Research Nester Analytics LLC’s recent market research analysis on “Solid Oxide Fuel Cell Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitor’s analysis and a detailed overview of the global solid oxide fuel cell market in terms of market segmentation by type, mobility, application, end-user, and by region.
Increase Adoption of Solid Oxide Fuel Cells in Data Centers to Drive Growth of the Global Solid Oxide Fuel Cell Market
The recent developments by the companies in solid oxide fuel cells for data centers backed the market growth. For instance, in December 2020, Bosch is developing a decentralized solid oxide fuel cell system (SOFC). Bosch will propel its SOFC system’s industrialization for green power generation in a future hydrogen economy. SOFCs are well matched for stationary power generation for data centers and businesses, providinag an excellent opportunity for SOFCs in power generation. High temperatures make them exceptionally well organized for Combined Heat and Power (CHP) systems.
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Some of the major growth factors and challenges that are associated with the growth of the global solid oxide fuel cell market are:
Growth Drivers:
- High Demand for Solid Oxide Fuel Cells in Data Centers
- Rising Partnership Deals between Key Players
Challenges:
Hydrogen storage as a fuel for solid oxide fuel cells, and large capital expenditures are some of the major factors anticipated to hamper the growth of the global solid oxide fuel cell market.
By mobility, the global solid oxide fuel cell market is segmented into stationary and portable. The stationary segment is to garner the highest revenue by the end of 2031 by growing at a significant CAGR over the forecast period. The stationary segment is expected to grow significantly with a CAGR of 26.9 % due to the rapid increase in energy demand across various verticals, as well as the need for low-carbon alternatives for efficient power generation and cogeneration plants. For example, it provides electricity and heat as part of a decentralized energy grid in conjunction with other energy-generating systems.
By region, the Europe solid oxide fuel cell market is to generate significant revenue with a CAGR of 24.8 % over the forecast period. The growth is driven by increasing R&D efforts which are backed by investments made by the government to advance fuel cell programs. The UltraSOFC project, which is funded by ERC (European Research Council) under the European Union research and innovation program Horizon 2020, aims to break the temperature limits of SOFC technology and open new opportunities with ultrathin portable power sources. Moreover, solid oxide fuel cell market in the region is estimated to propel due to the policies involved to develop solid oxide fuel cell (SOFC) technology and getting closer to providing cost-competitive fossil-based power generation with almost no emissions. For instance, the European Union has established the goal to reduce greenhouse gas emissions by 80% – 95% by 2050, as compared to 1990 levels, by increasing the share of renewables in the EU energy mix. As per the European Union, solid oxide technologies such as SOFC could be the key enablers for such integration.
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This report also provides the existing competitive scenario of some of the key players of the global solid oxide fuel cell market which includes company profiling of Kyocera Corporation, SolydEra, Elcogen AS, Fuel Cell Energy, POSCO Energy, H2E Power, ZTEK Corporation, Sunfire, Doosan Fuel Cell, Bloom Energy, Mitsubishi Power, Aisin Seiki Co, Ceres Power, Hitachi Zosen
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