Fuel Cell is a type of alternative energy source broadly classified under renewable sources of energy as it utilizes hydrogen to generate electricity with heat and water as by-products.
Fuel cells are stated to achieve an electrical efficiency of over 50-60% which is also studied to reach over 80% overall efficiency when the heat is utilized in cooling applications. The fuel cell is classified in the following types such as PEM fuel cell, solid oxide fuel cell, molten carbonate fuel cell, and phosphoric acid fuel cell.
A solid oxide fuel cell is a class of fuel cell that used solid oxide material to generate electric power from the oxidizing process of fuel. A solid oxide fuel cell has several advantages over other types of fuel cells such as long term stability, fuel flexibility, high combined heat and power efficiency, low emissions, and relatively inexpensive.
Moreover, Solid oxide fuel cell is used in a variety of applications including use in auxiliary power units in-vehicle, data centers, and military & defense, among others.
Power consumption by data centers is estimated to account for over 2% of total electricity consumption across the world. Energy demand from the data centers is expected to grow at a stable pace. Relying only on conventional sources of energy, given the staggering growth being witnessed by data centers can potentially lead to a rise in the total cost of ownership (or TCO), high emissions and carbon footprints.
Responding to high energy costs and growing environmental concerns, market players much recently, have been seeing immense opportunities in the area of the solid oxide fuel cell to power energy-hungry data centers. Growing attention to the prominent companies of Silicon Valley such as Apple, Microsoft, and eBay, and among many others to increased investment for commercialization of solid oxide fuel cell.
Such an aspect is expected to positively sway the solid oxide fuel cell market growth in the coming years. Also, the implementation of the fuel cell at utility power level enhances the overall efficiency of the power generation and consumption and has been witnessed that make a remarkable impact on solid oxide fuel cell adoption across the globe.
Although, one of the major negative factors that impact on the adoption of solid oxide fuel cell at a very larger scale is that its high installation cost. The raw material required for the solid oxide fuel cell is as much as 80% of the total cost of the product. Moreover, the high operating temperature of solid oxide fuel cells is also expected to constraints the market growth in the coming years.
Based on the regional outlook, the global solid oxide fuel cell consumption is likely to witness noteworthy growth during the foreseen trajectory of the market. The solid oxide fuel cell market in North America is estimated to account for dominating share, owing to the large hub of prominent firm’s data centers
Along with Europe is also projected to hold a prominent share in the global solid oxide fuel cell market owing to the growing adoption of low emission and high efficacy energy sources. Rising environmental concerns being a key dynamic factor to impact on the adoption of solid oxide fuel cells in Europe.
Moreover, the Asia Pacific is picking up in the market due to a robust outlook for data center activities with high demand from South Korea and China. Along with this, the Middle East and Africa and Latin America are also expected to register significant growth owing to swelling usage of the solid oxide fuel cell at commercial as well as retail level in those regions.
Some of the key market participants identified across the value chain of the solid oxide fuel cell market are:
The research report presents a comprehensive assessment of the solid oxide fuel cell market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated solid oxide fuel cell market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on Solid Oxide Fuel Cell market segments and geographies.
The global solid oxide fuel cell market can be segmented on the basis of type, product type, end-users, and region.
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Solid Oxide Fuel Cell Market
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