Global Solid Oxide Fuel Cell Market, 2022-2027 – Increasing Adoption by End-users in Data Centers and Military Sector Creates Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Solid Oxide Fuel Cell Market by Type (Planar & Tubular), Application (Portable, Stationary, & Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, and Residential ) and Region – Forecasts to 2027” report has been added to ResearchAndMarkets.com’s offering.
The solid oxide fuel cell market size will grow to USD 6.5 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 33.9 % during the forecast period. The global solid oxide fuel cell market is driven by the government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission. Rising distributed power generation applications across regions and increasing adaptivity by end users in data centers and military sectors are expected to offer lucrative opportunities for the solid oxide fuel cell market during the forecast period.
The planar segment, by product type, is expected to be the largest market from 2022 to 2027
The planar segment held the largest share of the solid oxide fuel cell market. The growth is evident owing to the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes.
The Stationary segment, by application is expected to be the largest market from 2022 to 2027
The stationary segment of the market, by application, is estimated to be the largest during the forecast period. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power. The market for the stationary segment in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the fact that the governments of South Korea, China, and Japan are highly focusing on utilizing renewable energy and hence opting for utility-scale SOFC power plant.
Asia Pacific: The largest region in the solid oxide fuel cell market
Asia Pacific is expected to dominate the global solid oxide fuel cell market between 2022-2027. The region has been segmented, by country, into Japan, China, South Korea and the rest of Asia Pacific. The Rest of Asia Pacific includes Australia, and India. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.
Market Dynamics
Drivers
- Government Subsidies and Increased R&D on Fuel Cell Programs
- Advantages of Fuel Flexibility and Energy-Efficient Power Generation
- Stringent Emission Norms in Europe and North America Leading to Demand for Clean Energy Sources
Restraints
- High Fuel Cell Installation and Manufacturing Costs
- Development of Other Types of Fuel Cells
- Storage Issues Associated with Hydrogen as Fuel for Sofcs
Opportunities
- Rising Distributed Power Generation Applications Across Regions
- Increasing Adoption by End-users in Data Centers and Military Sector
Challenges
- High Operating Temperatures and Start-Up Time of Sofcs
- Rise in Investments in Alternative Clean Technologies
Companies Mentioned
- Adaptive Energy
- Adelan
- Aisin Corporation
- Avl
- Bloom Energy
- Ceres
- Clara Venture Labs
- Convion Ltd.
- Cummins
- Doosan Fuel Cell Co., Ltd.
- Elcogen As
- H2E Power Systems Pvt. Ltd.
- Hitachi Zosen Corporation
- Kyocera Corporation
- Mitsubishi Power
- Miura Co., Ltd.
- Posco Energy
- Robert Bosch GmbH
- Solidpower S.P.A
- Special Power Source
- Sunfire GmbH
- Upstart Power, Inc
- Watt Fuel Cell Corporation
- Weichai Power Co., Ltd
-
Ztek Corporation
For more information about this report visit https://www.researchandmarkets.com/r/wif9h0
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