Solid Oxide Fuel Cell Industry Overview
The global solid oxide fuel cell market size is expected to reach USD 7,124.4 million by 2030, registering a CAGR of 40.7% during the forecast period, according to a new report by Grand View Research, Inc. Growing expenditure on infrastructure and industry development is expected to have a positive impact on the global market in the forecast period.
Installers and system providers usually hold stock of significant equipment in the inventory. However, manufacturers face bottlenecks and shortages due to the limited production in countries, severely affected by the COVID-19. Further, upcoming Solid oxide fuel cells (SOFC) based large-scale projects are expected to witness delays in commissioning due to the disruptions in supply chain and halting of on-site construction activities.
Solid Oxide Fuel Cell Market Segmentation
Grand View Research has segmented the global solid oxide fuel cell market based on application and region:
Based on the Application Insights, the market is segmented into Transportation, Portable, Stationary.
- The stationary application segment led the market and accounted for 81.35% revenue share in 2021. A stationary solid oxide fuel cell system is one of the cleanest and most efficient heat and electricity generation technologies. The performance of these systems is focused on three high-level parameters, including net electrical efficiency, overall efficiency in the case of cogeneration, and durability.
- European countries such as France and the UK are investing heavily in the R&D of solid oxide fuel cells for power generation and transportation applications. The factors above are expected to boost the growth of the stationary application segment in the SOFC market throughout the forecast period.
- Collaboration among SOFC vendors and transportation sector vendors is expected to develop SOFC-based systems for transportation applications during the forecast period.
- For instance, in December 2020, AVL and Ceres signed a strategic collaboration for fuel cell development in order to accelerate product development of SOFC technology across stationary, transportation, and various other applications.
- With this collaboration, both companies will use a combination of their intellectual property portfolios of solid oxide fuel cell systems to offer new solutions to their clients.
Solid Oxide Fuel Cell Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of World
Key Companies Profile & Market Share Insights
In recent years, commercialization of SOFC systems has started with specific niche markets, such as small-scale combined heat and power (CHP) in Japan, and on-site power generations, especially for data centers and military applications in the U.S. Majority of the market participants have focused their research and development activities to develop SOFCs for multiple applications. As a result, the market has witnessed a number of public-private partnerships.
Some prominent players in the global solid oxide fuel cell market include
- Bloom Energy
- Mitsubishi Power Ltd.
- Cummins Inc.
- Ceres
- General Electric
- Fuel Cell Energy Inc.
- Ningbo SOFCMAN Energy
- KYOCERA Corporation
- AVL
- NGK SPARK PLUG CO., LTD.
Order a free sample PDF of the Solid Oxide Fuel Cell Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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