Global Solid Oxide Fuel Cells Market is Expected to Register a Remarkable CAGR
Global solid oxide fuel
cells market is expected to grow due to energy conversion efficiency of the
cells and rising installation of green energy technologies during the forecast
period.
According to
TechSci Research report, Solid Oxide Fuel Cells
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2028F, the global solid oxide fuel cells market is anticipated to register robust
growth during the forecast period.
A
solid oxide fuel cell (SOFC) is a highly efficient electrochemical device that
converts hydrogen and carbon monoxide from hydrocarbon fuels directly into
electricity. SOFCs use a dense solid oxide as the electrolyte material that
conducts negative oxygen ions from the cathode to the anode. Electrochemical
oxidation of hydrogen (H2) or carbon monoxide (CO) occurs at the anode and the
oxygen reduction reaction occurs at the cathode. They operate at temperature
600°C to 1000°C and offer certain key benefits such as operate at higher
temperatures, do not require precious metal catalysts, work with a variety of
hydrocarbon fuels, produce the highest electrical efficiency, ideal for
continuous operations, and heat recovery technology.
They
can be used for overall system efficiency of up to 85% compared to existing
power generation technologies, near-zero emissions, and quiet operation with
low maintenance.
They are used in
a wide range of applications, from automotive auxiliary equipment to stationary
power generation. Its high operating temperature makes it a good candidate for
cogeneration and cogeneration applications, further improving overall
efficiency. Light hydrocarbon fuels such as methane, propane, and butane can be
reformed inside the anode, and heavier hydrocarbon fuels such as gasoline,
diesel, jet fuel, and biofuel can be reformed externally. The performance of
SOFC systems is impressive. In terms of power generation alone, its efficiency
is about 60%. SOFC systems can even achieve overall efficiencies of up to 90%
if the heat produced by the SOFC is also used productively.
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On the basis of region, the market is bifurcated into North America, Asia-Pacific,
Europe, South America, and Middle East & Africa. Asia-Pacific
is expected to be the region with the largest market share during the forecast
period. The Asia-Pacific region is expected to see the greatest deployment of
fuel cells due to government support for sustainable resources in the domestic
energy mix. China and Japan lead the region in a wide range of fuel cell
applications, from data center backup services to home cogeneration systems. China
has great potential in the global solid oxide fuel cell market as the
government pays more attention to how to leverage clean energy technologies to
transition to a low-carbon economy. Moreover, the demand for hydrogen fuel is
gaining momentum in the country due to favorable national and local government
subsidies and local government incentive programs to encourage the adoption of
hydrogen vehicles to reduce pollution. Hyperscale platforms are also emerging
in China, creating a need to provide data center services for Chinese
hyperscale platforms. China has 50 Internet users per 100, indicating a lot of
room for development and connectivity ecosystem. Data centers can become big
consumers of SOFCs globally.
Elcogen is
expected to complete the integration of SOFCs and stack technology into Convion
C60 generator, producing both heat and electricity with high efficiency during
the forecast period. The project provides a blueprint for future projects of
this kind, including large-scale ones that allow the company to generate both
heat and electricity with high efficiency while reducing CO2 emissions. Such
developments are likely to boost the growth of the global solid oxide fuel cells
market during the forecast period.
Key market
players in the global solid oxide fuel cells market are:
- Bloom Energy Corporation
- H2E Power Systems Inc.
- Watt Fuel Cell Corporation
- Ceres Power Holdings PLC
- Elcogen AS
- Sunfire GmbH
- Mitsubishi Heavy Industries, Ltd.
- Ceres Power Holdings PLC
- LG Fuel Cell Systems Inc.
- Doosan Fuel Cell Co., Ltd
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“The
global solid oxide fuel cells market is expected to grow due to the cell's
energy conversion efficiency, long-term stability compared to other power
generation sources and government initiatives to upgrade modern aging power
systems. The Asia-Pacific region is expected to witness the greatest deployment
of fuel cells due to government support for sustainable resources in the
domestic energy mix,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Solid Oxide Fuel Cells Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F Type
(Planar, Tubular), By Application (Stationary, Transportation, Portable), By End User (Commercial, Data Centers, Military & Defense,
Others), By Region” has evaluated the future growth potential of the global solid oxide
fuel cells market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global solid oxide fuel
cells market.
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