Growing demand from clean energy sources as well as distributed power generation and rising demand for energy-efficient power generation method is the factor which empowers the market demand
JERSEY CITY, N.J., Oct. 27, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Solid Oxide Fuel Cell Market" By Application (Combined Heat And Power, Military, Power Generation), By Type (Planar, Tubular), By End User (Telecom Tower, Residential, Data Centers), and By Geography. According to Verified Market Research, the Global Solid Oxide Fuel Cell Market size was valued at USD 489.35 Million in 2020 and is projected to reach USD 1179.27 Million by 2028, growing at a CAGR of 11% from 2021 to 2028.
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Browse in-depth TOC on "Solid Oxide Fuel Cell Market"
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Global Solid Oxide Fuel Cell Market Overview
Rising Application in the Military sector and growing adoption by end-users are the factors that help to motivate the market. Moreover, other features like the ability to run on multiple fuels, Emergence of hybrid SOFC technologies, growing demand from clean energy sources as well as distributed power generation and rising demand for energy-efficient power generation method are the factor which empowers the market demand. Moreover, it gets extensively used in functioning energy-intensive data centers with the intention of facilitating real-time backup of the data as well as enhancing operational performance.
Furthermore, numerous product inventions, like the development of portable as well as noiseless SOFCs for military applications, are also other growth factors. These advanced variations are being widely used for operating military robots, UAVs, together with communications devices. Additionally, some other factor which leads to the market growth includes widespread R&D activities in fuel cell programs, together with the execution of favorable government policies. Technical issues like high start-up time & High operating temp together with increasing capital cost and available alternatives are the factors that hamper the market growth
Key Developments in Solid Oxide Fuel Cell Market
- In August 2020, Aisin AW and Aisin Seiki which both are part of Aisin Group have planned to integrate their management in order to support their advanced research business which will help to improve the efficiency of resources and interconnected projects, resulting in agile research.
- In April 2020, Konan Kogyo which is a subsidiary of Aisin Seki has established a hydrogen station with the intention of endorsing the revolution from petroleum-based energy to clean energy. Under this partnership, Aisin Seiki and Toyota Group plan to use fuel cell-electrified buses for transportation.
- In November 2020, SK E&C and Bloom Energy have won a competitive bid for Korea's Changwon RE100 Project. Under this project, the duo will supply 100% hydrogen-powered electrolyzers as well as solid-oxide fuel cells. From 2021 into 2022. Bloom Energy will supply 1.8 MW of hydrogen-powered fuel cells through a multi-stage deployment.
The major players in the market are Bloom Energy, Ceres Power Holdings, Hexis, Sunfire, Watt Fuel Cell Corporation, Elcogen, Ultra Undersea Sensor Systems, Atrex Energy, Aisin Seiki, Convion Fuel Cell Systems, Fuelcell Energy, Solidpower, Protonex, General Electric, and Ztek Corporation.
Verified Market Research has segmented the Global Solid Oxide Fuel Cell Market On the basis of Application, Type, End-User, and Geography.
- Solid Oxide Fuel Cell Market, By Application
- Combined Heat & Power
- Power Generation
- Solid Oxide Fuel Cell Market, By Type
- Solid Oxide Fuel Cell Market, By End-User
- Telecom Tower
- Auxiliary Power Unit
- Data Centers
- Commercial & Retail
- Portable & unmanned Systems
- Solid Oxide Fuel Cell Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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