Market Overview
The global solid oxide fuel cell market size was worth US$ YY million in 2022 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 30% during the forecast period (2022-2029)
Solid oxide fuel cells directly transform a fuel’s and oxidant’s chemical energy into electrical energy. It is a one-of-a-kind electrochemical device because they generate electricity through an electrochemical reaction rather than combustion.
A ‘fuel cell unit’ and a ‘hot storage tank and additional boiler unit’ are the two sections of a solid oxide fuel cell. The fuel cell device produces electricity while also recovering heat from the exhaust as hot water. The recovered hot water is stored in the hot storage tank and auxiliary boiler unit to provide hot water.
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Market Dynamics
Various governmental and commercial collaborative activities to produce new products with superior characteristics have been noted in the solid oxide fuel cell (SOFC) market. Moreover, some top research groups from various educational institutions have launched new enterprises to execute R&D projects solely focused on technology.
Due to the high environmental impact of power generation, such as carbon emission, landfill waste and chemical residue polluting air, water and land and growing environmental concerns, governments and regulatory bodies are investing and developing new green energy generation technologies.
As a result, researchers are becoming increasingly interested in solid oxide fuel cells (SOFCs), a promising power generating technology with great energy efficiency, increased fuel flexibility and reduced environmental impact compared to conventional power production systems. SOFCs are devices that directly transform chemical energy into electrical energy with little emissions. SOFCs emit little pollution, have a high efficiency (60 per cent) and have a wide range of fuel options with minimal environmental impact.
Industry Analysis
Several global regulations regulate various aspects associated with the global solid oxide fuel cell market. Several regulatory bodies establish and verify these regulations. For instance, the Fuel Cell and Hydrogen Energy Association (FCHEA).
Some common regulations and standards associated with fuel cells include BNQ 1784-000: The code is a National Standard of Canada and is followed in hydrogen installation. The respective code establishes the installation requirements for hydrogen-generating equipment, hydrogen using equipment, hydrogen dispensing equipment, hydrogen storage containers, hydrogen piping systems and related accessories.
COVID-19 – Analysis
The COVID-19 pandemic significantly impacted the global solid oxide fuel cell sector because of three key factors: The supply chain was the first and most severe impact on the market, affecting raw material availability and end product sales.
Second, solid oxide fuel cell manufacture involves various manufacturing and purification procedures, which have been severely hampered by the COVID-19 pandemic’s lockdowns and government controls.
The interruption of essential end-user industries’ export and import activities includes food and beverage production and oil production. Due to the general drop in end-user activity, market demand for solid oxide fuel cells was lowered, influencing demand-supply dynamics.
Market Segmentation
- By Type
- By Technology
- By Electrolyte Type
- By Capacity
- By Fuel
- By Application
- By End-User
- By Region
Market Segmentation – By Type – Planar
A series of cell components are constructed as thin, flat plates in the planar design and then electrically coupled to provide desired electrochemical performance. The planar cells can be electrode-supported, electrolyte-supported or metal-supported. Each of these designs can also have various interesting variants. For example, the planar SOFC can be in the form of a circular disc fed with fuel from the central axis or a square plate fed from the edges.
Planar designs have several advantages over tubular cells, including easier and less expensive manufacturing procedures and better power densities. In addition, the growing demand for planar solid oxide fuel cells in various industries is creating a significant increase in their sales globally. The growing demand for these cells in the oil and gas industry provides lucrative growth prospects globally for planar solar oxide fuel cell manufacturers.
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Geographical Analysis – U.S
U.S. solid oxide fuel cell market was valued at US$ 879.10 million in 2021 and is likely to reach US$ 2,061.29 million by 2029, growing at a CAGR of 11.5% during the forecast period (2022-2029).
The U.S. holds the largest market share for the North America solid oxide fuel cell market. It is expected to maintain its market growth momentum in the forecast period due to rising government initiatives to support the fuel cell market in the country and the presence of key players for the product in the country.
Competitive Landscape
The major players are adopting several new strategies to dominate the market, such as launching new technologies, upgrades, acquisitions, partnerships and collaborations responsible for the market’s growth globally.
For instance, in July 2021, Bloom Energy launched its first Combined Heat and Power (CHP) project in partnership with SK eco plant. The new 4.2-MW facility is South Korea’s first utility-scale solid oxide fuel cell CHP effort.
When combined with a heat recovery system developed by the SK eco plant, the captured thermal energy will deliver warm water and heat to the Bukpyung recreational and sports centre, enhancing the building’s energy efficiency.
Trending Topic’s
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