The Solid oxide fuel cell for CHP application market size was valued at USD 10.97 Million in 2023 and is expected to grow to USD 38.04 Million by 2031 and grow at a CAGR of 16.8% over the forecast period of 2024-2031.
It is possible to define a solid oxide fuel cell (SOFC) as a machine that produces energy by oxidising a fuel electrochemically. Their electrolyte composition distinguishes different types of fuel cells. In SOFCs, negative oxygen ions are transported from the cathode to the anode using a solid oxide electrolyte. The CHP of these fuel cells is high efficiency, increased stability, reduced emissions, and fuel adaptability. SOFCs are comparatively economical. In contrast to other devices, these ones often function at greater temperatures and don't require pricey platinum catalyst materials.
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An electrochemical cell that turns fuel into electricity is a fuel cell. The anode and cathode electrodes are included in every fuel cell. That aid in power production. The cathode of a solid oxide fuel cell (SOFC) converts oxygen atoms into oxygen ions.
KEY DRIVERS:
Increasing demand of clean source of energy to reduce carbon emission
Growing demand for reducing dependency on Conventional Fuels for Power Generation
Burning fossil fuels produces damaging greenhouse gases that cause a variety of concerns, including ocean acidification, global warming, and other serious problems. Governments and other private organisations have so intensified their efforts in the EU to reduce carbon footprint and limit other hazardous emissions. Hydrogen Fuel Cell, which is widely available and serves as the principal fuel for solid oxide fuel cells, reduces their reliance on fossil fuels. Additionally, it does not produce harmful pollutants like CO, CO2, SOx, NOx, and other substances released by traditional fuels, which encourages the widespread use of fuel cells. Fuel Cells and Hydrogen Joint Undertaking, a private-public European research and development effort
RESTRAIN:
Other Fuel Cell Technologies' Predominance Will Limit Market Growth
The rise of solid oxide fuel cell devices may be hampered by the availability of other fuel cell solutions, which also have certain advantages. For instance, the Proton-Exchange Membrane Fuel Cell (PEMFC) is favoured for stationary and mobile applications because to its advantages of low operating temperatures, the elimination of electrode corrosion due to the absence of liquid electrolyte, high efficiency, and rapid startup times.
OPPORTUNITY:
Commitment to carbon neutrality to fuel Europe SOFC market
Europe's SOFC market will be fuelled by commitment to carbon neutrality. Leading SOFC manufacturers, research organisations, and creative startups that are pushing technical developments and renewable energy generation.
CHALLENGES:
Growing focus towards sustainable transportation
Adoption of alternative fuel
The conflict between Russia and Ukraine has heightened geopolitical tensions. Any interruption in the energy supply might affect the market for alternative energy sources like SOFCs because Ukraine is an important transit nation for natural gas pipelines from Russia to Europe. Decentralised energy generation may attract more attention as people become more concerned about energy security, which might be advantageous for the SOFC industry. The conflict may hasten attempts at energy transition and decentralisation in the neighbouring nations of Ukraine. Governments and energy stakeholders could be encouraged to diversify their energy mix and lessen reliance on Russian energy supplies. This change may open up new possibilities for SOFCs as a more environmentally friendly and long-lasting CHP technology.
By Application
Commercial
Industrial
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Data on the Solid Oxide Fuel Cell Market has been divided into Combined Heat and Power applications based on application. the force category led the market in 2021 and is anticipated to expand at the fastest rate from 2022 to 2030. Rising need for the creation of renewable energy is predicted to drive the industry. Power generation for home, industrial, and commercial applications such data centres, telecom towers, retail establishments, and residential communities includes distributed power storage as well as remote and backup power alternatives.
Another profitable market for SOFC-based CHPs in Europe is the business sector. Due to expanding public awareness of the need of an emission-free environment and the widespread use of hydrogen, there is an increase in the demand for commercial CHP systems. The market is divided into residential, industrial, and commercial segments based on application. Due to the widespread deployment of fuel cell-based CHPs for residential applications for space heating, water heating, and numerous other functions, the residential sector leads the Europe solid oxide fuel cell for CHP application market by 67%.
REGIONAL ANALYSIS
In Europe, Germany holds a substantial market share. Numerous programmes, including PACE, KAW 433, and others, have greatly increased the demand for and usage of these systems. The government offers national subsidies that complement PACE incentives. KfW 433 has grown to be crucial for fuel cell-based micro-CHPs since the majority of Europe's fuel cell inventors are either headquartered in Germany or have a presence there.
The installation of solid oxide fuel cells for CHP applications is a lucrative business in the United Kingdom. As the emphasis on hydrogen grows, such systems are being adopted more and more quickly across the nation. Bosch and Ceres, located in the UK, have reached an agreement allowing the latter to exploit Steel Cell SOFC technology for commercial-scale applications. With growing concerns and government efforts to promote hydrogen fuel the market for SOFC for CHP applications are expanding.
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
RECENT DEVELOPMENTS
Doosan Fuel Cell Co., Ltd. established a partnership with KIER (Korea Institute of Energy Research), Samsung, C&qT, and KOSPO (Korea Southern Power) in June 2022. These businesses have a memorandum of understanding (MOU) that covers their cooperation on initiatives relating to ammonia research and CCU technology for fuel cells.
In April 2022, SFC Energy AG and its partner FC TecNrgy Pvt Ltd inked the "Make in India" agreement. According to the deal, all of the parts for its EFOY Methanol fuel cells, hydrogen, and energy solutions would be manufactured in India.
In February 2022, Ceres Power Holdings Plc announced a partnership between China's Weichai Power and Robert Bosch GmbH for the development and production of solid oxide fuel cells for the Chinese market. These three businesses are working together on this.
A joint venture to create a fully integrated LOHC- SOFC (Liquid Organic Hydrogen Carrier based SOFC) power system was signed in March 2023 by Alma Clean Power, Hydrogenious LOHC Technologies, and Hydrogenious LOHC Maritime. This collaboration seeks to develop a 100kW pilot powertrain for the "HyNjord" project, which is sponsored by Enova and located aboard the Edda Ferd, an offshore supply vessel run by stensjo Rederi.
The Major Players are Ballard Power Systems, Nedstack Fuel Cell Technology, Bloom Energy, Doosan Fuel Cell Americ Inc., Hydrogenics, Ceres Power, Plug Power, Nuvera Fuel Cells, LLC, FuelCell Energy, SFS Energy AG and other players
| Report Attributes | Details |
| Market Size in 2023 | US$ 10.97 Mn |
| Market Size by 2031 | US$ 38.04 Mn |
| CAGR | CAGR of 16.8% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Residential, Commercial, Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Ballard Power Systems (Canada), Nedstack Fuel Cell Technology (Netherlands), Bloom Energy (U.S.), Doosan Fuel Cell Americ Inc. (U.S.), Hydrogenics (Canada), Ceres Power (U.K.), Plug Power (U.S.), Nuvera Fuel Cells, LLC (U.S.), FuelCell Energy (U.S.), SFS Energy AG (Germany) |
| Key Drivers | • Increasing demand of clean source of energy to reduce carbon emission • Growing demand for reducing dependency on Conventional Fuels for Power Generation |
| Market Restraints | • Other Fuel Cell Technologies' Predominance Will Limit Market Growth |
Ans: Solid oxide fuel cell for CHP application market is anticipated to expand by 16.6 % from 2023 to 2030.
Ans: USD 32.11 Million is expected to grow by 2030.
Ans: Solid oxide fuel cell for CHP application market size was valued at USD 9.4 Million in 2022
Ans: Growing focus towards sustainable transportation and Adoption of alternative fuel
Ans: Europe region is dominating the market of Solid oxide fuel cell for CHP application market
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Solid oxide fuel cell for CHP application market Segmentation, By Application
8.1 Residential
8.2 Commercial
8.3 Industrial
9. Regional Analysis
9.1 Introduction
9.2 North America
9.2.1 North America Solid oxide fuel cell for CHP application market by Country
9.2.2 North America Solid oxide fuel cell for CHP application market by Application
9.2.3 USA
9.2.3.1 USA Solid oxide fuel cell for CHP application market by Application
9.2.4 Canada
9.2.4.1 Canada Solid oxide fuel cell for CHP application market by Application
9.2.5 Mexico
9.2.5.1 Mexico Solid oxide fuel cell for CHP application market by Application
9.3 Europe
9.3.1 Eastern Europe
9.3.1.1 Eastern Europe Solid oxide fuel cell for CHP application market by Country
9.3.1.2 Eastern Europe Solid oxide fuel cell for CHP application market by Application
9.3.1.3 Poland
9.3.1.4.1 Poland Solid oxide fuel cell for CHP application market by Application
9.3.1.4 Romania
9.3.1.4.1 Romania Solid oxide fuel cell for CHP application market by Application
9.3.1.5 Hungary
9.3.1.5.1 Hungary Solid oxide fuel cell for CHP application market by Application
9.3.1.6 Turkey
9.3.1.6.1 Turkey Solid oxide fuel cell for CHP application market by Application
9.3.1.7 Rest of Eastern Europe
9.3.1.7.1 Rest of Eastern Europe Solid oxide fuel cell for CHP application market by Application
9.3.2 Western Europe
9.3.2.1 Western Europe Solid oxide fuel cell for CHP application market by Country
9.3.2.2 Western Europe Solid oxide fuel cell for CHP application market by Application
9.3.2.3 Germany
9.3.2.3.1 Germany Solid oxide fuel cell for CHP application market by Application
9.3.2.4 France
9.3.2.4.1 France Solid oxide fuel cell for CHP application market by Application
9.3.2.5 UK
9.3.2.5.1 UK Solid oxide fuel cell for CHP application market by Application
9.3.2.6 Italy
9.3.2.6.1 Italy Solid oxide fuel cell for CHP application market by Application
9.3.2.7 Spain
9.3.2.7.1 Spain Solid oxide fuel cell for CHP application market by Application
9.3.2.8 Netherlands
9.3.2.8.1 Netherlands Solid oxide fuel cell for CHP application market by Application
9.3.2.9 Switzerland
9.3.2.9.1 Switzerland Solid oxide fuel cell for CHP application market by Application
9.3.2.10 Austria
9.3.2.10.1 Austria Solid oxide fuel cell for CHP application market by Application
9.3.2.11 Rest of Western Europe
9.3.2.11.1 Rest of Western Europe Solid oxide fuel cell for CHP application market by Application
9.4 Asia-Pacific
9.4.1 Asia Pacific Solid oxide fuel cell for CHP application market by Country
9.4.2 Asia Pacific Solid oxide fuel cell for CHP application market by Application
9.4.3 China
9.4.3.1 China Solid oxide fuel cell for CHP application market by Application
9.4.4 India
9.4.4.1 India Solid oxide fuel cell for CHP application market by Application
9.4.5 Japan
9.4.5.1 Japan Solid oxide fuel cell for CHP application market by Application
9.4.6 South Korea
9.4.6.1 South Korea Solid oxide fuel cell for CHP application market by Application
9.4.7 Vietnam
9.4.7.1 Vietnam Solid oxide fuel cell for CHP application market by Application
9.4.8 Singapore
9.4.8.1 Singapore Solid oxide fuel cell for CHP application market by Application
9.4.9 Australia
9.4.9.1 Australia Solid oxide fuel cell for CHP application market by Application
9.4.10 Rest of Asia-Pacific
9.4.10.1 Rest of Asia-Pacific Solid oxide fuel cell for CHP application market by Application
9.5 Middle East & Africa
9.5.1 Middle East
9.5.1.1 Middle East Solid oxide fuel cell for CHP application market by Country
9.5.1.2 Middle East Solid oxide fuel cell for CHP application market by Application
9.5.1.3 UAE
9.5.1.3.1 UAE Solid oxide fuel cell for CHP application market by Application
9.5.1.4 Egypt
9.5.1.4.1 Egypt Solid oxide fuel cell for CHP application market by Application
9.5.1.5 Saudi Arabia
9.5.1.5.1 Saudi Arabia Solid oxide fuel cell for CHP application market by Application
9.5.1.6 Qatar
9.5.1.6.1 Qatar Solid oxide fuel cell for CHP application market by Application
9.5.1.7 Rest of Middle East
9.5.1.7.1 Rest of Middle East Solid oxide fuel cell for CHP application market by Application
9.5.2 Africa
9.5.2.1 Africa Solid oxide fuel cell for CHP application market by Country
9.5.2.2 Africa Solid oxide fuel cell for CHP application market by Application
9.5.2.3 Nigeria
9.5.2.3.1 Nigeria Solid oxide fuel cell for CHP application market by Application
9.5.2.4 South Africa
9.5.2.4.1 South Africa Solid oxide fuel cell for CHP application market by Application
9.5.2.5 Rest of Africa
9.5.2.5.1 Rest of Africa Solid oxide fuel cell for CHP application market by Application
9.6 Latin America
9.6.1 Latin America Solid oxide fuel cell for CHP application market by Country
9.6.2 Latin America Solid oxide fuel cell for CHP application market by Application
9.6.3 Brazil
9.6.3.1 Brazil Solid oxide fuel cell for CHP application market by Application
9.6.4 Argentina
9.6.4.1 Argentina Solid oxide fuel cell for CHP application market by Application
9.6.5 Colombia
9.6.5.1 Colombia Solid oxide fuel cell for CHP application market by Application
9.6.6 Rest of Latin America
9.6.6.1 Rest of Latin America Solid oxide fuel cell for CHP application market by Application
10 Company Profile
10.1 Ballard Power Systems (Canada)
10.1.1 Company Overview
10.1.2 Financials
10.1.3 Product/Services Offered
10.1.4 SWOT Analysis
10.1.5 The SNS View
10.2 Nedstack Fuel Cell Technology (Netherlands)
10.2.1 Company Overview
10.2.2 Financials
10.2.3 Product/Services Offered
10.2.4 SWOT Analysis
10.2.5 The SNS View
10.3 Bloom Energy (U.S.)
10.3.1 Company Overview
10.3.2 Financials
10.3.3 Product/Services Offered
10.3.4 SWOT Analysis
10.3.5 The SNS View
10.4 Doosan Fuel Cell Americ Inc. (U.S.)
10.4 Company Overview
10.4.2 Financials
10.4.3 Product/Services Offered
10.4.4 SWOT Analysis
10.4.5 The SNS View
10.5 Hydrogenics (Canada)
10.5.1 Company Overview
10.5.2 Financials
10.5.3 Product/Services Offered
10.5.4 SWOT Analysis
10.5.5 The SNS View
10.6 Ceres Power (U.K.)
10.6.1 Company Overview
10.6.2 Financials
10.6.3 Product/Services Offered
10.6.4 SWOT Analysis
10.6.5 The SNS View
10.7 Plug Power (U.S.)
10.7.1 Company Overview
10.7.2 Financials
10.7.3 Product/Services Offered
10.7.4 SWOT Analysis
10.7.5 The SNS View
10.8 Nuvera Fuel Cells, LLC (U.S.)
10.8.1 Company Overview
10.8.2 Financials
10.8.3 Product/Services Offered
10.8.4 SWOT Analysis
10.8.5 The SNS View
10.9 FuelCell Energy (U.S.)
10.9.1 Company Overview
10.9.2 Financials
10.9.3 Product/Services Offered
10.9.4 SWOT Analysis
10.9.5 The SNS View
10.10 SFS Energy AG (Germany)
10.10.1 Company Overview
10.10.2 Financials
10.10.3 Product/Services Offered
10.10.4 SWOT Analysis
10.10.5 The SNS View
11. Competitive Landscape
11.1 Competitive Benchmarking
11.2 Market Share Analysis
11.3 Recent Developments
11.3.1 Industry News
11.3.2 Company News
11.3.3 Mergers & Acquisitions
12. USE Cases and Best Practices
13. Conclusion
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