The global solid oxide fuel cell market size is expected to reach USD 7,038.02 million by 2030, according to a new study by Polaris Market Research. The report “Solid Oxide Fuel Cell Market Share, Size, Trends, Industry Analysis Report, By Type (Tubular, Planar); By Application (Stationary, Portable, Transport); By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market is expected to experience growth during the forecast period growth on account of greater energy demand, stringent emission regulations, and supportive government initiatives. The rise in the adoption of distributed combined heat and power systems for heating households and residential spaces, especially in European countries, is expected to offer growth opportunities for solid oxide fuel cells in the coming years.
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Increasing inclination toward vehicle electrification and greener fuels has encouraged industry players to launch advanced offerings in the industry. Several programs focused on environmental protection and energy optimizations are being launched. The growth in adoption of solid oxide fuel cells by the government and defense and telecommunication sectors supports the growth of the industry.
North America dominated the global market in 2021. Greater adoption of fuel cell-based power generation, inclination toward energy-efficient power generation, and presence of leading players in the region support the industry growth. Initiatives to regulate carbon emissions while catering to the high energy demand in the region have boosted the adoption of solid oxide fuel cells. These cells are increasingly being used in data centers and defense applications on account of their high efficiency and improved durability.
Several industry players are investing in products to develop advanced solutions. In September 2022, Alma Clean Power collaborated with an EU-funded consortium to initiate the HELENUS project. The project focuses on demonstrating the effectiveness of solid oxide fuel cells for offering heat and power on cruise ships.
The project received funding of approximately 14 million euros for the development and integration of a 500kW solid oxide fuel cell module onboard an MSC cruise ship, which is scheduled to begin operations in 2026. The project is aimed at advancing the technology in ocean cruise ships to accomplish zero emissions, greater performance, and reduced fuel costs.
Solid Oxide Fuel Cell Market Report Highlights
Polaris Market Research has segmented the Solid Oxide Fuel Cell market report based on type, application, end-user, and region:
Solid Oxide Fuel Cell, Type Outlook (Revenue - USD Million, 2018 - 2030)
Solid Oxide Fuel Cell, Application Outlook (Revenue - USD Million, 2018 - 2030)
Solid Oxide Fuel Cell, End-Use Outlook (Revenue - USD Million, 2018 - 2030)
Solid Oxide Fuel Cell, Regional Outlook (Revenue - USD Million, 2018 - 2030)