Solid Oxide Fuel Cell Market Trends Statistics6

Solid Oxide Fuel Cell Market
Trends, Statistics & Growth Forecast 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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