The global solid oxide fuel cell market is estimated to garner a large amount of revenue and grow at a CAGR of ~30% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing research and development activities on fuel cell programs, and encouraging government policies in developing nations for boosting hydrogen infrastructure. Along with these, growing concerns to diminish carbon emissions is giving rise to the surge in installation of green energy technologies, which in turn is expected to encourage the potential of fuel cell development. According to the United States Environmental Protection Agency, global carbon dioxide emissions increased by 90 percent since 1970, contributing about 78 percent of the total greenhouse emissions increase between 1970 to 2011. Furthermore, escalating emphasis of government of developed regions on providing subsidies and incentives for establishing solid oxide fuel cell gas turbines and other installations, is projected to offer ample growth opportunities for the market in the near future.
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The market is segmented by application into power generation, combined heat & power, and military, out of which, the power generation segment is anticipated to hold the largest share in the global solid oxide fuel cell market. This can be accounted to the growing demand for clean energy generation, rising research and development for hydrogen generation, and favorable government policies and subsidies. Additionally, on the basis of mobility, the stationary segment is assessed to acquire the largest share over the forecast period owing to the growing emphasis on hydrogen-powered fuel cells for back-up power and robust growth in energy demand across several industry verticals. Apart from these, increasing need for low carbon alternatives is also evaluated to boost the growth of the market segment by the end of 2030.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global solid oxide fuel cell market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the huge government targets for fiber channel technology, and rising presence of solid oxide fuel cell manufacturers in India. In addition, intensifying energy demand and rapid industrialization are also predicted to drive the region’s market growth in the future. Primary energy consumption in the Asia Pacific region exceeded 253 exajoules in the year 2020. That same year, China accounted for more than 57 percent of Asia’s total energy consumption. Moreover, the market in North America is anticipated to occupy the largest share during the forecast period ascribing to the presence of supportive incentives and policies in the United States, and high demand for power generation by fuel cell in the region.
The global solid oxide fuel cell market is further classified on the basis of region as follows:
Our in-depth analysis of the global solid oxide fuel cell market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing research and development activities on fuel cell programs and encouraging government policies for boosting hydrogen infrastructure.
The market is anticipated to attain a CAGR of ~30% over the forecast period, i.e., 2022 – 2030.
Availability of other fuel cell systems is estimated to hamper the market growth.
Asia Pacific will provide more business growth opportunities owing to the huge government targets for fiber channel technology, and rising presence of solid oxide fuel cell manufacturers in India.
The major players in the market are Mitsubishi Heavy Industries, Ltd., Ceres Power Holdings plc, Aisin Seiki Co., Ltd., Sunfire GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, mobility, application, end user, and by region.
The stationary segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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