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 Global Solid Oxide Fuel Cell Market is projected to reach a value of over USD 1,168.7 Million by 2027 at a CAGR of over 13.0%, Predicts Forencis Research.
Solid Oxide Fuel Cell (SOFC) is an electrochemical conversion device that operates under higher temperature (above 600°C) and generates electrical energy through chemical reaction. SOFC offers cleaner and quiet mode for energy generation with higher energy efficiency when compared to the conventional generators and power plants. Another advantage associated with the SOFC is that it is fuel-flexible, i.e., it can reform methane, use carbon monoxide (CO) as a fuel and possess ability to withstand certain impurities present in the fossil fuel.
Solid Oxide Fuel Cell Market: Drivers & Challenges
• Rising Demand for Efficient and Clean Energy Generation
Globally, the population is growing at a rapid pace, resulting in high demand for energy and power. Increasing automation, ongoing industrialization with global concern regarding the emissions is driving demand for the eco-friendly and energy efficient energy generation system. Fossil fuels are the prominent source of energy generation and contributes immensely in the global emission. Global concern to minimize the carbon and other greenhouse gases emission is increasing. To overcome this, several standards and regulation promoting the use of the fuel cell, which is expected to drive the market growth
• Favorable Governmental Support
The global solid oxide fuel cell market is growing on the grounds of favorable support through high investment in the SOFC by the government organizations worldwide. Low emission, higher efficiency for energy generation, relatively low cost, and various other advantages associated with the SOFC, are capable of reducing emission. For instance, European countries undertook European Fuel Cell and Hydrogen Joint Undertaking Programme with investment of around USD 210.8 million (Euro 176 million) for development and deployment of fuel cells. Also, in March 2018, US Department of Energy (DoE) is funding around USD 13.5 million for cost shared R&D for SOFC technologies. Through government program and subsidies, the SOFC is gaining higher popularity, which in turn, is driving the market growth.
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• High Initial Investment with Limited Life
The growth of the SOFC market is hindered in the commercial application owing to high investment and operating cost of SOFC. High cost of SOFC is linked with the designs and their degradation for longer timespan escalates it price for commercial application.
Solid oxide fuel cell market: Key segments
• On the basis of Design, the market is classified into: Tubular Type and Planar Type
• On the basis of Application, the market is classified into: Stationary and Transport
• On the basis of Geography, the market is classified into: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
KEY Companies Covered
Bloom Energy, Nexceris, Elcogen AS, Robert Bosch GmbH, AVL, KYOCERA Corporation, FuelCell Energy, Inc., Ceres Power Holdings plc, Ballard Power Systems, SOLIDpower S.p.a., Other Key Companies