Solid Oxide Fuel Cell Market Growth Outlook with Industry Review & Forecasts 2024-2032
Solid Oxide Fuel Cell Market Size was valued at USD 1 billion in 2022 and is expected to expand at over 10.6% CAGR from 2024 to 2032.
Solid oxide fuel cells are electrochemical conversion devices which converts chemical energy to generate electricity and heat from the fuel oxidization. These devices utilize solid oxide or ceramic as its electrolyte material. Rising demand for unconventional energy resources along with extensive research & development activities toward the growth of solid oxide fuel cell (SOFC) technology will boost the industry trend.
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Growing investments toward the development of hydrogen fuel infrastructure across the emerging nations will augment the overall solid oxide fuel cell market share. The increasing adoption of high efficiency devices and rising greenhouse gases concerns will foster the industry trend. Furthermore, scalable power output, efficient heat recovery in line with the potential to produce combined heat & power across off grid locations will drive the business scenario.
The global pandemic has disrupted the solid oxide fuel cell market from its anticipated growth trajectory. The COVID - 19 outbreak has slightly impacted the industry on account of a slowdown in the manufacturing operations along with a delay in the numerous projects and limited investment across the private & public sectors. The decline in the number of infected cases coupled with continuous expansion of fuel cell technology will further stimulate the industry outlook. Moreover, favorable government funds to develop hydrogen infrastructure in line with rising consumer inclination for renewable power generation systems will augment the market growth.
The planar solid oxide fuel cell market is projected to observe at a 9% CAGR through 2032 on account of its highly reliable, with low maintenance requirements and a long lifespan. Increasing government investments for the development of hydrogen infrastructure along with rising sustainable energy requirement across end users will positively impact the business landscape. Simple geometry, improved reliability, reduced thermal stress combined with low operational temperature are some of the key features that will complement the product penetration. Despite this, the capacity to offer high power density, availability of gas manifolding & multiple fabrication options, longer cell life followed by the advantage to offer reduced fuel cell costs will propel the industry scenario.
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The tubular solid oxide fuel cell market size is estimated to grow owing to extensive applicability of clean & reliable energy conversion units coupled with the favorable investments across private & public sectors for the growth of energy sector. However, increasing advancement of cost-effective power generation solutions in line with striving electricity demand will propel the industry dynamics.
The portable SOFC market exceed USD 107.2 million by 2032. Rising electricity requirement across off grid locations together with increasing consumer inclination toward the adoption of clean energy generation systems will complement the industry landscape. Growing applications of hydrogen & fuel cells across the data centers along with continuous research & development activities aiming for the advancement of technologies will drive the solid oxide fuel cell market scenario. Furthermore, stringent government norms to reduce the carbon footprints in line with favorable investments across private & public sectors will augment the industry dynamics.
Rising requirement for alternate energy sources to supply uninterrupted power in line with increasing focus toward unconventional energy sources to cater to the escalating electricity demand will strengthen the market share. Fuel flexibility, efficient energy generation, long term stability is some of the features which will positively influence the product penetration across the end users. Additionally, extensive installation of cost-effective solutions for energy generation and continuous technological enhancements across rising economies will accelerate the solid oxide fuel cell market potential.
Combined Heat & Power (CHP) market will witness growth of more than 10% by 2032 owing to ongoing consumer shift toward backup power sources in line with their ability to offer modular heat & power supply. Continuous development in SOFC technologies to supply uninterrupted heat & power across remote areas in line with new product innovations will boost the product landscape. In addition, extensive applicability of reliable & low emission devices coupled with the focus to offer maximum power density will drive the solid oxide fuel cell market trends.
Increasing requirement of unconventional energy sources along with a paradigm shift toward the adoption of advanced technologies will stimulate the stationary fuel cell market growth. Increasing installation of large-scale stationary fuel cell units providing high power output will positively impact the product penetration. Similarly, growing requirement for uninterrupted power supply across facilities including data centers equipped with lower grid reliability will contribute to the business scenario.
North America solid oxide fuel cell market size is surpassed USD 393 Million in 2022. Ongoing replacement of conventional power generation systems along with rising focus for the development of unconventional infrastructures will fuel the industry growth. Extensive research & development activities coupled with the different initiatives & programs to address the expansion of various technologies will accelerate the business potential. Moreover, increasing deployment of economical fuel cell units in line with a favorable government investment to support sustainable technologies will foster the business scenario.
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Fuel cell market will witness growth owing to increasing government funds to cater to the development of efficient fuel cell technologies along with increasing concern to reduce carbon dioxide emissions. Additionally, paradigm shift toward the expansion of highly efficient and low carbon emission power generation systems coupled with rising electricity demand will foster the business scenario.
The key industry players are focusing on strategic mergers & contracts along with new product innovations which will positively influence the business trends. The eminent players across the solid oxide fuel cell market include MITSUBISHI HEAVY INDUSTRIES, LTD., Bloom Energy, Ceres, Energy, AISIN CORPORATION, SFC Energy, AFC Energy and Elcogen AS.
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