How Has The Solid Oxide Fuel Cell Market Size Evolved In Recent Years?
The solid oxide fuel cell market has seen considerable growth due to a variety of factors.
• The size of the solid oxide fuel cell market has seen a rapid expansion lately. It is projected to surge from $2.2 billion in 2024 to $2.85 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 29.9%. Factors like the viability efforts of the market, utilization of hydrogen, initial stages of development, energy robustness, surging energy requirements, and government aids all contribute to its growth in the historical period.
What Are The Predictions for The Solid Oxide Fuel Cell Market?
The Solid Oxide Fuel Cell market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for solid oxide fuel cells is predicted to experience significant growth in the coming years, expanding to $7.62 billion by 2029 with a compound annual growth rate (CAGR) of 27.8%.
This anticipated growth in the projected period can be attributed to strategies aimed at reducing costs, the expansion of microchip systems, growth in industrial applications, and an increased focus on clean energy. Key trends during this period are expected to include technological advancements, initiatives for energy transition, the drive for grid resilience and decentralization, and the progression of a hydrogen economy.
Which Drivers Are Accelerating Growth In The Solid Oxide Fuel Cell Market?
The solid oxide fuel cells market is expanding due to the increasing demand for environmentally friendly energy sources. Such renewable energy sources, unlike fossil fuels, result in minimal to no greenhouse gas emissions during electricity production. Solid oxide fuel cells (SOFCs) are a highly efficient, dependable, and versatile technology capable of generating power from green fuel sources via an electrochemical reaction. These fuel cells contribute to reducing the consumption of fossil fuels and the emission of carbon dioxide into the environment, thereby boosting the SOFC market. For example, in March 2022, according to the U.S. Energy Information Administration, renewable energy's contribution to power generation is expected to roughly triple, increasing from 21% in 2021 to 44% by 2050. This substantial growth is predominantly attributed to innovations in wind and solar power technologies. Hence, the push for greener energy sources is likely to stimulate the solid oxide fuel cells market expansion.
What Are The Core Segments Of The Global Solid Oxide Fuel Cell Market?
The solid oxide fuel cell market covered in this report is segmented –
1) By Type: Planar, Tubular
2) By Application: Portable, Stationary, Transport
3) By End-User: Commercial And Industrial, Data Centers, Military And Defense, Residentials
Subsegments:
1) By Planar: Flat Plate Design, Multi-Layer Planar Cells, Stack Configurations
2) By Tubular: Monolithic Tubular Cells, Stackable Tubular Cells, Composite Tubular Designs
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Which Emerging Trends Are Reshaping The Solid Oxide Fuel Cell Market Size?
The solid oxide fuel cells market is seeing an uptick in the trend of product innovation. The fundamental focus for many major companies in this field is on research and development to conceptualize and introduce innovative solid oxide fuel cells with unique capabilities that facilitate a decentralized energy supply system in conjunction with a cascade or cluster. Decentralized energy systems are energy generation setups that are typically localized near the point of energy consumption, minimizing the requirement for fossil fuels, boosting eco-efficiency, and optimizing the usage of renewable energy sources and combined heat and power. For instance, In April 2022, Robert Bosch GmbH, a German technology and engineering firm, launched its unique decentralized energy system, Bosch’s solid oxide fuel cell. It boasts an electric efficiency of over 60% and an overall efficiency exceeding 85%, with a projected power yield of 10 kW. It can also generate up to 3 kW of thermal energy and is adaptable to various fuels such as natural gas, biomethane, hydrogen or different blends. Apart from this, it enables forming a decentralized energy supply system by being combined with a cascade or cluster, with a prospect of connecting SOFC clusters to create virtual power plants with high energy capacities in the megawatt range in forthcoming times.
Who Are the Key Players In The Solid Oxide Fuel Cell Market?
Major companies operating in the solid oxide fuel cell market include:
• Bloom Energy Corporation
• Mitsubishi Heavy Industries Ltd.
• Aisin Corporation
• Hitachi Zosen Corporation
• Ceres Power Holdings PLC
• Adelan Ltd.
• Adaptive Energy LLC
• SOLIDpower S.p.A.
• Watt Fuel Cell Corporation
• Upstart Power Inc.
• AVL List GmbH
• Convion Ltd.
• Kyocera Corporation
• h2e Power Systems Pvt. Ltd.
• Elcogen AS
• MIURA CO. LTD.
• Cummins Inc.
• Sunfire GmbH
• Hexis AG
• Atrex Energy Inc.
• FuelCell Energy Inc.
• Rolls-Royce Fuel Cell Systems Ltd.
• POSCO Energy Co. Ltd.
• Nexceris LLC
• Catator AB
• Robert Bosch GmbH
• Fuji Electric Co. Ltd.
• General Electric Company
• Ningbo SOFCMAN Energy Technology Co. Ltd.
What Are The Regional Insights Into The Solid Oxide Fuel Cell Market?
North America was the largest region in the solid oxide fuel cell (SOFC) market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid oxide fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
