and others. Based on the region, the Solid Oxide Fuel Cell (SOFC) Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Solid Oxide Fuel Cell Market Analysis by Application
Based on the application, the market is segmented into stationary, transport, portable. Among these, the stationery segment of the market is projected to hold the most substantial share in the market. Because of the rapid expansion in energy consumption across several verticals, as well as the need for low carbon options for efficient power production and cogeneration plants, the stationary segment is likely to grow significantly in terms of volume and revenue. Furthermore, the transport application sector is expected to increase at a quick pace because to the rapidly increasing demand for medium and heavy-duty cars, as well as significant R&D efforts.
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Asia Pacific is expected to be one of the fastest-growing markets for solid oxide fuel cells. The expansion is fueled by massive government targets for FC technology, expanding urbanization and industrialization, rising energy demand, and transformation of existing infrastructure, among other things.
Furthermore, the European SOFC market is supported by rising demand for renewable energy generation and a greater emphasis on reducing carbon footprint and deploying hydrogen-based Combined Heat and Power (CHP) systems. For example, the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a private-public collaborative R&D programme in Europe, predicted in 2019 that hydrogen fuel will account for around 24% of total regional energy consumption by 2050.
Additionally, favorable regulatory measures such as tax breaks and financial incentives in the United States and Canada are expected to drive market growth in North America. Governments have also set targets for the adoption of fuel cell technology, as well as a focused R&D initiative for FC systems that benefits the regional industry environment.
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Solid Oxide Fuel Cell Market Driver
Increasing worries about reducing harmful carbon activities, as well as the increased deployment of low carbon technology, are among the primary driving factors for the SOFC industry. Numerous countries have announced their goals for meeting rising energy demand with renewable energy generation sources, including the possibility for fuel cell deployment. For example, the International Energy Agency (IEA) issued its Global Energy Assessment 2021 in April 2021, stating that in 2020, clean energy use climbed by around 3%, while renewable energy generation increased by about 7%. It also stated that demand for other essential fuels fell during the same time period.
Solid Oxide Fuel Cell Market Restraint
Various operational characteristics, such as long start-up periods, as well as the necessity for significant initial production costs due to the use of heat-resistant materials for construction, are some of the factors that may slow market growth. Furthermore, the widespread availability of efficient fuel cell technologies, such as proton-exchange membrane fuel cells (PEMFC) and phosphoric acid fuel cells (PAFC), may pose a challenge to the market landscape.
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Solid Oxide Fuel Cell Market Top Player’s Company Profiles
Solid Oxide Fuel Cell Market Recent Developments
Several governmental and commercial collaborative activities to produce new products with enhanced attributes have been noted in the solid oxide fuel cell (SOFC) market. Furthermore, some renowned research groups across educational institutions have launched new enterprises to specifically perform R&D projects focused on technology. In August 2020, for example, a team of researchers from Seoul National University and the Korea Institute of Science and Technology (KIST) in South Korea announced a new micro-patterning and thin-film 3-D process method for the fabrication of high-efficiency SOFC units.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Solid Oxide Fuel Cell (SOFC) market is segmented based on application, end-user and region. Based on the application, the stationery segment of the market is projected to hold the most substantial market share. Based on the end-user, the commercial segment of the market is projected to hold the most substantial market share. Based on the region, North America region holds a substantial market share.
|Market size value in 2022
|USD 642.22 million
|Market size value in 2031
|USD 12043 million
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Solid Oxide Fuel Cell (SOFC) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Solid Oxide Fuel Cell (SOFC) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Solid Oxide Fuel Cell (SOFC) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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