Europe Solid Oxide Fuel Cells Market growth to Grow with a robust CAGR through to 2028
Goals for reducing greenhouse gas emissions and transitioning to clean
energy sources are expected to drive the Europe Solid Oxide Fuel Cells Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Europe Solid
Oxide Fuel Cells Market - By Country, Competition, Forecast and Opportunities,
2018-2028”, the Europe Solid Oxide Fuel Cells Market is expected to
register a robust during the forecast period, 2024-2028. Solid oxide fuel cells (SOFCs) are renowned
for their remarkable energy efficiency, frequently surpassing 60%, and their
capacity to concurrently produce electricity and heat. This exceptional
efficiency renders SOFCs highly appealing for combined heat and power (CHP)
applications in residential, commercial, and industrial environments. Users can
enjoy the advantages of reduced energy expenses, enhanced energy utilization,
and a diminished carbon footprint thus driving market growth.
Europe is dedicated to transitioning towards a
low-carbon and sustainable energy future. The EU's Green Deal, with its
ambitious carbon reduction targets and emphasis on clean energy technologies,
offers a substantial opportunity for SOFCs. These fuel cells can play a crucial
role in attaining carbon neutrality by delivering clean and efficient power
generation and heat production across diverse sectors, such as industry,
transportation, and residential areas.
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Based on type, Planar segment has emerged as the
predominant market leader. This segment encompasses Solid Oxide Fuel Cell
(SOFC) systems utilized in residential settings for combined heat and power
(CHP) applications, providing both electricity and heat. Key factors driving
this segment include enhanced energy efficiency, energy independence, and
government incentives aimed at promoting residential CHP systems. Furthermore,
SOFCs are increasingly being adopted by various businesses and industries for
distributed energy generation. Applications within this segment can be found in
data centers, manufacturing facilities, and commercial buildings. The primary
drivers for this segment are high energy efficiency and reduced emissions. It
is worth noting that SOFCs can operate directly on hydrogen, and this segment
includes applications utilizing green hydrogen produced through electrolysis,
utilizing renewable energy sources. The hydrogen segment aligns well with
Europe's focus on the hydrogen economy and clean fuel sources, with countries
such as Germany, France, the United Kingdom, and the Netherlands being at the
forefront of SOFC adoption. Factors driving this particular segment include
strong governmental support, research and development initiatives, and a
dedicated focus on renewable energy. Additionally, SOFCs are being increasingly
adopted in data centers for reliable backup power and enhanced energy
efficiency, driven by the need for uninterrupted data services and the
reduction of carbon footprint. Lastly, the transportation sector, encompassing
ships, ferries, and electric buses, presents a promising growth opportunity for
SOFC technology due to its inherent efficiency and low emissions.
Based on application, Stationary segment is expected
to grow during the forecast period. Residential Combined Heat and Power (CHP)
systems are specifically designed for homes and apartment complexes, offering
electricity and heat to residential buildings. This results in reduced energy
costs and improved energy efficiency. On the other hand, this segment focuses
on the utilization of SOFCs in commercial and industrial settings for on-site
power generation and combined heat and power applications. It encompasses
various sectors such as businesses, manufacturing facilities, and commercial
buildings. The adoption of SOFCs in these sectors is driven by energy
efficiency, emissions reduction, and grid resilience. Businesses aim to
minimize energy costs and environmental impact, while data centers require
reliable backup power to ensure uninterrupted operations. By utilizing SOFC
systems, data centers can enhance their reliability with both backup and continuous
power capabilities. Additionally, SOFCs are employed in remote and off-grid
locations where traditional grid infrastructure is absent or unreliable. These
applications include telecommunication towers, remote communities, and military
bases. Furthermore, distributed energy systems refer to the integration of
SOFCs into local or community energy networks, enabling the provision of
electricity and heat to multiple users and enhancing overall energy resilience.
Major companies operating in Europe Solid Oxide Fuel
Cells Market are:
- Ballard Power Systems
- Nedstack Fuel Cell Technology
- Bloom Energy
- Doosan Fuel Cell Co., Ltd.
- Hydrogenic
- Ceres Power Holdings Plc
- Plug Power
- Nuvera Fuel Cells, LLC
- FuelCell Energy
- SFS Energy AG
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“Germany is expected to dominate the market during the
forecast period. The German government provides a range of incentives and
support mechanisms to encourage the adoption of clean energy technologies,
including SOFCs. Initiatives such as the German Renewable Energy Act (EEG) and
the National Innovation Program for Hydrogen and Fuel Cell Technology (NIP)
offer funding and regulatory frameworks to promote the use of SOFCs across
different sectors, including industry and transportation.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Europe
Solid Oxide Fuel Cells Market By Type (Planar and Tubular), By Application (Stationary,
Transportation and Portable), By End User (Commercial, Data Centers, Military
& Defense and Others), By Country, By Competition Forecast &
Opportunities, 2018-2028”, has evaluated the future growth potential
of Europe Solid Oxide Fuel Cells Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Europe Solid Oxide Fuel Cells Market.
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