According to a research report, the solid oxide fuel cell market is projected to reach USD 5.4 billion by 2028 from an estimated USD 1.4 billion in 2023, at a CAGR of 31.0% during the forecast period.
Solid oxide fuel cells are the electrochemical devices that use fuel cell technology to generate electricity. Solid oxide fuel cells are electrochemical devices that convert the chemical energy of a fuel, typically hydrogen, into electrical energy through a chemical reaction. These fuel cells can provide a continuous and reliable source of power for various applications. Growing demand for consumer electronics along with increasing adoption of solid oxide fuel cell (HDI) technology for backup power solutions are expected to drive the demand for solid oxide fuel cell market.
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The tubular Solid oxide fuel cell segment, by type
Based on type, the solid oxide fuel cell market has been segmented into planar solid oxide fuel cell and tubular solid oxide fuel cell. The tubular solid oxide fuel cell segment is expected to be the fastest growing segment during the forecast period, owing to even distribution of heat in the system. Tubular SOFCs operate between 900–1,000°C and exhibit higher power densities compared to planar SOFCs. The tubes offer high electrical resistance and are simple to seal. Some tubular designs eliminate the need for seals and allow for thermal expansion.
The stationary, by application
This report segments the solid oxide fuel cell market based on application into three segments: stationary, portable and transport. The stationary segment is expected to be the second largest segment during the forecast period. Stationary segment is again categorized into three segments: primary power, backup and combined heat and power. Stationary SOFCs are primarily employed as primary power sources in a variety of facilities, including houses, business buildings, industrial locations, and ports. SOFCs can be installed on-site, even in distant places; on-site installation allows power generation to be matched to the site’s electrical demands. Increasing government investments in stationary applications such as renewable power generation are also propelling the SOFC industry.
Regional Analysis
Asia Pacific is expected to be the largest solid oxide fuel cell market during the forecast period. The Asia Pacific region, comprising major economies such as China, Japan, and South Korea, are witnessing significant growth for primary power sources owing to increased demand for residential sector. The region has been trying to reduce its carbon footprint from various fossil fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to reduce GHG emissions. Countries such as Japan and South Korea are increasing their investments in SOFC technology.
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MITSUBISHI HEAVY INDUSTRIES, LTD. is a Japanese conglomerate and the country’s largest and most diversified industrial corporation, with operations spanning various sectors, including aerospace, energy, machinery, defense, transportation, and environmental solutions. The company provides SOFC technology through its subsidiary, Mitsubishi Power. Mitsubishi Power is an energy solutions company offering power plant solutions, products, and equipment, such as fuel cells, turbines, boilers, energy storage devices, and control systems. It also provides services, such as operation & maintenance, training, long-term service agreements for power plants, and remote monitoring.
Aisin Corporation is a major player in manufacturing and selling fuel cells. The company focuses on meeting sustainable development goals through its business segments by promoting the transition to clean energy, sustainable procurement, and sustainable industrialization through technological innovation. It operates through five segments: Powertrain, Chassis & Vehicle Safety System, Body, Energy Solutions and Others, and CSS and Others. It caters to the energy & power, automotive, and communications industries. It provides fuel cell cogeneration systems under its Energy Solutions and Others segment. This segment also provides products, such as fuel cell cogeneration systems for residential use (ENE·FARM), gas engine cogeneration systems for residential use (COREMO), gas heat pump air-conditioners for industrial use (GHP), and shower-toilet seats.
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