The global solid oxide fuel cells market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to ongoing technological advancements and rising investment in the R&D activities.
A solid oxide fuel cell (SOFC) is an electrochemical device that converts the chemical energy into electrical energy by utilizing the natural tendency of oxygen and hydrogen to react with each other. Fuel cells can convert hydrogen-based fuels with higher efficiency as compared to engines and thermal power plants.
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Solid oxide fuel cell (SOFC) uses a ceramic compound of metal, such as calcium or zirconium, and oxides as electrolyte. The efficiency is about 60 percent, and the operating temperature is about 1,000 °C (about 1,800 °F).
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing Internet usage and ongoing research on SOFCs are the major drivers that are contributing to the growth of the market.
- Rising hyper-scale platforms is expected to augment the solid oxide fuel cells market growth.
- High initial cost can act as a market restraint for the growth of the market.
- Emerging new technology can hinder the market growth.
- The outbreak of COVID-19 has negatively impacted the global solid oxide fuel cells market. This is due to the supply chain disruption, hindering the market growth. However, the relaxation in restrictions is anticipated to help the market recover soon.
- Rising demand for clean energy over concerns of environmental impact of energy generation from conventional sources, such as coal and natural gas is expected to create lucrative opportunities for the industry players during the forecast period.
Solid Oxide Fuel Cells Market Segment Insights:
Stationary segment to grow at a rapid pace
Based on applications, the market is divided into stationary, transport, and portable. The transport segment is anticipated to account for a key market share and is anticipated to grow at a steady rate during the forecast period. SOFCs are well-suited for household and commercial applications. Their high temperatures make them particularly efficient for combined heat and power (CHP) systems, as the waste heat can be reutilized for heating and cooling applications.
Data centers segment to hold a major market share
On the basis of end-users, the market is classified as commercial, data centers, military and defense, and others. The data centers segment is anticipated to account for a major market share due to increasing investments in data centers, and usage of clean energy source for powering these centers. Rising use of SOFCs in these centers due to high energy efficiency of the fuel cells is driving the segment growth. Furthermore, growing concerns of greenhouse gases emissions over usage of conventional electricity generation is fueling the segment growth.
Asia Pacific to account a considerable market share
In terms of regions, the market is segregated North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to account for a considerable market share during the forecast period. In the region, Japan accounts for a major market share owing to vast applications of fuel cells, ranging from backup services for data centers to combined heat and power systems for homes.
Compititive Landscape
The major players of the market are Mitsubishi Hitachi Power Systems Ltd., DuPont de Nemours Inc., Bloom Energy Corp., Sunfire GmbH, Ceres Power Holdings plc, Elcogen AS.
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