Solid Oxide Fuel Cells Market size to grow by 191.34 megawatts from 2022 to 2027; Aisin Corp., Altergy Systems, AVL List GmbH, Bloom Energy Corp. and more among the key companies in the market - Technavio

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Nov 09, 2023, 02:35 ET

NEW YORK, Nov. 9, 2023 /PRNewswire/ -- The solid oxide fuel cells market size is expected to grow by 191.34 megawatts from 2022 to 2027, according to Technavio. As per the latest report, the market will progress at a CAGR of 19.46% during the forecast 2020-2024. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Aisin Corp., Altergy Systems, AVL List GmbH, Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Cummins Inc., EBZ GmbH, Elcogen AS, FuelCell Energy Inc., General Electric Co., Hitachi Zosen Corp., KYOCERA corp., Mitsubishi Heavy Industries Ltd., MIURA Co. Ltd., NGK SPARK PLUG Co. Ltd., Redox Power Systems LLC, SolidPower Spa, Sunfire GmbH, and Watt Fuel Cell Corp. are some of the major market participants. Although rising energy consumption will offer immense growth opportunities, growing competition from alternative technologies will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. View the new free Sample Report within minutes!

Technavio has announced its latest market research report titled Global Solid Oxide Fuel Cells Market 2023-2027

Solid Oxide Fuel Cells Market 2023-2027: Market Dynamics

Rising energy consumption is notably driving the solid oxide fuel cells (SOFC) market growth. ly, rapid urbanization has a substantial influence on electricity consumption. However, most of the energy requirements are met by fossil fuels, which are harmful to the atmosphere. Solid oxide fuel cells are a promising power generation technology with high efficiency and low emissions. As global energy demand increases, the market for solid oxide fuel cells is also expected to grow significantly. Energy demand is growing rapidly as developing countries continue to grow and modernize. At the same time, population growth, industrialization, and technological progress are growing energy consumption even in advanced countries. Further, this trend is anticipated to continue over the next few years, directing to significant growth in global energy consumption. To be highly efficient, fuel cell energy is produced through an electrochemical reaction that transforms fuel into electricity without combustion, ultimately resulting in zero carbon emissions. Therefore, the operational nature of solid oxide fuel cells and their ability to generate electricity and heat with high efficiency are propelling the adoption of solid oxide fuel cells, which will boost market growth during the forecast period.

Solid Oxide Fuel Cells Market 2023-2027: Significant Trend

The major trend influencing the solid oxide fuel cells (SOFC) market growth is the development of zero-energy homes. Since most of the electricity generation is produced from fossil fuels, it also contributes greatly to CO2 emissions. Accordingly, the construction industry is using different energy efficiency measures such as building designs and materials which are designed to create a healthy and productive environment in order to save energy consumption. Additionally, for a zero-energy home/building, the building generates as much energy as is needed annually from renewable energy sources. Although the internal design reduces power consumption, the building's actual power demand is primarily generated on-site. Zero-energy buildings harness the synergies of energy efficiency and on-site renewable energy production, and energy storage supports the construction of homes based on zero-carbon energy production and is an essential part of a clean and sustainable future. Such kinds of initiatives have a favourable impact on clean energy sources such as fuel cells. Fuel cells can meet the entire home's energy and heating needs without emitting harmful emissions and offer greater reliability than utility power. Currently, the number of zero-energy homes is low. Moreover, they continue to increase and have great potential to make a sustainable future and a reliable grid. In addition to zero-energy homes, a great focus is also placed on building smart cities, which is anticipated to have a positive impact on the global market during the forecast period.

Solid Oxide Fuel Cells Market 2023-2027: Segmentation

Application

Stationary
Transportation
Portable

End-user

Commercial
Data Centers
Military And Defense
Residentials

Geography

North America
APAC
Europe
South America
Middle East And Africa

The market share growth by the stationary segment will be significant during the forecast period. The stationary application segment comprises the use of solid oxide fuel cells to generate electricity in stationary or non-mobile environments such as residential, commercial, and industrial buildings, and grid service applications. The factors that make them an attractive option for stationary power generation are their high efficiency and low emissions of these cells. However, within the stationary application segment, solid oxide fuel cells can be used for different purposes such as a CHP system that uses waste heat from a fuel cell to heat water, increasing overall efficiency, a backup power system that allows the cells to provide reliable power in the event of a power outage or other disruption to the grid, and a distributed generation where cells can generate electricity at the point of consumption. Owing to these numerous advantages, it is anticipated to be the major growth driver in the SOFC market as the demand for clean and efficient power generation continues to increase, driving the growth of the segment during the forecast period.

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Solid Oxide Fuel Cells Market 2023-2027: Major Challenge

The growing competition from alternative technologies is a major hindrance to the growth of the SOFC market. The major application area for solid oxide fuel cells is the stationary and transport sector. In transportation, it is used as an APU in idle trucks or as a power source for transportation vehicles. It also functions as an emergency or primary power source, or as a CHP for stationary applications. In portable form, it can be used as a propulsion system for UAVs or portable energy devices. However, solid oxide fuel cells are a relatively new technology and have to compete with several established technologies in their respective application areas. For example, stationary applications must compete with technologies such as photovoltaics and energy storage systems that can generate clean energy more reliably and at competitive costs. Over the past decade, both energy storage systems and solar power have steadily declined in price and are available at a lower cost than fuel cells. Additionally, it also has to compete with diesel generators, which are commonly used as stand-alone power sources in both on-grid and off-grid cases. Therefore, a highly competitive market situation is made and its acceptance remains lower than other renewable energy sources, restraining the market growth during the forecast period.

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Global competitiveness and key competitor positions
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Solid Oxide Fuel Cells Market 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the Solid Oxide Fuel Cells Market. Backed with competitive intelligence and benchmarking, our research reports on the Solid Oxide Fuel Cells Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

Vendor Offerings

Aisin Corp. -The company offers solid oxide fuel cells which is widely used in households and small businesses such as convenience stores and restaurants to generate electricity.
Bloom Energy Corp - The company offers solid oxide fuel cell which is used to generate power for satellites and space capsules.
AVL List GmbH - The company offers solid oxide fuel cell which is used for energy transition applications to achieve electricity.

Solid Oxide Fuel Cells Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist solid oxide fuel cells market growth during the next five years
Estimation of the solid oxide fuel cells market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behaviour
The growth of the solid oxide fuel cells market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of solid oxide fuel cells market vendors

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Table Of Contents :

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio