Jan 19, 2021   SOURCE: BusinessWire

The Worldwide Solid Oxide Fuel Cell Industry is Projected to Reach $2.8 Billion by 2025 - ResearchAndMarkets.com

The "Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global solid oxide fuel cell market size is projected to reach USD 2,881 million by 2025 from estimated revenue of USD 772 million in 2020, at a CAGR of 30.1% during the forecast period.

The key drivers for the solid oxide fuel cell market include government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy sources.

The planar segment is expected to dominate the solid oxide fuel cell market.

The planar segment is expected to be the largest market, by type, during the forecast period. 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 is expected to dominate the solid oxide fuel cell market.

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 the 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.

North America to lead the global solid oxide fuel cell market in terms of value.

North America is the largest solid oxide fuel cell, followed by the Asia Pacific and Europe. The region has been segmented, by country, into US and Canada. US is the largest and fastest growing market in the region. The growth in this country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy's (DoE's) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market.

Market Dynamics

Drivers

  • Government Subsidies and Increased R&D on Fuel Cell Programs
  • Fuel Flexibility and Increasing Demand for Energy-Efficient Power Generation
  • Stringent Emission Norms in Europe & North America Leading to Demand for Clean Energy Sources

Restraints

  • High Fuel Cell Installation and Manufacturing Costs
  • Development of Other Types of Fuel Cells

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 Battery & Renewable Technology Integration
  • Market Fluctuations due to COVID-19

Companies Mentioned

  • Adaptive Energy
  • Adelan
  • Aisin Seiki
  • AVL
  • Bloom Energy
  • Bosch Engineering
  • Catator
  • Ceres Power
  • CMR Prototech
  • Convion Fuel Cells
  • Cummins
  • Doosan Fuel Cell
  • Elcogen
  • Fuelcell Energy
  • H2E Power
  • Hitachi Zosen
  • Kyocera
  • Mitsubishi Power
  • Posco Energy
  • Solidpower
  • Special Power Sources
  • Sunfire
  • Upstart Power
  • Watt Fuel Cell
  • Ztek Corporation

For more information about this report visit https://www.researchandmarkets.com/r/dvth80