Solid-Oxide Fuel Cell Market Will Touch USD 5,005 Million by 2030, Says P&S Intelligence

NEW YORK, April 11, 2023 /PRNewswire/ -- The size of the solid-oxide fuel cell market will advance at a rate of 34.4%, to reach USD 5,005 million by 2030, as per the recent market research study published by P&S Intelligence.

Planar Type Is Used More Than Tubular Type

• The planar category had the larger share of revenue, of over 60%, in 2022, and it will continue the trend in the future.
• This is largely credited to the easy geometry, comparatively simpler construction process, and lower cost of operation of the planar variant.
• Moreover, in planar SOFCs, ceramic fuel cell modules are kept atop each other, with the electrolyte between the electrodes.

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Requirement for High Energy Efficiency Powers SOFC Demand

• The advancements in chemical and material technologies are allowing for the usage of low-cost raw materials and attainment of lower operating temperatures.
• Moreover, SOFC providers are trying to reduce their operational and manufacturing costs, while leveraging the high energy conversion delivered by these ESSs.
• Moreover, the usage of clean energy sources has increased because of the growing population and worsening air pollution as a result. Thus, governments are aiming to decrease the use of non-renewable energy sources.

SOFC Procurement by Military & Defense Departments Growing Steadily

The military & defense sector is growing steadily. Thus, there is an opportunity for growth for SOFC manufacturers, because of the increasing demand for noiseless and efficient stationary and portable power production for military uses.

Moreover, these power sources are increasingly being integrated into UAVs and UMVs to allow for longer working hours.

Browse detailed report on Solid Oxide Fuel Cell Market Share, Growth, Development and Demand Forecast to 2030

U.S. Is among Largest Markets for SOFCs Globally

• North America is leading the industry, and it will continue the same way in the years to come. This is due to the government initiatives and policies for the generation of clean energy and heat.
• The U.S. is the larger market in the continent because of the existence of numerous data centers of key companies, including Google, IBM, and Equinix, integrated with SOFCs.
• Moreover, the availability of tax benefits, increasing requirement for clean power generation, and high spending on research and development for hydrogen generation are driving the market.

SOFC Demand Growth Scenario Brightest in APAC

The APAC market is forecast to grow the most rapidly over this decade, due to the swift establishment of utility-grade power plants utilizing SOFCs. Countries investing to revolutionize their electricity infrastructure in the region include China, Japan, South Korea, India, and Singapore.

Solid-Oxide Fuel Cell Market Segmentation Coverage in the Report

By Type

• Planar
• Tubular

By Application

• Portable
• Stationary
• Transport

By End User

• Commercial & Industrial
• Data Centers
• Military & Defense
• Residentials

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

Browse More Reports Published by P&S

Fuel Cell Market Growth, Development and Demand Forecast to 2030

Planar Solid Oxide Fuel Cell Market Growth, Development and Future Analysis

Fuel Cell Generator Market Share, Growth, and Demand Forecast to 2030

Data Center Power Market Share, Growth, Development and Forecast Report, 2030

About P&S Intelligence

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SOURCE P&S Intelligence