global Solid Oxide Fuel Cell market are Bloom Energy, Mitsubishi Power, Aisin Seiki, Hitachi Zosen Corporation, Ceres Power, Adela, Adaptive Energy, Solid Power, Watt Fuel Cell Corporation, and Upstart Power among others. To achieve a substantial market share in the worldwide solid oxide fuel cell market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Mitsubishi Power is one of the most significant manufacturers and distributors present in the global solid oxide fuel cell market.
/EIN News/ — Pune India, May 27, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the solid oxide fuel cell market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the solid oxide fuel cell market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the offering, livestock type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Solid Oxide Fuel Cell market are Bloom Energy, Mitsubishi Power, Aisin Seiki, Hitachi Zosen Corporation, Ceres Power, Adela, Adaptive Energy, Solid Power, Watt Fuel Cell Corporation, and Upstart Power among others. To achieve a substantial market share in the worldwide solid oxide fuel cell market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Mitsubishi Power is one of the most significant manufacturers and distributors present in the global solid oxide fuel cell market.
In solid oxide fuel cell, the solid oxide electrolyte is used to conduct negative oxygen ions from the cathode to the anode. These type of fuel cells can operate at very high temperatures of about 500 – 1,000°C without the need of expensive platinum catalyst. It has a wide range of applications such as supplementary power units in vehicles to stationary power generation with outputs from 100W to 2MW.
In U.S., the Hydrogen and Fuel Cell Technologies Office (HFTO) is the premier R&D program at Department of Energy. The office most traditionally offers funding in the form of competitive grants to conduct R&D in fuel cells and their end uses across industrial, transportation, and stationary power applications. In financial year 2021, the Consolidated Appropriations Act provided $150 million to HFTO. Such investments by worldwide governments in fuel cell programs has significantly driven global solid oxide fuel cells market.
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Scope of Solid Oxide Fuel Cell Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Type, application, end user, and regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America and Middle-East and Africa|
|Major Players||Bloom Energy, Mitsubishi Power, Aisin Seiki, Hitachi Zosen Corporation, Ceres Power, Adela, Adaptive Energy, Solid Power, Watt Fuel Cell Corporation, Upstart Power among others|
Tubular segment is expected to be the fastest growing segment in 2021.
The type segment includes planar and tubular. Tubular Solid Oxide Fuel Cells (TSOFCs) segment is expected to witness highest growth rate during the forecast period. This is attributed to the fact that the TSOFCs owns plenty of benefits including rapid start-up and less sealing requirements. In this design, fuel flows around the outside of an extended solid oxide tube and the air is supplied to the inside.
Transport segment is expected to be the fastest growing segment in 2021.
The application type segment includes portable, stationary, and transport. Transport segment is expected to witness highest CAGR during the forecast period. Rising product development trend in transportation sector is expected to create lucrative growth opportunities for the market. For instance, in December 2020, Ceres, the fuel cell developer collaborated with AVL, the a company for the development, simulation and testing in the automotive sector to accelerate product development of solid oxide fuel cell (SOFC) technology across transportation, stationary, and various other applications.
Military & defense segment is expected to be the fastest growing segment in 2021.
The end user segment includes commercial & industrial, data centers, military & defense, and residential. Military & defense segment is expected to witness highest growth rate during the forecast period. The innovative solid oxide fuel cells are extensively being used to operate military robots, unmanned aerial vehicles (UAVs), and communications devices. For instance, the U.S. department of defence (DoD) has been experimenting SOFC technology to develop lightweight logistic fuel compatible systems for applications such as silent watch auxiliary power units, range extenders for electric vehicles, power generation for battery charging, and power for unmanned underwater and aerial vehicles.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Solid Oxide Fuel Cell include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region witnessed a major share. Growth of this region is mainly driven by wide-scale applications of solid oxide fuel cells in the stationary segments in Asia Pacific. However, North America is expected to witness considerable growth rate during the forecast period as the policymakers and regulators in this region have introduced long- and medium-term goals to decarbonize the economy and boost the deployment of advanced zero-emission technologies.
Germany solid oxide fuel cell market size was valued at USD 0.23 billion in 2021 and is expected to reach USD 1.49 billion by 2029, at a CAGR of 27.2% from 2022 to 2029. In the Europe region, Germany is the largest market shareholder in the solid oxide fuel cell market with estimated market share of around 26.71% by the end of 2022. This is attributed to the fact that it is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries.
In this country, the solid oxide fuel cell has become a prominent energy conversion technology owing to its higher efficiency. For instance, in October 2020, Mitsubishi Power supplies the first solid oxide fuel cell in Europe. This highly efficient hybrid system was projected to be put into operation at the Gas- und Wärme-Institut Essen e.V. (GWI) in Essen, Germany by March 2022.
China Solid Oxide Fuel Cell market size was valued at USD 0.30 billion in 2021 and is expected to reach USD 2.23 billion by 2029, at a CAGR of 29.2% from 2022 to 2029. Growth of the market in this region is mainly driven by rising number of fuel cell vehicles along with the favorable government policies to use fuel cell technology. On the other hand, in February 2022, Ceres Power, the UK-based fuel cell technology developer signed an agreement with Bosch and Weichai for two stationary fuel cell joint ventures in China. Such business development strategies by key players further boosts growth of the market in this country.
India Solid Oxide Fuel Cell market size was valued at USD 0.16 billion in 2021 and is expected to reach USD 1.32 billion by 2029, at a CAGR of 31.2% from 2022 to 2029. India is one of the strongest growing economies in Asia. In this country, the government has introduced various regulations to reduce the dependency on fossil fuels; therefore, creating the demand for low carbon technologies, such as fuel cells. In addition, the energy consumption in this country is expected to be the fastest among all significant economies by 2040; hence, growing energy demand in this country is opportunistic for growth of the market.
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for solid oxide fuel cell has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of Solid Oxide Fuel Cell were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for solid oxide fuel cell significantly decreased.
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Article originally published at https://www.einpresswire.com/article/574283072/solid-oxide-fuel-cell-market-is-expected-to-grow-from-usd-1-45-billion-in-2021-to-usd-9-99-billion-by-2029-at-a-cagr-of-28-2-during-the-forecast