Solid Oxide Fuel Cell Market Current Analysis and Forecast (2021-2027)

Solid Oxide Fuel Cell Market Current Analysis and Forecast (2021-2027)

The Global Solid oxide fuel cell market was valued at 0.53 billion in 2020 and expected to grow at CAGR of around 20% during the forecast period (2021-2027). The solid oxide fuel cell market is growing at a propelling rate and is expected to have a substantial market demand in the forecasted period as well. A solid oxide fuel cell (SOFC) is an energy converter device that produces electricity through electrochemical conversions. It operates using various energy sources, such as biogas, natural gas, propane hydrogen, and other oxidized hydrocarbons. SOFCs are embedded into power systems to generate continuous energy for various commercial and industrial applications. They are also widely used for operating energy-intensive data centers to improve operational performance and facilitate the real-time backup of the data.

Additionally, various product innovations, such as the development of noiseless and portable SOFCs for military applications, are acting as other growth-inducing factors. Major factors that are driving the SOFC market is the augmented R&D on fuel cell programs as well as government subsidies, fuel flexibility together with growing demand for energy-efficient power generation as well as stringent emission norms is the factor that leads to demand for clean energy sources which in turn motivates the market growth.

The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. However, Covid-19 had a mixed effect on the fuel cells market. In some countries, like India, project delays were witnessed in the deployment of fuel cells in the transportation and commercial sectors. Also, the demand has been reduced in the residential and commercial end-userr segments due to limited new construction activities and the diversion of available funds by these end-userrs to sustain the pandemic.Bloom Energy, Mitsubishi Power Ltd., Cummins Inc., Ceres, General Electric, FuelCell Energy, Inc., Watt fuel cell corporation, Kyocera Corp., AVL, NGK Spark Plug Co., Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst type, planar segment holds the major share”

Based on type, the solid oxide fuel cell market is bifurcated into planar and tubular. The planar caters to extensive market share in the solid oxide fuel cell market. It is mainly owing to the increasing development of waste incineration facilities across the world. In addition, other factors, such as industrialization and economic development, would also contribute toward MSW generation, which is further expected to influence the growth of the thermal-based solid oxide fuel cell market.
"Amongst applications, stationary segment holds the major share”

Based on application, the solid oxide fuel cell market is classified into portable, stationary, and transport. The stationary segment caters significant market share in the solid oxide fuel cell market. As stationary fuel cells are used for many purposes, including as stationary power units for primary power, backup power, or combined heat and power (CHP). In addition, the growing electricity demand in various industries is expected to accentuate the demand for power back up which would positively influence the demand for stationary solid oxide fuel cells.
"Amongst end-user, commercial and industrial segment holds the major share”

Based on end-user, the solid oxide fuel cell market is segmented into commercial and industrial, data centers defense & military, and residentials. The commercial and industrial sector caters extensive share of the solid oxide fuel cell market. It is mainly owing to the growing demand for clean energy generation on sites that are providing a thrust to the market growth.
"North America represents one of the extensive market shares of global solid oxide fuel cell Market”

For a better understanding of the market dynamics of the global solid oxide fuel cell. North America caters a substantial share in the solid oxide fuel cell market over the past few years and is expected to have an influential growth rate in the forecasted period as well. It is mainly attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation.

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