Global Solid Oxide Fuel Cell Market Overview
The key drivers impacting the solid oxide fuel cell market are government subsidies and increased R&D on fuel cell programs. For instance, in 2020, the U.S. Department of Energy (DOE) declared $33 million in grants to encourage innovative hydrogen and fuel cell research & development (R&D), strengthen the infrastructure of supply chain development and validation, and cost analysis activities to reduce the cost of hydrogen production. The Indian Department of Science and Technology initiated the Hydrogen and Fuel Cell program in the year 2009. It is majorly focused on expanding transformational technologies that reduce the cost of hydrogen distribution, production & Storage, develop the feedstock available for economic hydrogen production, improve the power grid flexibility, and minimize emissions through novel usage of low-cost hydrogen. Moreover, the stringent emission norms in Europe & North America leading to demand for clean energy sources contributes to solid oxide fuel cell market demand in the coming years.
According to Value Market Research, the global solid oxide fuel cell market size was valued at about USD 770 million in 2020 and is estimated to grow at a CAGR of around 31% during the forecast period 2021 to 2027.
The growing demand for clean energy over concerns of the environmental impact of energy generation from traditional sources like natural gas and coal will likely augment the need for the solid oxide fuel cell in the forecast period. However, high fuel cell installation and manufacturing costs hamper the market in the long run. In addition, the development of other types of fuel cells impedes the market growth. Nevertheless, the market trends, rising adoption by end-users in data centers and the military sector might provide huge market opportunities to the market's key players.
The solid oxide fuel cell market is large, with many global and regional level players. The market leaders follow various strategies to strengthen their market, such as investment in projects to expand, extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players in the report are Bloom Energy Corp., DuPont de Nemours, Inc., Sunfire GmbH, Mitsubishi Hitachi Power Systems, Ltd., Sunfire GmbH, Elcogen AS, Ceres Power Holdings plc, Elcogen AS.
In this research report, the solid oxide fuel cell market is segmented by type, application, end-user and region.
Analysis by Type:
By type, the report is segmented into planar and tubular. The planar segment dominates the type segment with the highest share in 2020. It is due to the simple geometry and moderately easier construction process. Moreover, it is the most commonly used type for solid oxide fuel cells, contributing to the planar segment's growth in the forecast period.
Analysis by Application:
By application, the report is segmented into portable, stationary, and transport. The stationary segment dominates with the highest market share in 2020. It is due to the rising focus on hydrogen-powered fuel cells for backup power. Moreover, the governments of South Korea, China, and Japan are highly focusing on utilizing renewable energy, and therefore opting for utility-scale SOFC power plants contributed to the growth of the stationary segment in the coming years.
Analysis by End-user:
By End-use, the report is categorized into power generation, automotive, hydrogen generation, and others. The power generation segment dominates the end-user segment with the highest market share of 46%. It is due to the increased demand for clean energy generation. Moreover, the high dominance of bloom energy in the SOFC market, where it offers distributed power generation solutions chiefly in the US, and other countries, such as India, South Korea, and Japan, contributes to the growth of the power generation segment.
Analysis by Region:
In the regional outlook of the global solid oxide fuel cell market, the North America region dominates with the highest market share of 42% in 2020. It is due to the high demand for fuel cell power generation and increasing research and development for hydrogen generation. Moreover, favorable and supportive government subsidies and policies, including the Department of Energy’s (DoE’s) Solid State Energy Conversion Alliance (SECA) Program, contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By End User
- Power Generation
- Hydrogen Generation
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.