SOLID OXIDE FUEL CELL MARKET ANALYSIS

Solid Oxide Fuel Cell MarketSize and Trends

The global solid oxide fuel cell market size was valued at USD 635.4 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 22.21% from 2023 to 2030. Increasing awareness about alternative sources of energy is one of the major factors driving the solid oxide fuel cell market size. The market is projected to experience a considerable increase in demand for clean electricity and power generation in the coming years. Moreover, the increasing use of solar power is expected to contribute to the market growth during the forecast period.

Global Solid Oxide Fuel Cell Market: Regional Insights

The global solid oxide fuel cell market is geographically segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.  

Global Solid Oxide Fuel Cell Market Trends:

Market players focusing on expansion of production capacity is a recent trend in the market

Several manufacturers in the global solid oxide fuel cell market are focused on expanding their production capacities of fuel cells. For instance, in December 2020, Bosch, a German technology company announced that it is ramping up the stationary fuel cells and is starting full-scale production of distributed power stations based of SOFC technology, by 2024. The company targets an annual production capacity of SOFC system of some 200 MW for supporting nearly 400,000 people with electricity in their homes. This trend is likely to continue in the global solid oxide fuel cell market over the forecast period.

CHP systems gaining popularity is a growing trend

SOFC are suitable best for stationary power generation systems for businesses and homes. However, due to their high-temperature efficiency, they are distinguished from other fuel cells utilized for such applications, which makes them best suited for combined heat and power systems or cogeneration systems. There was a constant increase in adoption micro-CHP systems in Europe and the U.S., which further decreased emissions of carbon-dioxide significantly. Thus, growing popularity of CHP systems is expected to drive growth of the global solid oxide fuel cell market over the forecast period.