Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The global solid oxide fuel cell market is driven by the rise in demand for clean and efficient energy sources. SOFCs offer a number of advantages over traditional fuel cells, including higher efficiency, longer life, and lower emissions. As per the report, the solid oxide fuel cell market size USD 0.90 billion in 2020. It is projected to grow from USD 1.09 billion in 2021 to USD 5.31 billion in 2028 at a CAGR of 25.3% during the forecast period, states Fortune Business Insights in its recently published "Solid Oxide Fuel Cell Market Forecast Report.
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% electrolyzes and hydrogen to an industrial complex in Korea.
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|Forecast Period 2021 to 2028 CAGR||25.3%|
|2028 Value Projection||USD 5.31 billion|
|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|
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.
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
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. For example, the US Department of Energy reported that in 2019, USD 30 million were allotted to fund the fuel cell R&D sub-program in order to lower the costs of producing energy-efficient devices.
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.
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.
The research report of the SOFC industry presents in-depth information about value chain optimization, recent developments, import & export analysis, market share, production analysis, trade regulations, strategic growth analysis, impact of domestic and localized organizations, application niches, geographical expansions, emerging revenue pockets, technological innovations, product approvals, and category market growths.
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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.
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.
|By Application|| |
|By End-User|| |
A list of prominent solid oxide fuel cell 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)
Quick Buy - Solid Oxide Fuel Cell Market Size Research Report: https://www.fortunebusinessinsights.com/checkout-page/101306
Scope of the Report:
- 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
- Market Analysis, Insights and Forecast – By End-User
- Data Centers
- Military & Defense
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Rest of the World
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