Solid Oxide Fuel Cell Market Factbook (2023 Edition) – Analysis By Value and Volume: Global Industry Assessment and Forecast (2023-2028)
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The importance of addressing environmental concerns, such as lowering emissions of greenhouse gases and air pollution, is becoming more widely acknowledged in North America. SOFCs are an attractive option for complying with stringent environmental regulations and goals because they are a clean energy technology that produces low or zero greenhouse gas emissions and minimal air pollutants.
A solid oxide fuel cell (or SOFC) is an electrochemical conversion device that produces electricity directly from oxidizing a fuel. Fuel cells are characterized by their electrolyte material; the SOFC has a solid oxide or ceramic electrolyte. Advantages of this class of fuel cells include high combined heat and power efficiency, long-term stability, fuel flexibility, low emissions, and relatively low cost. The largest disadvantage is the high operating temperature which results in longer start-up times and mechanical and chemical compatibility issues.
The global solid oxide fuel market is projected to grow significantly over the next few years, driven by factors such as increasing demand for efficient and reliable power generation, growing investment in renewable energy sources, and the need for clean and sustainable energy solutions. Additionally, With the world's growing population and increasing energy consumption, the demand for reliable and efficient power generation is rising.
Solid oxide fuel cells offer a high level of efficiency, with an average efficiency rate of 50-60%, compared to traditional combustion-based power generation technologies, which typically have an efficiency rate of 30-40%. This in turn is expected to drive the consequent growth in the Solid Oxide Fuel Cell Market
Moreover, with the growing concern about climate change and the impact of carbon emissions on the environment, there is a growing need for clean and sustainable energy solutions. Solid oxide fuel cells produce electricity with little to no carbon emissions, making them an attractive option for businesses and governments looking to reduce their carbon footprint.
Furthermore, The European Union has also taken several steps to advance the deployment of SOFCs and other hydrogen fuel cell technologies. A public-private partnership including European Fuel Cells and Hydrogen Joint Undertaking (FCH JU) aims to speed up research into and implementation of fuel-cell technologies across Europe. The FCH JU supports fuel cell technology development and demonstration through funding R&D and demonstration projects.
One of the main forces propelling the Solid Oxide Fuel Cell (SOFC) market forward is the rising need for efficient energy sources. The chemical energy of fuels like natural gas or hydrogen is converted directly into electricity with minimal emissions using SOFCs, which are a highly efficient and environmentally friendly technology. Applications in which SOFC technology can reduce greenhouse gas emissions and increase energy efficiency are increasing in popularity.
Cleaner energy sources are becoming increasingly appealing as the global community searches for solutions to reduce greenhouse gas emissions and combat climate change. The use of SOFCs has the potential to lessen environmental impact and boost power output. In addition, SOFCs have many potential uses, such as distributed power generation, transportation, and powering homes and businesses.
The need for more eco-friendly and efficient power sources is also encouraging new developments and financial commitments in the SOFC industry. Manufacturers are working on new materials and designs to boost the efficiency and longevity of SOFCs, with funding from both public and private sources.
Solid oxide fuel cells are being increasingly used in the transportation sector, particularly in the maritime industry. SOFCs can provide clean and efficient power for ships, reducing their carbon emissions and improving their environmental impact.
One of the main advantages of SOFCs is their high energy density, which makes them an attractive option for powering vehicles, including ships. SOFCs can provide clean and efficient power for ships, reducing their carbon emissions and improving their environmental impact.
Several companies are currently developing SOFC-powered ships. For example, in 2019, Norwegian shipping company Wilhelmsen and technology company Norled launched the world's first fully electric ferry, which is powered by a combination of batteries and SOFCs. The ferry, called the "MF Folgefonn", is capable of carrying up to 360 passengers and 120 cars, and has a range of up to 400 nautical miles.
Regulatory and Policy Barriers
The SOFC market can also face regulatory and policy barriers that limit its growth and adoption. For example, some countries may have regulations that favor traditional power generation technologies over SOFCs or may not have incentives in place to encourage the adoption of clean energy technologies. Additionally, some policy barriers may limit the ability of SOFC manufacturers to access funding or subsidies for research and development.
Additionally, the presence of regulations that favor traditional power generation technologies over SOFCs is a challenge for companies in the market. For example, some countries may have regulations that require electricity to be generated using specific technologies, such as coal-fired power plants. Additionally, some regulations may place restrictions on the use of certain fuel sources, such as hydrogen or natural gas, which can limit the ability of SOFCs to operate.
Segment-Wise Insights
By Type, the Tubular SOFC segment accounts for USD 368.08 Million in 2021
The advantages of tubular solid oxide fuel cells, such as fast startup and fewer sealing requirements, are driving increased efforts toward commercialization. Therefore, collecting the current at the anode, which would be generated inside the tube, is extremely challenging in a tubular SOFC. Compared to other types of SOFCs, tubular ones are superior in a number of ways, including stackability, durability, and resistance to thermal stress.
By Application, Portable devices registered the fastest growth in Solid Oxide Fuel Cell Market
Portable devices that use solid-oxide fuel cells (SOFCs) can outlast their battery-powered counterparts. Unlike batteries, which have a finite storage capacity and must be recharged or replaced after a certain amount of use, SOFCs can generate electricity continuously as long as fuel is supplied. High energy density makes SOFC-powered devices more compact and lightweight, which is particularly important for portable devices that need to be carried around.
Regional Insights
According to Azoth Analytics Estimates, North America accounted for the largest revenue share in 2020. The expansion of automobiles and as well as the growing urbanization, are driving up the clean energy sector for less carbon emissions which are expected to drive the Solid Oxide Fuel Cell Market over the forecast period.
Also, improvements in the standard of living in developing countries, such as China and India, owing to increasing disposable income and the rising automobile sector are the major factors supplementing the growth of the Asia-Pacific Solid Oxide Fuel Cell market.
Global Solid Oxide Fuel Cell Market is fragmented with the top 14 companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
The leading companies in the Global Solid Oxide Fuel Cell market are Mitsubishi Power, Bloom Energy Corporation, Miura Corporation Limited, Hitachi Zosen Corporation, Kyocera, Watt Fuel Cell Corporation, Ceres Power, Convion, Aisin Corporation, Fuel Cell Energy Inc., Cummins Inc., Sunfire Gmbh, Adelan Ltd., SolydEra S.P.A. are the leading companies in the Global Solid Oxide Fuel Cell Market.
Leading companies in the Global Solid Oxide Fuel Cell Market include:
By Type
By Applications
By End User
By Region
• North America
• Asia Pacific
• Europe
• Middle East & Africa
1. What is the expected market value of the Solid Oxide Fuel Cell Market in 2028?
Ans: Global Solid Oxide Fuel Cell Market is expected to be valued at USD 3521.60 Million in 2028.
2. At what growth rate is the Global Solid Oxide Fuel Cell Market expected to grow in the forecast period?
Ans: During 2023-2028, Solid Oxide Fuel Cell Market is expected to grow at a CAGR of 30.86%.
3. Which Region dominates the Solid Oxide Fuel Cell Market?
Ans: North America contributes the largest revenue share in the Solid Oxide Fuel Cell Market and is expected to continue in the forecast period as well.
4. Which are the leading companies in the Solid Oxide Fuel Cell Market?
Ans: The leading companies in the Global Solid Oxide Fuel Cell market are Mitsubishi Power, Bloom Energy Corporation, Miura Corporation Limited, Hitachi Zosen Corporation, Kyocera, Watt Fuel Cell Corporation, Ceres Power, Convion, Aisin Corporation, Fuel Cell Energy Inc., Cummins Inc., Sunfire Gmbh, Adelan Ltd., SolydEra S.P.A.
5. At what rate will China's Solid Oxide Fuel Cell Market Grow?
Ans: During 2023-2028, China Solid Oxide Fuel Cell Market is expected to grow at a CAGR of 33.67%
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