Top Impacting Factors
The rising demand for efficient power generation devices to reduce the dependency on fossil fuels for power generation to drive the market growth. Generally, the electricity was generated by burning fossil fuels such as coal, oils, and natural gas, this process produces high amount of greenhouse gasses which are harmful to environment as well as the humans, hence it’s important to reduce the use of fossil fuels for electricity generation. Due to these harmful effect governments are promoting use of efficient sources for power generation which includes use of solid state oxygen fuel cell and other efficient and eco-friendly sources (solar energy, wind energy, and hydroelectricity).
Hence government promotional activities drive the growth of market in forecast period. The rising adoption of SOFC in the commercial, data centers, military and defense sector is likely to propel the market growth in forecast period. In addition, the need for noise effective and efficient power generation system military application provides great opportunities for the SOFC in the segment. Moreover, adoption of SOFCs by IBM, Equinix, and Google has stimulated the growth of market.
SOFC is a complex combination of different chemical elements for electro catalytic oxidation of methane and other natural gas-based fuel for power generation. Generally, SOFC operate at high temperature ranging from 7500 C to 12000 C. Ceramic electrolyte do not offer good operational efficiency a such high temperature, therefore use of yttria stabilized zircona is initiated which is made from zirconium, and the per unit cost if zirconium is double in comparison with the per unit cost of conventional ceramic thus increasing fuel cell manufacturing cost. Hence high cost for manufacturing and installation of SOFC is likely to restrain the market growth.
In addition, SOFC requires more start up time as compared with other fuel cells. Considering high-temperature technology of SOFC thus require high time to reach critical temperature to function with full capacity contributing in high start-up time which is challenging for the key market players.
Moreover, factors such as government awareness programs to mitigate greenhouse emission by use of efficient power generation source such as SOFC which impacts positively on growth of market. In addition, the focus of manufacturer to reduce the start-up time and manufacturing cost of this to boosts the market growth.
The solid state oxygen fuel cell market is segmented on the basis of type, application, and region. By type, it is divided into planar and tubular. By application, it is segregated into power generation, combined heat and power, military, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By type: The solid state oxygen fuel cells market is divided into planar and tubular. Planar segment holds the largest share in the market owing to simple geometry and easy construction process.
By application: The solid state oxygen fuel cells market is segregated into power generation, combined heat and power, military, and others. Power generation is expected be the fastest growing application in forecast period owing to rise in demand for clean energy generation on commercial and other sites.
By region: The solid state oxygen fuel cells market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominates the solid state oxygen fuel cells market share globally. The rising demand for SOFC power generation with increased R&D activities and development of hydrogen generation is likely to drive the growth in the region. In addition, the increase in funds by the U.S. government for SOFC system attributes to drive the market growth in region.
For instance, in Sep 2020, the U.S. department of energy announced to provide around 34 million USD under funding opportunity announcement program to develop and manufacture small scale SOFC system. Europe is considered to have a significant growth in forecast period owing to rise in demand for renewable energy demand for renewable energy generation and rising focus to control the carbo footprint and develop hydrogen-based combined heat & power system.
Asia-Pacific solid state oxygen fuel cells market is anticipated to have the fastest growth during the forecast period. The major factor for growth of market in the region includes countries such as China, India, Japan, and many others which is backed by the supportive government policies and promotional activities carried to adapt efficient sources for energy generation to reduce use of fossil fuels. In addition, the rising focus of government on fuel cell technology is likely to propel the growth of market in the region with other factors such as rapid urbanization and industrialization, and increasing energy demand elevates the market growth in the region.
Competitive analysis and profiles of the major players in the solid state oxygen fuel cell market, such as, Aisin Seiki Co. Ltd., Atrex Energy, Bloom Energy, Convion Fuel Cell Systems, Ceres, Fuelcell Energy, General Electric, Hexis, Power Holdings, Protonex, and Ztek Co., are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of the solid state oxygen fuel cell market.
Solid State Oxygen Fuel Cell Market Report Highlights
Key Market Players
Protonex, Ztek Corporation, Convion Fuel Cell Systems, Fuelcell Energy, Ceres Power Holdings, Atrex Energy, Bloom Energy, Aisin Seiki Co., Ltd., Hexis, General Electric