Solid Oxide Fuel Cell Market Overview
The Solid Oxide Fuel Cell Market 2020 is all set to reach a valuation of USD 1,183.6 million by 2023, projects Market Research Future (MRFR) in its new study. The extensive study also reveals that the market can progress at a decent rate of 12.87% from 2017 to 2023 (review period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
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Growth Inducers and Primary Challenges
The rising concerns with regard to the deteriorating environment and the consequent surge in the preference for alternative energy sources could be a major growth fosterer for the solid oxide fuel cell market. SOFCs has emerged as one of the most essential sources for power generation, primarily because they are able to produce electricity with the use of diverse fuels like natural gas, biogas and hydrogen. For years, the world has been facing the issue of energy crisis, which has prompted governments everywhere to back the technological innovations that can help deal with this challenge. This has given a substantial boost to the Solid Oxide Fuel Cell Industry in recent years, as the SOFC technology caters to the growing energy demand, albeit in an eco-friendly manner.
SOFC’s excellent rate of electrical efficiency and its surging potential across emerging countries to bring down the energy costs could emerge as a lucrative opportunity for the worldwide market. The accelerating emission rate and the consequent surge in the use of renewable energy sources to curb it can be favorable for the solid oxide fuel cell industry in the following years.
The worldwide market is likely to observe a number of strategic collaborations, partnerships, and agreements among vendors trying to boost their market position. To illustrate, in June 2020, Bloom Energy, a well-known solid-oxide fuel-cell manufacturer, signed an agreement with Samsung Heavy Industries/SHI, to achieve their common goal of clean and toxic-free power for ships as well as a highly sustainable marine shipping sector.
Type, mobility, application and end-users have been listed as the top segments according to which the market is considered in the report.
The primary types of solid oxide fuel cells are tubular as well as planar. The planar SOFCs market can perform better than its counterpart since it offers benefits such as low power losses as well as excellent energy efficiency. Its application scope is expected to expand in auxiliary power units, portable devices and underwater vehicles, which can be another growth promoter for planar SOFCS in the market.
Depending on mobility, the market sections include stationary as well as portable.
The market, in terms of application, caters to military, combined heat & power and power generation. Between these, the highest gainer can be the power generation segment, on account of the rising need for power to cool down energy-producing plants.
Major end-users specified in the report are commercial & residential, data center, auxiliary power units and retail. The data center can be top end-user in the market, due to the shifting of data from traditional storage systems to cloud by enterprises to control operational spending. Data centers extensively deploy SOFCs in light of the growing demand for better energy-efficiency and curbed carbon and toxic emissions.
APAC/Asia Pacific, Europe and North America are the key regions where the SOFC market is expected to thrive during the evaluation period.
Since 2017, North America has remained the global leader, seizing a share of 46.5% in the solid oxide fuel cell market. The United States/US has been evaluated as the most bankable market in the region, holding the potential to procure a CAGR of 13.11% in the ensuing years. Strong government backup in the form of initiatives, rising number of large-scale firms, high spending on research and development activities, and the continuous technological innovations are cited to be the chief growth boosters in the North American market. Besides, companies in various industries like pharmaceutical, automobile, oil & gas, heavy industries as well as the technology and data service industries are actively participating in the drive to adopt SOFC technology, which is touted to benefit the regional market to a large extent.
The European market stands to profit from the rising relationship between the public and private sectors, surge in crude oil price and the growing demand for the SOFC technology in the automobile industry, power suppliers, electronic companies and residential builders. It is anticipated that the growth of the European market will remain fortified between 2017 and 2023.
Leading Market Vendors
Leading market vendors listed in the MRFR study include Elcogen (Estonia), Redox Power Systems (U.S.), Protonex (U.S.), Atrex Energy (U.S.), Convion Fuel Cell Systems (Finland), Ceres Power Holdings Plc. (U.K.), Bloom Energy (U.S.), Ceramic Fuel Cell Ltd. (Australia), Delphi (U.K.), FuelCell Energy (U.S.), WATT Fuel Cell Corporation (U.S.), to mention a few.
June 2020: A few researchers from the Washington State University have come up with an innovative method to boost solid oxide fuel cells, which could make them more energy-efficient as well as low-polluting compared to gasoline combustion engines in cars. The team has successfully built an affordable but effective nanoparticle catalyst that facilitates the conversion of logistic liquid fuels like gasoline to electricity during the electrochemical process at a faster rate.
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