Solid Oxide Fuel Cell Market to Exhibit 25.3% CAGR till 2028; Increasing Shift towards Hydrogen-based Technologies to Boost Growth Worldwide

The global solid oxide fuel cell (SOFC) market size is projected to grow from USD 1.09 billion in 2021 to USD 5.31 billion by 2028. Various regional and national authorities are constantly putting forward favorable policy frameworks to encourage the shift to hydrogen-based technologies. At the same time, government bodies have implemented long- and medium-term goals to deploy zero-emission technologies and decarbonize the economy with SOFCs. This information is given by Fortune Business Insights™ in a report, titled, “Solid Oxide Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Application (Stationary, Transport, Portable), By End-User (Commercial, Data Centers, Military & Defense, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 0.90 billion in 2020. It is set to exhibit a CAGR of 25.3% during the forecast period in 2021-2028.  

Elcogen Signs Agreement with Mainor Ülemiste AS to Develop Production Facility

In March 2021, Elcogen signed an agreement with Mainor Ülemiste AS. Together, they will develop a 50 MW solid oxide fuel cell and stack production facility in Tallinn. The construction work is set to begin in the summer of 2021 and would cost 6.3 million euros. Elcogen is expected to invest around USD 20 million euros in the project to provide production equipment. As per one of the company officials, “This is an innovative mass production project for our electrolyzer and SOFC technology. We will be able to provide better service to our customers located in Asia and Europe.”

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/solid-oxide-fuel-cell-market-101306

Increasing Number of Hydrogen & Renewable Targets to Augment Growth

The rising demand for reliable power sources for portable, transport, and stationary verticals would bolster the solid oxide fuel cell market growth in the near future. This unit offers energy-efficient, dependable, and clean output. The rising renewable and hydrogen targets by numerous countries to eliminate carbon emissions would also aid growth. Besides, the adoption of green power generation methods is set to accelerate growth. In January 2019, for instance, the Government of South Korea implemented the Hydrogen Economy Roadmap to outline the goals meant for H2 technologies. It aims to install 1,200 hydrogen refueling stations and manufacture 6.2 million FCEVs by the end of 2040. However, long start-up times may hinder growth.

Key Companies Aim to Launch Novel Products and Initiatives to Compete in Market

The global market for SOFC contains various companies operating at the global and regional levels. They are majorly trying to launch novel products and initiatives to drive the adoption of clean energy. Bloom Energy, for instance, is constantly collaborating and starting new ventures with other players to gain a competitive edge.

Fortune Business Insights™ presents a list of renowned solid oxide fuel cell manufacturers operating in the global market. They are as follows:

• Ceres (U.K.)


• Bloom Energy (U.S.)


• Convion (Finland)


• AVL (Austria)


• AISIN (Japan)


• SOLIDpower Italia (Italy)


• Bosch (Germany)


• Mitsubishi Power (Japan)


• FuelCell Energy, Inc. (U.S.)


• Catator AB (Sweden)


• Elcogen (Estonia)


• Nexceris, LLC (U.S.)


• Suzhou Huatsing Jingkun New Energy Technology Co., Ltd. (China)


• Sunfire GmbH (Germany)

A Notable Industry Development-

• June 2020: Samsung Heavy Industries and Bloom Energy signed an agreement to develop and design fuel cell-powered ships. They will soon bring a sustainable solution for the marine shipping industry and provide clean power for ships.

Further Report Findings-

• Asia Pacific earned USD 0.37 billion in 2020 in terms of revenue. It is anticipated to be the fastest-growing region on account of the transformation of prevailing infrastructures, high demand for energy, and rapid industrialization. Also, the increasing urbanization is set to spur the demand for SOFC.


• In Europe, the increasing demand for renewable energy generation would propel regional growth. Besides, the rising focus of regulatory bodies on the reduction of carbon footprint is set to aid growth. Various companies are nowadays installing hydrogen-based combined heat & power (CHP) systems in the region.


• By end-users, the commercial segment generated 49.3% in terms of the solid oxide fuel cell market share in 2020. The high demand for electricity from numerous establishments would drive the segment’s growth.

The market for solid oxide fuel cell can be segmented into