Solid Oxide Fuel Cell Market Worth $2,881 Million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 8, 2021 /PRNewswire/ -- According to the new market research report "Solid Oxide Fuel Cell Market by Type (Planar & Tubular), Application (Portable, Stationary, & Transport), End User (Power Generation, Hydrogen Generation, Automotive, and Others), and Region - Global Forecasts to 2025", published by MarketsandMarkets™, the global Solid Oxide Fuel Cell Market size is expected to grow from estimated revenue of USD 772 million in 2020 to USD 2,881 million by 2025, at a CAGR of 30.1%. The key drivers for the Solid Oxide Fuel Cell Market include government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy sources. The market is segmented by type, application, end user, and region.
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The planar segment is estimated to have the largest contribution in the Solid Oxide Fuel Cell Market, by type
The market is segmented, by type, into planar and tubular type solid oxide fuel cell. The planar segment is estimated to lead the market in terms of market size; however, the tubular segment is expected to be the fastest-growing market. The growth of the planar segment is mainly because of its the simple geometry and relatively easier construction process.
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The stationary segment is estimated to have the largest contribution in the Solid Oxide Fuel Cell Market, by application
The market is segmented, by application, into portable, stationary and transport application solid oxide fuel cell. The stationary segment is estimated to lead the market in terms of market size and is even expected to be the fastest-growing market. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.
Power generation: The largest end user segment of the Solid Oxide Fuel Cell Market
The market is segmented, by end-user, into power generation, automotive, hydrogen generation, and others. The power generation segment accounted for the largest Solid Oxide Fuel Cell Market share in 2019. Increased demand for clean energy generation is expected to drive the market. Power generation refers to distributed power generation solutions and remote and backup power solutions for residential, commercial, and industrial uses such as residential complexes, retail outlets, commercial offices, data centers, and telecom towers. The reason for the large market share of this segment is the dominance of Bloom Energy in the SOFC market, where it provides distributed power generation solutions primarily in the US, as well as other countries, such as South Korea, Japan, and India.
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North America is expected to dominate the global Solid Oxide Fuel Cell Market
North America was the largest solid oxide fuel cell industry in 2019, driven mainly by activities in the US and Canada. The growth in the US country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy's (DoE's) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market. Asia Pacific is the second-largest market, following North America closely.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Solid Oxide Fuel Cell Market. These players include Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan).
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