Solid Oxide Fuel Cell Market Size, Industry Analysis Report, Regional Outlook, Application Potential, End Use, Region, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3513
Solid Oxide Fuel Cell Market will grow on account of increasing demand for efficient power generation to meet the growing consumption of energy. Growing fuel cell adoption programs along with the government subsidies will complement the business outlook. In 2018, the U.S. Department Of Energy (DOE) announced federal funding of USD 32.5 million for the research and development to enhance the SOFC technology.
Growing renewable energy demand coupled with a need to decrease the reliance on fossil fuels has led to funding from various corporate and public institutions including DOE, Small Business Innovation Research & The Small Business Technology Transfer (SBIR-STTR). Rising investments toward the advancement of fuel cells in both commercial and residential applications will drive the solid oxide fuel cells market growth. In June 2018, DOE invested USD 13.5 million toward SOFC research & development projects further enhancing the industry landscape.
The U.S. solid oxide fuel cells market will witness growth owing to increasing adoption of fuel cells in data centers and low-cost production of hybrid SOFC technology. Swift shift toward the usage of stationary fuel cells pertaining to its wide utilization in the military applications is further set to augment the product demand.
Increasing use of fuel cells for transportation along with introduction of norms to minimize greenhouse gas emissions will drive the Europe solid oxide fuel cell market share. Shaping & strengthening the economy and enhancing the security of energy supply are prime factors further complementing the business scenario. Hydrogen Mobility Europe launched a flagship project to launch 80-90 electric cars in UK, Germany and France.
Asia Pacific solid oxide fuel cells market is anticipated to grow by 2025. Increasing utilization in the form of Combined Heat & Power systems (CHP) specifically in residential and commercial sectors is anticipated to boost the industry growth. In addition, efficient technology, cost effective electricity generation, minimal water utilization and near-zero carbon emissions are the key factors positively influencing the product adoption.
Low emissions, high efficiency and reduced production & utilization cost are some of the major reasons encouraging the solid oxide fuel cell market growth. Other factors including higher capital costs and increasing competition from the other fuel cell technologies may act as a hindrance for the product demand.
Introduction of several norms pertaining to CO2 emissions will positively influence the solid oxide fuel cells market growth. Stringent government protocols by ECA and CAA coupled with technological enhancements to improve product features is further set to complement the product installation.
Eminent participants in solid oxide fuel cell market includes Siemens, Bloom Energy, Elcogen, Viessman Werke, AisinSeiki, SOLIDpower, Doosan Fuel Cell America Inc., Atrex Energy, SOFCMAN Energy Technology Co. Ltd., PoscoEnergy, Hexis AG, LG Fuel Cell Systems Inc., Undersea Sensor Systems and Sunfire.
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