SOFC And SOEC Market Size, Share, Growth And Industry Analysis By Type (Planar, Tubular, And, Others) By Application (Stationary, Transportation, And, Portable & Military), Regional Forecast To 2031

Updated On: 15 April 2024

SOFC And SOEC Market REPORT OVERVIEW

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global sofc and soec market size was USD 1245.5 million in 2022 and market is projected to touch 15057.19 Million by 2031, exhibiting a CAGR of 31.9% during the forecast period.

SOFC stands for Solid Oxidise Fuel Cells where as SOEC stands for Solid Oxidide Electrolysis Cells. They both are very closely related to each other. There are used in the process of producing high efficiency hydrogen.  Thermal energy is used in the process in order to decrease the electrical demand.

Protection of sensitive data is highly important for data centers. Therefore in order to prevent the loss of data, continuous power supply must be maintained. This can result in high cost. Fule cells can be established to decrease the cost. They are also used in the military sector. All of these factors are generating a robust growth in the SOFC and SOEC market share.

COVID-19 impact: Limited Use of Laboratories During Pandemic Decreased Market Growth

The pandemic of COVID-19 was the prime reason for the drastic downfall of the shares of most of the markets worldwide. The death rate during the pandemic was very high due to which, social distancing norms, and protocols were imposed strictly by the government authorities.

Functioning of all the industries was affected due to decrease in demand for products from end users, shortage of investments and working capital, scarcity and fluctuation in the price of raw materials, and unavailability of skilled workforce. Most of the laboratories were dedicated for finding cure for coronavirus. This decreased the demad for SOFC and SOEC market  during the period of pandemic.

LATEST TRENDS

"Implementation of SOEC and SOFC in Data Centers to Increase Market Growth"

Many new developments are being witnessed in the market with advancemnts in technology. SOFC and SOEC are being implemented in data centres in large numbers which is increasing the demand for the product. Data centers consume a lot of power.

Data centers form an important part of the power generation application. Data centers usually deal with sesnsitive and confidential matter. Therefore they require continuous supply of power, that remains uninterrupted. This can make data centers power intensive. In order to reduce the extensive cost of uninterrupted power supply, many data centers are opting the usage of power cells. This is considered as the latest trend in the market.

SOFC And SOEC Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Planar, tubular, and, others. The planar segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Stationary, transportation, and, portable & military. The stationary segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Rising Adoption of SOFC and SOEC in Military Sector to Accelerate Market Growth"

SOFC is used in the military segment for the the purpose of power generation. SOFCs enable portable and statiornary production of power. SOFCs are well equipped in the procedure of producing power without any noise. Nosieless power production is in high demand in the military segment, and therefore SOFCs are highly suitable to be used here. 

Top industry players in the technology sector like Google, Equinix, and IBM are using both SOEC and SOFC for their data centers. Establishment of numerous data centers in developed countries like U.S.A is going to further develop the market.  Fuel cells help in cost reduction because of distributed power generation. All of these factors are driving the market growth.

"Growing Research nd Development on Fuel Cell Programs to Propel Market Growth "

Fuel cells, SOEC and, SOFC require much more reaserach and development in order to reach  large number of people. Discovery regarding the various benefits of solid oxidise fuel cells, and solid oxidized electrolysis cells has increased the flow of investment for research and development regarding fuel cells. Better alternatives, and improvised versions are being discovered in the market due to R&D on fuel cells.

Along with R&D programmes, government subsidies are also being introduced. Incentivies as well as subsdies are provided for the installation of fuel cells. This is bound to have a positive impact on the market. Many schemes and programmes are being introduced to support distributed electricity genegration. All of these factors are accelerating the SOFC and SOEC market growth.

RESTRAINING FACTOR

"High Cost and Operating Temmperature Associated With SOFC to Decrease Market Growth"

The major disadvantage that is associated with fuel cells is that the cost associated with them is very high. SOFC is much expenisve copared to SOEC because SOFC is a combination and integration of several different types of chemical elements. Therefore the capital cost is very high. This can hamper the market growth.

Similarly the operating temperature of fuel cells is too high. The basic chemical reaction that is associated with fuel cells is exothermic in nature, that is large amount of heat is given out. The tempearure can generally range from 700 degree clecius to 1200 degree celcius. This in turn increases the start up time. All of these factors are bringing down the market growth and share.

SOFC And SOEC Market Regional Insights

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"North America to Dominate Market Share in  Upcoming Years"

North America holds the largest market share, as it occupies almost one-fourth of the market share.The rapid growth of market in North America can be attributed to reasons such as high demand for fuel cells and power generation from them.  

The military sector in this region is also adopting fuel cells for noiseless power generation. Establishment of many data centers are further driving market growth. Introduction of Solid State Energy Conversion Alliance Program will support the use of fuel cells. All of these factors will have a positive impact on market growth in this region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Bloom Energy (U.S.)
• Aisin Seiki (Japan)
• Mitsubishi Heavy Industries (Japan)
• SOLID power (U.S.)
• Ceres (U.S.)
• Convion (Finland)
• Special Power Sources (SPS) (U.S.)
• Redox Power Systems (U.S.)
• Sunfire GmbH (Germany)
• Fiaxel (Switzerland)
• ZTEK Corporation (China)
• Elcogen (Estonia)
• OxEon Energy (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the key industry players have also been mentioned to give a view of the competition in the market.