Solid Oxide Fuel Cell Market Anticipated to Reach $6.5 billion by 2027

The solid oxide fuel cell market size will grow to USD 6.5 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 33.9 % during the forecast period.

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Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms are likely to drive the solid oxide fuel cell market. Rising distributed power generations applications across regions and increasing adaptivity by end users in data centers and military sectors will be the main opportunities growing in market. Asia Pacific is estimated to be the largest market from 2022 to 2027 and is expected to see a high demand for solid oxide fuel cell due to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.

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Opportunity: Increasing adoption by end users in data centers and military sector

Data centers are the fastest-growing end users for the power generation application in the US. Operating a data center is highly power consuming and power intensive. Additionally, data centers require uninterrupted power 24*7 so as to minimize the loss of valuable data. According to the IEEE Communications Society, globally, electricity demand from data centers in 2018 was an estimated 198-terawatt hour or almost 1% of demand for electricity in the world. Due to the high consumption of power, data centers are opting for cost reductions by adopting distributed power generation, particularly fuel cells. Fuel cells, including SOFC, have previously seen tremendous growth in the US. SOFC adoption for data centers by Google, IBM, and Equinix has stimulated growth at the fastest rate in the US SOFC market. Currently, the total SOFC adoption by data centers is still minuscule with respect to the total data centers in the US, thus making it one of the most lucrative end-use segments for SOFC.

In the military sector, stationary and portable power generation by SOFC is on the rise. Additionally, the need for noiseless and efficient power generation for military application creates an opportunity for SOFC in this segment. The developments in SOFC portable applications for the military application are expected to increase with newer opportunities for the growth of this market further.

Challenge: High operating temperatures and start-up time of SOFC

SOFC require a longer duration for starting up operation when compared to other fuel cell technologies. Being a high-temperature technology, SOFC require time to reach a critical operating temperature to function at full capacity, thus contributing to higher start-up time. In addition, the operation of an SOFC releases a high amount of heat into the surrounding, which significantly increases the need for good thermal shielding, ultimately increasing its weight. These are the main reasons why SOFC have a low market share in portable applications and emergency power applications. The development of SOFC systems with lower start-up times is still in the initial stage. Currently, companies such as SOLIDPower, Sunfire, and Bloom Energy are investing in R&D to overcome the technical challenges associated with SOFC.

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Asia Pacific is expected to dominate the global solid oxide fuel cell market, during the forecast period

Asia Pacific accounted for a 45.5% share of the solid oxide fuel cell market in 2021 and is expected to growth with a CAGR of 37.1% in the forecast period. The region has been segmented, by country, into Japan, China, South Korea and Rest of Asia Pacific. The Rest of Asia Pacific includes Australia, and India. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.

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