Press release
Solid Oxide Fuel Cell Market Rising as Companies are Dedicated Towards Cleaner Energy Solutions, Reaching $869.71 Million by 2030
Solid Oxide Fuel Cell Market Insights:
• On the basis of application, in 2021 stationary segment ruled the overall solid oxide fuel cell market with a revenue share of nearly 79%.
• In 2021, the data centers segment held a significant position, with a revenue share of approximately 41% on the basis of the end user.
• Geographically, North America led the solid oxide fuel cell market, with a revenue share of nearly 44% in 2021.
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Solid Oxide Fuel Cell Market Dynamics
The usage of solid oxide fuel cells has increased over the past several years due to the growing demand for higher energy efficiency in connection with the production of electricity. The solid oxide fuel cell market is expanding as a result of rising environmental concerns, the implementation of strict emission rules globally, as well as increased government backing and efforts.
For the installation of fuel cells and the purchase of new energy vehicles, several governments provide subsidies. Clean energy sources have been adopted as a result of the growing global population and increased energy demand. They can provide a variety of devices with clean, effective, and dependable power generation.
Solid Oxide Fuel Cell Market: A thorough Segmentation Analysis
The segmentation of Solid Oxide Fuel Cell Market has been done on the basis of Application, End-user, and region.
By Application:
• Portable
• Transport
• Stationary
By End-User
• Commercial & Industrial
• Residentials
• Data Centers
• Military & Defense
By Region
North America
• Mexico
• Canada
• United States
Europe
• United Kingdom
• France
• Italy
• Germany
• Turkey
• Belgium
• Netherlands
• Switzerland
• Spain
• Russia
• Netherlands
• Rest of Europe
Asia Pacific
• Japan
• India
• China
• Australia
• Malaysia
• Thailand
• Indonesia
• Philippines
• South Korea
• Rest of Asia Pacific
LAMEA
• Argentina
• Brazil
• Saudi Arabia
• Uruguay
• Rest of LAMEA
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On the basis of application, in 2021 stationary segment ruled the overall solid oxide fuel cell market with a revenue share of nearly 79%. The quick rise in energy consumption across many industries is responsible for segment expansion and the desire for low-carbon substitutes for effective power generating and cogeneration facilities. One of the purest and most efficient heat and power production technologies is the stationary SOFC system, propelling the SOFC market expansion in this sector.
Geographically, North America led the Solid Oxide Fuel Cell market, with a revenue share of nearly 44% in 2021. The region's product demand is driven by strong demand for fuel cell power generation and increased research and development for hydrogen generation. The market in the United States has risen at a fantastic rate and is expanding significantly faster than the rest of the world, thanks to strong government support and strategic market emphasis. The U.S. Department of Energy (DOE) stated in September 2021 that it will provide the U.S. with $ 34 million to design and manufacture small-scale SOFC systems.
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Key industry Players in the solid oxide fuel cell market
• Sunfire
• Miura
• Special Power Source
• AVL
• Elcogen AS
• H2ePower
• ZTEK Corporation
• Kyocera Corporation
• Mitsubishi Power
• Adaptive Energy
• Adelan
• Aisin Seiki
• Bloom Energy
• Solid Power
• Ceres Power
• Watt fuel cell corporation
• Convion Ltd
• Upstart Power
The worldwide solid oxide fuel cell market in 2021 was worth $869.71 million and will reach $12.25 billion by 2030, growing at an 11.78% CAGR during 2021-2030. Because of their better efficiency and lower environmental impact, solid oxide fuel cells are becoming more popular. These cells offer exceptional performance with more than 60% fuel-to-electricity conversion efficiency.
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