SOFC Market | Solid Oxide Fuel Cells Global Analysis on Key Driving Factors

Solid oxide fuel cells (SOFC) generate electricity by electrochemical transformations in which biogas, natural gas, propane hydrogen, and other hydrocarbons are directly oxidised. Because of the growing demand for zero-emission energy devices and renewable sources of energy, the global solid oxide fuel cells (SOFC) market is expected to expand rapidly. The primary purpose of these cells is to generate electrical current, which can be used to power electric vehicles or to illuminate a light bulb. These cells contribute to a high-end combination of heat and strength, long-term durability, fuel versatility, low carbon emissions, and cost effectiveness. There is a growing need for energy diversification and alternative energy sources. There are many risks today, such as increasing carbon emissions and severe weather changes, and in this scenario, fuel cells play an important role in combating all of these threats.

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Key Driving Factors: Government incentives and increased R&D on fuel cell projects are the main drivers.

Some of the most important driving factors for the development of the solid oxide fuel cell industry are government policies and incentives for fuel cells. Fuel cell systems in California, Delaware, and Connecticut are leading the way, with incentives and subsidies for fuel cell installations, resulting in SOFC and other fuel installations in the United States. Previously, fuel cells built in the United States were eligible for a tax rebate of USD3,000/kW, or 30% of the project cost. California's Self-Generation Incentive Program (SGIP) provides rebates to generators to help current, new, and emerging distributed electricity generation. However, the curriculum has been expanded, with the most recent development being a workshop on SGIP Sustainable Generation organised by the Energy Division.

This report offers the major market player’s profiles, such as Fuel Cell Energy, Convinion, Intelligent Energy, Aisin Seiki Co, Bloom Energy, Ceres Power, Hexis, Sunfire, Protonex, GE, Elcogen, Watt Fuel Cell Corporation, SOLIDpower, Ztek Corporation, and Atrex Energy

Opportunities: End-user penetration in data centres and the military sector is increasing.

In the United States, data centres are the fastest-growing end users of the power generation application. A data centre consumes a lot of energy and uses a lot of it. Furthermore, data centres need continuous power 24 hours a day, seven days a week to prevent data loss. According to the IEEE Communications Society, global data centre electricity demand in was projected to be 198 terawatt hours, or approximately 1% of global electricity demand. Data centres are opting for cost savings by adopting distributed power generation, especially fuel cells, due to high power consumption. Fuel cells, like SOFCs, have seen considerable development in the United States in the past. The adoption of SOFCs for data centres by Google, IBM, and Equinix has sped up growth in the US SOFC industry. Data centre SOFC adoption is currently minuscule in comparison to the total number of data centres in the United States, making it one of the most lucrative end-use segments for SOFC.

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