The Solid Oxide Fuel Cells Market size to grow by 191.34 megawatts from 2022 to 2027; Rising Energy Consumption to be a major market driver - Technavio

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- The solid oxide fuel cells market size is estimated to grow by 191.34 MW from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 19.46% during the forecast period. Also, the growth momentum will progress. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Solid Oxide Fuel Cells Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on application (stationary, transportation, and portable), and end-user (commercial, data centers, military, defense, and residential),

• The market share growth in the stationary segment will be significant during the forecast period. Solid oxide fuel cells are used to generate electricity in stationary or non-mobile environments. The high efficiency and low emissions of these cells make them an attractive option for stationary power generation. Furthermore, solid oxide fuel cells can be used in a variety of ways, such as cogeneration systems that use the waste heat of fuel cells to heat water, increasing overall efficiency, and backup power systems that enable a stable power supply. Hence, these factors are expected to drive market growth during the forecast period.

Geography Overview

By geography, the solid oxide fuel cells market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global solid oxide fuel cells market.

• North America is estimated to contribute 46% to the growth of the global market during the forecast period. US and Canada are the key contributors to the market in the region. This is due to the well-established energy infrastructure and growing demand for clean energy technologies. The US is the largest market for solid oxide fuel cells in the region. This is due to its large population and high energy demand. In addition, the government in the country is actively promoting the use of fuel cells in various applications, including power generation, transportation, and military applications. Hence, such factors are expected to drive market growth in the region during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Solid Oxide Fuel Cells Market – Market Dynamics

Key Driver

Rising energy consumption is a key factor driving the solid oxide fuel cells (SOFC) market growth. Rapid urbanization and industrialization are the main drivers of the increasing demand for electricity around the world. Thus, most of this demand is met by harmful fossil fuels. As a result, solid oxide fuel cells offer a promising solution with high efficiency and low emissions. As the world's energy demand continues to increase due to population growth and technological progress, the demand for SOFCs is also expected to increase. In addition, fuel cells generate electricity through a clean, carbon-free electrochemical process, making them an environmentally friendly source of energy. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The development of zero-energy homes is a major driver in the market. These homes produce as much energy as they use annually from renewable sources such as solar power and fuel cells, reducing their carbon footprint. In addition, using energy-efficient designs and materials to generate and store renewable energy on-site contributes to a clean and sustainable future. Several countries offer incentives to encourage the construction of zero-energy homes that have a positive impact on clean energy sources such as fuel cells. Hence, the development of zero-energy homes is expected to drive market growth during the forecast period.

Significant Challenges

Growing competition from alternative technologies is a significant challenge restricting market growth. SOFC is a relatively new technology and must compete with several established technologies in each application area. For example, stationary applications must compete with technologies such as photovoltaics and energy storage systems that can generate clean energy more reliably and at competitive costs. Furthermore, both energy storage systems and solar power have steadily declined in price over the last decade and are available at a lower cost compared to fuel cells. Hence, the competition from alternative technologies is expected to drive market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

Solid Oxide Fuel Cells Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist solid oxide fuel cells market growth during the next five years.
• Estimation of the solid oxide fuel cells market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the solid oxide fuel cells market
• Analysis of the market's competitive landscape and detailed information on companies
• Comprehensive details of factors that will challenge the growth of solid oxide fuel cells market companies.

Gain instant access to 17,000+ market research reports. 

Technavio's SUBSCRIPTION platform

Related Reports:

The solar energy storage market is estimated to grow at a CAGR of 9% between 2022 and 2027. The market size is forecast to increase by USD 5,508.04 million. Furthermore, this report extensively covers market segmentation by end-user (utilities, residential, commercial, and industrial), installation sites (on-grid and off-grid), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The rise in global energy demand is one of the key factors driving the solar energy storage market growth.

The distributed energy generation market is estimated to grow at a CAGR of 11.26% between 2022 and 2027. The market size is forecast to increase by USD 179.28 billion. Furthermore, this report extensively covers market segmentation by end-user (residential, commercial, and industrial), technology (solar PV, hydropower, fuel cells, wind turbine, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The transition towards electric vehicles (EVs) is one of the key factors driving the distributed energy generation market.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio