Solid Oxide Fuel Cell Market to Hit USD 5.31 Billion in 2028; Increasing Need to Reduce Carbon Emissions and High Energy Demand to Boost Growth: Fortune Business Insights™

·8 min read

Leading Companies in the Global Solid Oxide Fuel Cell Market are Ceres, Bloom Energy, Convion, AVL, AISIN, SOLIDpower Italia, Bosch, Mitsubishi Power, FuelCell Energy, Inc., Catator AB, Elcogen, Nexceris, LLC, Suzhou Huatsing Jingkun New Energy Technology Co., Ltd., Sunfire GmbH

Pune, India, Aug. 06, 2021 (GLOBE NEWSWIRE) -- The global solid oxide fuel cell market is set to gain traction from the increasing initiatives by various research institutions to conduct extensive R&D activities for developing novel SOFC technology. 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. This information is published by Fortune Business Insights™ in a report, titled, “Solid Oxide Fuel Cell Market, 2021-2028.” As per the report, the 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.

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List of key players in solid oxide fuel cell 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)

Report Scope & Segmentation

Report Coverage

Details

Forecast Period

2021 to 2028

Forecast Period 2021 to 2028 CAGR

25.3%

2028 Value Projection

USD 5.31 Billion

Base Year

2020

Market Size in 2020

USD 0.90 Billion

Historical Data for

2017 to 2019

No. of Pages

188

Segments covered

Application, End-User and Geography

Growth Drivers

Rising Demand for Clean Power Sources to Accelerate Growth

Increasing Urbanization to Help Asia Pacific Remain at the Forefront

Key Players Focus on Collaborations to Develop New Manufacturing Facilities

Pitfalls & Challenges

COVID-19 Pandemic: Lower Demand for Reliable Power Sources to Obstruct Growth

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. This 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.

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

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.

Report Coverage-

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.

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.

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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.

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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Major Table of Contents:

  • Introduction

    • 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

      • Stationary

      • Transport

      • Portable

    • Market Analysis, Insights and Forecast – By End-User

      • Commercial

      • Data Centers

      • Military & Defense

      • Others

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Rest of the World

  • North America Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Application

      • Stationary

      • Transport

      • Portable

    • Market Analysis, Insights and Forecast – By End-User

      • Commercial

      • Data Centers

      • Military & Defense

      • Others

    • Market Analysis, Insights and Forecast – By Country

      • U.S.

      • Canada

  • Europe Solid Oxide Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Application

      • Stationary

      • Transport

      • Portable

    • Market Analysis, Insights and Forecast – By End-User

      • Commercial

      • Data Centers

      • Military & Defense

      • Others

    • Market Analysis, Insights and Forecast – By Country

      • UK

      • Germany

      • France

      • Italy

      • Sweden

      • Rest of Europe

TOC Continued…!

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