North America Solid Oxide Fuel Cells Market growth to Grow with a robust CAGR through to 2028
Medium- and Long-term goals for decarbonizing the economy and
accelerating the implementation of breakthrough zero-emission technologies are
expected to drive the North America Solid Oxide Fuel Cells Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “North
America Solid Oxide Fuel Cells Market - By Country, Competition, Forecast and Opportunities,
2018-2028”, the North America Solid Oxide Fuel Cells Market is expected to
register a robust during the forecast period, 2024-2028. The increase in demand for power energy
production and stringent emission controls across the region can be directly
attributed to this rise. The growing popularity of SOFC innovation is driven by
its contribution to sustainable development and provision of reliable energy
versatility. The sector continuously monitors new public and commercial
initiatives to advance technological advancements. In the coming years,
favorable policy and regulatory actions aimed at enhancing decarbonization in
electricity production will contribute to an increase in the market share of
SOF cells.
The increasing emphasis on reducing greenhouse gas
emissions and transitioning to cleaner energy sources presents a significant
opportunity for Solid Oxide Fuel Cell (SOFC) technology. SOFCs are inherently
environmentally friendly and can operate using hydrogen, which can be produced
through renewable energy sources or low-carbon methods such as electrolysis
with carbon capture and utilization (CCU). As governments and industries in
North America commit to decarbonization targets, SOFCs can play a pivotal role
in achieving these objectives by offering low-emission power generation and
heat production.
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Based on type, Planar segment has emerged as the
predominant market leader. Data centers are a specific domain where SOFCs are
gaining traction due to their reliability, efficiency, and CHP capabilities.
This segment caters to the unique requirements of data center operations. The
focus of "Microgrids and Resilience" is on the utilization of SOFCs
in microgrids and as backup power systems, particularly in areas prone to power
outages and natural disasters. Here, the emphasis lies on energy resilience and
reliability. "Other Fuels" encompasses SOFCs that can operate on
alternative fuels such as methanol, ammonia, or propane, depending on specific
applications and preferences. The "Commercialization and Deployment"
segment addresses the implementation of mature SOFC systems for commercial use,
including those in data centers, microgrids, and stationary power generation.
Canada has also displayed interest in SOFC technology, especially in the
context of clean energy solutions for remote communities and industrial
applications. "Commercial" applications of SOFCs encompass commercial
and institutional buildings, including schools, hospitals, and offices.
Additionally, SOFCs find applications across various industrial sectors,
including ceramics manufacturing, metal processing, and chemical production.
"Medium-Scale" SOFC systems are designed for mid-sized commercial and
industrial applications, while large-scale SOFC systems are utilized in
industrial settings and larger power generation facilities.
Based on application, Transportation segment is
expected to grow during the forecast period. The transportation sector presents
a significant growth opportunity for Solid Oxide Fuel Cells (SOFCs) due to
their high efficiency, reduced emissions, and fuel flexibility, including
natural gas and hydrogen. Various automotive manufacturers are exploring the
potential of SOFC technology for electric vehicles (EVs). SOFCs have the
potential to extend the range of EVs and reduce refueling time compared to
battery EVs. Additionally, SOFCs are being considered for use in heavy-duty
trucks, offering longer ranges and lower emissions compared to traditional
diesel engines. The higher energy conversion efficiency of SOFCs compared to
internal combustion engines makes them an attractive option for transportation.
Moreover, the lower emissions produced by SOFCs play a crucial role in meeting
stringent environmental regulations.
Major companies operating in North America Solid Oxide
Fuel Cells Market are:
- Bloom Energy Corporation
- FuelCell Energy, Inc.
- Ceramic Fuel Cells Limited
- Solid Power, Inc.
- ClearEdge Power
- Redox Power Systems
- Advent Technologies, Inc.
- Nuvera Fuel Cells
- Rolls-Royce Fuel Cell Systems
- Versa Power Systems
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“United States is expected to dominate the market
during the forecast period. A noteworthy trend observed in the United States is
the utilization of SOFCs (Solid Oxide Fuel Cells) in data centers. With the
nation's substantial data center industry, encompassing tech giants and cloud
service providers, SOFCs are being investigated as dependable, efficient, and
environmentally friendly power solutions. The prospect of offering combined
heat and power (CHP) to data centers aligns with the industry's objectives of
enhancing energy efficiency.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“North
America 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 North America 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 North America Solid Oxide Fuel Cells Market.
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