Solid Oxide Fuel Cell Market - Overview
A solid oxide fuel cell refers to an electrochemical conversion device which produces electricity directly by oxidizing a fuel. A solid oxide fuel cell has many advantages including higher efficiency, long-term stability, fuel flexibility, lower carbon emissions, and cost-effectiveness, which are likely to promote market growth. As per the latest report, Market Research Future (MRFR) asserts that the global solid oxide fuel cell market is assessed to register a CAGR of 12.87% during the forecast period of 2017-2023.
Various other factors attributing to the growth of the solid oxide fuel cell market include a burgeoning requirement for zero emission energy devices and alternative sources of energy. Further, an increasing number of companies are investing in research and development activities to enhance solid oxide fuel cells class, to raise its efficiency, stability, as well as, flexibility. A rise in such investments during the forecast period is anticipated to push the global solid oxide fuel cell market to a great extent. Alternatively, rising operating temperatures are likely to affect solid oxide fuel cell performance, hence, posing as a major hindrance in the market growth. However, due to a rise in the adoption of distributed energy generation for the provision of uninterrupted and reliable power, the market is estimated to witness robust growth.
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Solid Oxide Fuel Cell Market Segmentation
The global solid oxide fuel cell market has been segmented on the basis of mobility, type, application, and end-user.
Based on type, the global solid oxide cell market is segmented into planar and tubular. The planar segment is expected to exhibit significant growth, owing to lower power losses and high transformation ability of planar SOFCs as compared to conventional power generation. Further, major applications in stationary power generation, portable device, and defense applications such as unmanned aircraft and underwater vehicles are also projected to promote sizeable market growth.
Based on mobility, the market is segmented into stationary and portable. Stationary solid oxide fuel cell segment has a wide scope of applications in residential, main power large combined heat & power (CHP), and uninterrupted power supply. Stationary cells also offer numerous advantages including reliability, power quality, low operating costs, and the production and optimal utilization of direct current.
Based on applications, the solid oxide fuel cell market is segmented into power generation, CHP, and military. Among these, the power generation segment is expected to be the frontrunner in the market and is anticipated to garner lucrative growth during the forecast period. The CHP segment is projected to witness promising growth due to favorable government initiatives, lower operating costs, declining prices of natural gas, and growing ecological concerns.
The solid oxide fuel cell market is geographically segmented into North America, Europe, and Asia Pacific. North America was the frontrunner in the global solid oxide fuel cell market with a 45.5% share in 2017. The U.S. is estimated to contribute significantly to the solid oxide fuel cell market in North America, during the forecast period.
Europe is anticipated to witness promising growth during the forecast period, owing to increasing public-private sector relationships and a rise in the price of crude oil. Further, a proliferated demand from end-users like power suppliers, the automobile industry, residential builders, and electronic companies is likely to cause augmentation of the solid oxide fuel cell market in Europe.
Asia Pacific is projected to garner substantial growth, owing to a large number of companies focusing on energy-efficient power generation and an increasing shift towards sustainable energy sources. Further, a collaboration between the government and various private companies is likely to fuel market growth in the region.
The principal players in the global solid oxide fuel market include Atrex Energy (U.S.), Redox Power Systems (U.S.), Delphi (U.K.), Ceramic Fuel Cell Ltd. (Australia), Elcogen (Estonia), Protonex (U.S.), FuelCell Energy (U.S.), WATT Fuel Cell Corporation (U.S.), Bloom Energy (U.S.), Ceres Power Holdings Plc. (U.K.), and Convion Fuel Cell Systems (Finland).
April 2019: Atrex Energy successfully demonstrated its new reforming solid oxide fuel cell power source for DoD use. Atrex’ commercial SOFC generator was operated on desulfurized JP-8 fuel at 1500W and net DC efficiencies of ~ 40% (fuel LHV to electricity).
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