Trending News: Solid Oxide Fuel Cell Market Size, Share, Trends, Growth, Analysis, Research
Global Solid Oxide Fuel Cell Market: Key Highlights
- According to the new market research report “Solid Oxide Fuel Cell (SOFC) Market by Design (Tubular Type, Planar Type), by Application (Stationary, Transport), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global solid oxide fuel cell market is estimated to reach USD 1,168 Million by 2027 at a CAGR of over 13.0% from 2020 to 2027
- The market is growing on the grounds of rising global demand for cleaner energy generation method
- Favorable support by the government through funding and subsidies is further fueling the SOFC market growth
- The market growth is hampered owing to high initial investment and operational cost of SOFC
Global Solid Oxide Fuel Cell Market: Key Market Dynamics
- Growing global population generating higher demand for electricity coupled with increasing global concern to minimize emissions is driving the global attention towards adoption of SOFC
- Government funding and subsidies to promote research & development of advanced SOFC technology is another factor fueling the market growth
- High initial and operational cost with short life of the SOFC is acting as major restraint for the market growth
- Ongoing research and development towards low temperature SOFC is opening new growth opportunities for the SOFC market
- Longer operational time with issues related to heat controlling of SOFC is the key market challenge
Global Solid Oxide Fuel Cell Market: Regional Overview
- North America
The solid oxide fuel cell market in the North American region is expected to grow at a significant pace due to growing concerns and global pressure regarding reduction of hazardous emissions. Owing to this, different types of fuel cells are gaining higher importance in the US leading to rise in their installations and deployments. Increasing investment in the research and development of advanced SOFC is further fueling the market growth.
In Europe, the SOFC market is projected to witness growth owing to increasing efforts towards minimizing the emissions through shifting transition towards low emission economy. The region is constantly looking forward to eradicate the cause of air pollution resulting into support to the fuel cell. In addition to this, EU initiatives and funding opportunities towards the adoption of fuel cell. For instance, the European Fuel Cell and Hydrogen Joint Undertaking Programme with investment of around USD 210.8 million, is fueling the demand for SOFC.
Global Solid oxide fuel cell Market: Key Players Overview
- Bloom Energy:
bloom Energy manufactures and commercializes the solid oxide fuel cell for on-site energy production. The company offers SOFC through its proprietary technology and converts the fuel into the electricity. In December 2019, Bloom Energy and Samsung Heavy Industries collaborated for development of solid oxide fuel cell technology for ships for replacing the oil based power generation.
- Elcogen AS:
Elcogen AS is a manufacturer of ceramic anode solid oxide cells and stacks. The company operates through elcocell and elcostack under its solid oxide fuel cell (SOFC) technology for the residential, commercial, transportation and energy storage. In February 2019, the company plans to set up a SOFC manufacturing facility for EUR 12 million under the InnovFin-EU finance Under Horizon 2020 initiative.
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