BANGALORE, India, April 8, 2021 /PRNewswire/ -- The Solid Oxide Fuel Cell (SOFC) Market is Segmented by Type (Tubular, Planar, Others), by Application (Transportation, Portable & Military, Stationary). The report covers global opportunity analysis and industry forecast from 2021 to 2027. It is published on Valuates Reports in the Energy & Utilities Category.
The Solid Oxide Fuel Cell market size was valued at USD 605.6 Million in 2020 and is projected to reach USD 1451.4 Million by 2027, at a CAGR of 13.3% during the forecast period 2021-2027.
SOFCs are well suited for stationary power generating for homes and businesses. SOFC can be
categorized into two major types: Planar and tubular, based on their geometry.
In Planar design, components are assembled in flat stacks in the planar design, and air and hydrogen flow through the device through channels built into the anode and cathode.
In the tubular design, fuel flows around the outside of an extended solid oxide tube (which is sealed at one end) while air is supplied to the inside. The tube itself forms the cathode, and the cell components are constructed in layers around the tube.
TRENDS INFLUENCING THE SOLID OXIDE FUEL CELL MARKET SIZE
One of the most significant driving factors for the growth of the solid oxide fuel cell market size is government policies and incentives for fuel cells. Stringent government regulations aimed at minimizing the world's carbon footprint have driven a range of organizations to develop new technologies that are low on hydrocarbons and high on productivity. Numerous governments are continuously investing in different programs to develop advanced systems along with reduced overall manufacturing costs.
Solid oxide fuel cells work at low and very high temperatures. Because of the high operating temperature, fuels can be reformed within the fuel cell, reducing the need for external reforming and allowing the units to be used for a wide range of hydrocarbon fuels. In comparison to other types of fuel cells, they are also relatively immune to small amounts of sulfur in the fuel. Such an advantage is expected to increase the adoption of SOFC, thereby driving the growth of solid oxide fuel cell market size.
Based on type, the planar segment is expected to be one of the most lucrative segments in the solid oxide fuel cell market. This is due to the simple geometry and relatively easier construction process of the planar SOFC.
Based on application, the stationary segment is expected to be one of the most lucrative segments in the solid oxide fuel cell market. Stationary SOFCs are commonly used as a power source for a variety of industrial applications, including data centers. Various countries, such as Japan, South Korea, and Germany, are improving their regulatory structures, resulting in an increase in the use of SOFCs for power generation in residential and commercial areas.
Based on region, North America is expected to be one of the most lucrative segments in the solid oxide fuel cell market. The high demand for fuel cell power generation and the increase in research and development for hydrogen generation can be attributed to the growth of SOFC market size in the region.
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SIMILAR REPORTS :
- The Fuel Cell market size was valued at USD 3633.6 Million in 2019 and it is expected to reach USD 13170 Million by the end of 2026, growing at a CAGR of 20.4% during 2021-2026. The industry's leading producers are Bloom Energy, Panasonic and Toshiba ESS, which accounted for 27.22%, 13.74% and 7.33% of revenue in 2019.
- The Hydrogen Fuel Cells market size is projected to reach USD 18720 Million by 2027, from USD 3322.1 Million in 2020, at a CAGR of 33.4% during 2021-2027. Asia-Pacific is the largest market with about 47% market share. North America and Europe are follower, accounting for about 45% market share.
The key players are Panasonic, Plug Power, Toshiba ESS, Ballard, SinoHytec, Hydrogenics, Honda, Hyundai Mobis, Toyota Denso, Elring Klinger, Bosch/Powercell, Symbio etc. Top 3 companies occupied about 36% market share.
- In 2020, the global Stationary Fuel Cell market size was USD 7045 Million and it is expected to reach USD 44200 Million by the end of 2027, with a CAGR of 30.0% during 2021-2027. Panasonic, Toshiba, Siemens, Fuji Electric and POSCO ENERGY, etc. are the leaders of the industry, with about 62% market shares.
JP & KR region is the largest supplier of Stationary Fuel Cells, with a production market share nearly 75%. USA is the second largest supplier of Stationary Fuel Cells, enjoying production market share nearly 15%.
JP & KR is the largest consumption place, with a consumption market share nearly 51%. Following JP & KR, USA is the second largest consumption place with the consumption market share of 32%.
- The Automotive Fuel Cells market size was valued at USD 497.8 Million in 2020 and is projected to reach USD 1407 Million by 2027, at a CAGR of 16.0% during the 2021-2027
- The Fuel Cell Electric Vehicles market size was valued at USD 1344 Million in 2020 and is projected to reach USD 50250 Million by 2027, at a CAGR of 76.7% during the 2021-2027.
- The hydrogen fuel cell vehicle market size was valued at USD 651.9 Million in 2018, and is projected to reach at USD 42,038.9 Million by 2026, growing at a CAGR of 66.9% from 2019 to 2026.
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