North America Solid Oxide Fuel Cells Market
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North America Solid Oxide Fuel Cells Market size was valued at USD 373.2 billion in 2023 and is anticipated to grow at a CAGR of 6.6% between 2024 and 2032. A solid oxide fuel cell (SOFC) is an electrochemical device that converts chemical energy from a fuel into electricity through an electrochemical reaction. It operates at high temperatures, typically between 500 °C to 1000 °C, which allows it to use a variety of fuels including hydrogen.
Growing concerns about climate change and air pollution and increasing growing demand for cleaner and more sustainable energy technologies will augment the industry landscape. SOFCs offer a low-emission alternative to traditional fossil fuel-based power generation, making them attractive options for industries, utilities, and communities striving to reduce their carbon footprint. Further, Ongoing research and development efforts have led to improvements in materials and manufacturing techniques for SOFCs will contribute to the business growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Solid Oxide Fuel Cells Market size in 2023: | USD 373.2 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 6.6 |
| 2023 Value Projection: | USD 632.6 Billion |
| Historical Data for: | 2019 to 2023 |
| No of Pages: | 150 |
| Tables, Charts & Figures: | 200 |
| Segments Covered: | Type, Application, End Use and Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Ongoing research and development efforts have led to improvements in materials and manufacturing techniques for SOFCs, will enhance the product adoption. The fuel flexibility enhances energy security by reducing reliance on a single energy source and enables the utilization of diverse and locally available feedstocks, which can be especially beneficial in remote or off-grid locations which will propel the product demand. Moreover, Supportive policies such as feed-in tariffs, tax credits, grants, and loan programs can help reduce upfront costs, mitigate risks, and stimulate investment in SOFC deployment and commercialization.
Based on type, the North America market is segmented into planar and Tubular. The tubular segment is set to cross USD 255 million by 2032. Key factors including high electrical efficiency, modularity and scalability, allowing for flexible deployment in various applications and settings, will improve the growth opportunities. In addition, growing versatility of tubular fuel cells enables them to address diverse market needs and capture opportunities in different industries, thereby stimulating the product adoption in the region.
Based on application the North America solid oxide fuel cells market is segmented into stationary, portable, transport and others. The stationary segment is projected to register at a CAGR of more than 4% in the coming years, driven by the ability to simultaneously produce electricity and utilize waste heat for heating or cooling purposes, increasing their utilization across CHP. They further facilitate decentralized energy generation by providing on-site power generation capabilities at or near the point of use, offering advantages including increased energy security, grid resiliency, and reduced transmission losses, particularly in areas with unreliable or inadequate grid infrastructure.
Additionally, solid-state design and absence of moving parts contribute to their robustness and minimal maintenance requirements, making them suitable for continuous and uninterrupted operation in stationary settings.
The U.S. solid oxide fuel cells market is anticipated to surpass USD 550 Million by 2032. Growing interest in decentralized energy systems and grid resilience, will augment the deployment in microgrid and off-grid applications which will propel the demand for SOFC technologies. Additionally, The U.S. government, through agencies like the Department of Energy (DOE) and its Advanced Research Projects Agency-Energy (ARPA-E), has provided funding and support for SOFC research, development, and demonstration projects, which will foster the overall business scenario.
Several companies in the U.S. are actively involved in the development, manufacturing, and commercialization of SOFC systems and components. These companies are leveraging advancements in materials science, manufacturing processes, and system integration to improve SOFC performance, reliability, and cost-effectiveness, thereby expanding the market growth. Collaboration between industry, academia, and government entities has played a crucial role in advancing SOFC technology and driving adoption in the U.S.
Eminent players operating in the North America solid oxide fuel cells industry are:
Market, By Type
Market, By Application
Market, By End Use
The above information has been provided for the following countries:
Panasonic Corporation, Doosan Fuel Cell Co., Ltd., AISIN CORPORATION, Ceres, SFC Energy AG, TOSHIBA CORPORATION, Robert Bosch GmbH, TW Horizon Fuel Cell Technologies, AFC Energy PLC, and Fuel Cell Energy, Inc., are some of the major gas fired boiler companies in Europe.
U.S. solid oxide fuel cells industry is expected to cross USD 550 million by 2032, attributed to growing interest in decentralized energy systems and grid resilience in the country.
The tubular segment is expected to exceed USD 255 million by 2032, due to its high electrical efficiency, modularity and scalability, allowing for flexible deployment in various applications and settings.
The market size for solid oxide fuel cells in North America reached USD 373.2 billion in 2023 and is set to witness 6.6% CAGR from 2024 to 2032, owing to growing concerns about climate change and air pollution and increasing demand for cleaner and more sustainable energy technologies in the region.