Solid Oxide Fuel Cell Market To Reach USD 17,469.3 Million By 2032 | Report By DataHorizzon Research
The solid oxide fuel cell market has growth prospects, with the industry development augmented by the escalating integration of evolved technologies.
Fort Collins, Colorado, Oct. 12, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the solid oxide fuel cell market size was valued at USD 513.4 Million in 2022 and is expected to reach USD 17,469.3 Million by 2032 and is expected to have a CAGR of 42.4%.
Solid oxide fuel cells are utilized in commercial, industrial, military, and residential industries. The report provides a comprehensive global market analysis, highlighting present and future industry trends with actionable insights. Solid oxide fuel cells can generate heat during operations to enhance their effectiveness. They can withstand high temperatures and produce maximum output, a significant driving force for the market.
The SOFC technology is gaining popularity due to its contribution to sustainable development and energy adaptability. Governments support market growth by offering subsidies for vehicles powered by renewable energy sources. The need to reduce pollution and greenhouse gas emissions has also created a demand for alternative fuel options.
These cells have low maintenance due to solid components and no electrolyte balancing. They also eliminate corrosion and release negligible pollution, making them environmentally friendly. The defense sector is seeking fuel alternatives due to high power consumption. The EU has mandated a 90% reduction in greenhouse gas emissions, further boosting the market for solid oxide fuel cells. Solid oxide fuel cells are an efficient and noiseless option, increasing their usage.
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The global solid oxide fuel cell market has been segmented into types, application, and end-use. Planar-type fuel cells are preferred due to easy construction and lower costs. The commercial sector leads in end-use due to the demand for clean energy. Solid oxide fuel cells also increase the range of surveillance for drones and UAVs in the defense sector.
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Solid Oxide Fuel Cell Market Report Highlights:
- The global solid oxide fuel cell market growth is anticipated at a CAGR of 42.4% by 2032.
- The popularity of solid oxide fuel cells has been rising as they can produce electricity through various fuel sources, are environmentally friendly, and do not produce any harmful by-products.
- North America is the leading market due to favorable laws, incentives, and research funding for hydrogen fuel generating stations and fuel cell power generation.
- Some prominent players in the solid oxide fuel cell market report include Bloom Energy, Mitsubishi Power Ltd., Cummins Inc., Ceres, General Electric, FuelCell Energy Inc., Ningbo SOFCMAN Energy, KYOCERA Corporation, AVL, and NGK SPARK PLUG CO.
Industry Trends and Insights:
- Fuel Cell Energy and Toyota have completed the “Tri-gen system” at Toyota’s Port of Long Beach operations. The system produces sustainable electricity, hydrogen, and water from biogas.
- GE Vernova’s Gas Power business has secured a 25-year service agreement for West African Energy’s 300 MW combined cycle power project in Dakar, Senegal.
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Solid Oxide Fuel Cell Market Segmentation:
- By Type: Tubular & Planar
- By Application: Stationary & Portable
- By End-user: Commercial & Industrial, Data Centers, Military & Defense, and Residential
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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