The global solid oxide fuel cells (SOFC) market size is anticipated to value at USD 1.42 billion by 2025, during the forecast period. The market is subject to witness a substantial growth due to growing emphasis on finding an alternative energy sources and increasing awareness about benefits of the solid oxide fuel cells (SOFC). Rise in preference towards solid oxide fuel cells (SOFC) is mainly due to their capability of generating electricity with the help of different set of fuels including hydrogen, natural gas, and biogas. Solid oxide fuel cells (SOFC) has become vital as a back-up power unit due to numerous advantages over conventional systems, thus driving growth of the solid oxide fuel cells (SOFC) industry over the forecast period.
Critical factors such as increase in energy crisis faced by regional governments majorly in developing and underdeveloped regions is creating the need for sustainable energy. Furthermore, the rise in capital funding by private players as well as governmental agencies are substantially contributing to the progress of the industry in recent years. The commercialization in energy sector is one of the key drivers responsible of the exponential rise in the market value for the solid oxide fuel cells (SOFC). Globally, the solid oxide fuel cell market is predicted to grow at CAGR of 30% in forecast period, providing numerous opportunity for market players to invest for research and development in the market.
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Growing concerns regarding carbon emissions and rising pressure on the developed economies to limit greenhouse gas emission are fueling expansion of the solid oxide fuel cell (SOFC) industry in recent years. Other factors responsible for sustained growth of the market are increasing focus on energy security and higher efficiency associated with the adoption of solid oxide fuel cells (SOFC). Overall efficiency of solid oxide fuel cells (SOFC) varies from fifty to sixty percent, which is significantly higher in comparison with its counterparts. Though, higher cost associated with production of the solid oxide fuel cells (SOFC) and installation are negatively impacting growth of the market.
High initial cost is directly associated with the compression and storage of hydrogen gas. Additionally, compression of hydrogen gas requires costly compressors, which in turn restrains growth of the solid oxide fuel cell (SOFC) market. Yet, with recent technological advancement and concrete steps taken by key players and the policy makers coupled with adoption of latest industry trends are expected to drive growth of the market in upcoming years.
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A solid oxide fuel cell (SOFC) is termed as an electrochemical system that is responsible for generating electricity by oxidization of a fuel cell. Fuel cells are differentiated based on electrolyte element. Commonly, a solid oxide fuel cell (SOFC) uses a metal oxide or ceramic as an electrolyte. Benefits of solid oxide fuel cells (SOFC) involves higher efficiency, better stability, flexibility, lower carbon emission and lower maintenance cost.
The solid oxide fuel cells industry is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America and Europe have shown major growth in recent years owing to the rise implementation of latest technologies and existence of prominent industry players in the region.
Asia-Pacific region is predicted to hold major market share in the solid oxide fuel cells market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with increasing applications of solid oxide fuel cells (SOFC) in the stationary segment, growing adoption in the automotive, commercial and residential sectors, and increasing investment by market players considering potential opportunities in the region. The key players in the solid oxide fuel cells (SOFC) industry are Mitsubishi Heavy Industries, Ltd., Ceres Power Holdings plc, Bloom Energy, Aisin Seiki Co., Ltd., Ensol Systems Inc. and Sunfire GmbH.