Solid Oxide Fuel Cell Market size strongly emerges with significant CAGR of 13.88% through 2026
Solid Oxide Fuel Cell (SOFC) Market is an emerging market with strong influence drawn from rising environment awareness, diminishing of non renewables and supply crisis to meet the high demand of fossil fuels.
Industries, manufacturers, and production sectors are replacing fossil fuels with solid oxide fuel cells (SOFC) to increase the fuel efficiency and to reduce carbon dioxide emissions.
The surplus demand for electricity, large consumption of consumer electronics and electrical appliances drives the power generation application segment of solid oxide fuel cell market, followed by military, combined heat and power, and others.
Amid the market types, planar solid oxide fuel cell market segment is largely driven by advantages of low power losses and high transmission efficiency compared to conventional power generation sources. Further, this trend continues in upcoming years due to its widespread applications such as stationary power generation, transportation, military, and other applications.
Nevertheless, Solid oxide fuel cell market growth faces intense competition from alternative energy resource such as renewable energy resources like solar, wind energy, and energy resources.
Increased investments by government agencies and industrial authorities the drive the solid oxide fuel cell market growth
Government authorities and companies are investing heavily on procurement of advanced solid oxide fuel cell (SOFC) technology and significantly drive the overall solid oxide fuel cell market growth. As of on September 2019, The US Department of Energy’s (DOE) Office of Fossil Energy (FE) selected 16 projects to invest about $ 13.5 million for research and development activities of advanced solid oxide fuel cell (SOFC) technologies.
Further, government subsidiaries and fuel cell awareness programs are observed to promote the use of solid oxide fuel cell (SOFC).The technology driven countries such as Japan, the U.S and EU-5 are witnessing to take the lead of encouraging solid oxide fuel cell (SOFC) consumption for better efficiency and reduced carbon dioxide emissions
North America firms its SOFC market share over the forecast period
North America dominates the global solid oxide fuel cell market driven by increased demand for conventional energy sources, efficient power distribution system, and development of hybrid-SOFC technologies. Further, rising investments by US department of energy to adopt solid oxide fuel cells in data centers, military and production houses is having a positive impact on market.
Further, prominent energy providers across the region are entering global market by partnering with foreign construction projects to promote SOFC. For instance, in 2019,the U.S. based Bloom Energy along with real estate developer Atelier Global, GAIL (India) Limited and Indian Oil Corporation, and US-India Strategic Partnership Forum (USISPF) announced a commercial real estate development in Bangalore that will be powered by Solid Oxide Fuel Cell.
However, Asia Pacific is set to growth with leading market players investing in SOFC projects across the region. Fuel cells are heralded as the next-generation source of clean, efficiently produced electricity with intense research and development progress in Japan. SOFC for vehicles and other mobile applications as well as for stand-alone systems for residential and commercial use will be merchandized in the coming years.
Key players are deploying SOFC and implementing strategic initiatives to expand market size
Key players in the industry are commissioning the use of solid oxide fuel cell to power up plants and avail advantages of high efficiency through increased production rates and efficient costs. For instance, in April 2019 FuelCell Energy, Inc. announced the deployment of advanced and flexible solid oxide fuel cell at its power plant project in Pittsburgh, Pennsylvania.
Solid oxide fuel cell key players are taking strategic initiatives such as joint ventures and mergers to expand their business operations and to avail research and development activities. For instance, in July 2019 Ceres Power and Doosan entered into collaboration and licensing agreement to jointly develop solid oxide fuel cell (SOFC) distributed power systems across Korean solid oxide fuel cell (SOFC) market.
On similar lines, in July 2019, Mitsubishi Hitachi Power Systems, Ltd. (MHPS) and NGK SPARK PLUG CO., LTD. (NTK) formed joint venture to produce and distribution of cylindrical cell stacks as the power generating elements in solid oxide fuel cells (SOFC).
The key players in the industry that are operating in the global solid oxide fuel cell market are Aisin Seiki, Bloom Energy, Convion Fuel Cell Systems, Ceres Power Holdings, Fuelcell Energy, Hexis, Solidpower, Sunfire, Protonex, and Watt Fuel Cell Corporation.