Solid Oxide Fuel Cell Market Growth, Industry Outlook and Opportunities 2022 – 2029 | DataM Intelligence

DataM Intelligence
The Global Solid Oxide Fuel Cell Market is expected to grow at a high CAGR of 30.0% during the forecasting period (2022-2029).

Market Overview

NorthAmerica region, in particular, is estimated to witness a large growth potential for solid oxide fuel cells owing to increased pressure on private energy producers in the reduction of carbon footprints. Also, massive investment in clean energy is giving a boost to the solid oxide fuel cell market in the region, especially in U.S. and Canada

In 2019, California state of U.S. announced a new program under name “SelfGeneration Incentive Program (SGIP)” with a budget of US$ 566 Million to produce and distribute electricity through fuel cell technology

Japan is one of the largest consumers of solid oxide fuel cells in the Asia-pacific region and the country initiated a program under the name “Ene farm program.” Under this program, the country will establish fuel cell systems for micro-CHP application with 1.4 Million Units by 2020 and 5.3 Million Units by 2030

Bloom Energy, Aisin Seiki Co., Ltd., and Mitsubishi Heavy Industries, Ltd. are some of the key players in the global solid oxide fuel cell market Increasing Demand for Energy Efficient Power Generation

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Market Segmentation

Planar holds the largest share globally owing to the high demand for planar in power generation. The Planar SOFC has a sandwich-type design in which ceramic fuel cells modules are stacked one above another and the electrolyte is inserted between the electrode

The planar SOFC has high energy efficiency and low power losses during usage making its ideal form of fuel cell In September 2020, the S. Department of Energy awarded a new project to exercise worth US$ 3 Million for a reversible solid oxide cell (RSOC). The project aims to commercialize small-scale solid oxide hybrid power systems using solid oxide cells for hydrogen production and power generation

 

➢ In 2018, Korea Southeast Power Company installed an 8.35 MW planar

 

SOFC in Bundang-gu area. The project was completed by Bloom Energy

 

Geographical Analysis

The Europe market for solid oxide fuel cells valued US$ XX million in 2019  and is likely to reach US$ XX million in 2027 by growing at a CAGR of XX% between 2020 and 2027

Europe evolved as one of the leading markets for solid oxide fuel cell market with a share of nearly XX% of the global sales revenue in 2019

Europe is far behind North America and Asia-pacific but getting streamlined with increased investments in solid oxide fuel cells Germany is the single largest market both in terms of production and consumption of solid oxide fuel cells owing to the demand power generation industry. UK and France are also key consumers of solid oxide fuel cell

In 2016, a program named “PACE program” was initiated in the region to adopt fuel cells for utilization in micro-CHP systems in Europe. Germany was the first country to adopt the program and implement supporting policies and subsidies

 

As per IEQ, world energy demand increased by 2.3% in 2019 from 2018. Out of the new demand, natural gas contributed to over 45% of additional energy production globally making it the most lucrative option in the future. The majority of natural gas additional demand arose in the United States, India, and China • The Government of India aims to increase the share of natural gas in energy production from 6% in 2019 to 15% by 2030 which is a major boost for the SOFC market • India has made significant progress towards meeting the United Nations Sustainable Development Goals, particularly Goal 7 in delivering energy access. Both energy & emission intensities of India’s GDP decreased by over 20% between 2010 and 2019 which represents massive progress. In 2019, per capita emissions in India stood at 1.6 tons of CO2 which is way below the global average of 4.4 tons and its share of global total CO2 emissions is around 6.4% • India has taken major steps towards improvement of energy efficiency, which resulted in a reduction of energy demand by 15% (in terms of coal energy demand and energy losses) and stopped 300 million tons of CO2 in entering the atmosphere between 2000 and 2018, according to IEA.for the installation of solid oxide fuel cell in the country because of which Germany became a pioneer in the region in solid oxide fuel cell market

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