South Korea Solid Oxide Fuel Cell Market
The South Korea solid oxide fuel cell market is witnessing significant growth, driven by the country's strong emphasis on clean energy solutions and reducing carbon emissions. As a global leader in technology and innovation, South Korea has been at the forefront of adopting advanced energy systems, including SOFCs, to enhance energy efficiency and sustainability. The government's commitment to transitioning towards hydrogen and fuel cell technologies as part of its "Hydrogen Economy Roadmap" has further propelled the growth of the SOFC market. Key players in the industry, such as POSCO Energy and Doosan Fuel Cell, are actively developing and commercializing SOFC systems for various applications, including power generation for industrial, commercial, and residential sectors.
One of the main factors driving the SOFC market in South Korea is the need for reliable and decentralized power solutions. SOFCs offer high efficiency and low emissions, making them an attractive option for addressing the country's energy challenges. The technology's ability to operate on various fuels, including natural gas and hydrogen, aligns with South Korea's push towards a hydrogen-based economy. In addition, government initiatives like subsidies and tax incentives for fuel cell systems are encouraging the adoption of SOFCs across the nation. However, challenges such as high upfront costs and technological complexities may pose hurdles to rapid market expansion. Despite this, the market outlook remains positive as research and development efforts continue to improve the efficiency and affordability of SOFC technology in South Korea.
The global solid oxide fuel cell market is expected to grow at a compound annual growth rate (CAGR) of over 37.07% from 2024 to 2032, reaching a value of over USD 15759.82 Million by the end of the forecast period.
SOFCs are a type of fuel cell that operate at high temperatures, typically between 500 and 1000 degrees Celsius. This allows them to achieve high fuel conversion efficiencies of up to 90%, which is significantly higher than other types of fuel cells, such as proton exchange membrane fuel cells (PEMFCs) and alkaline fuel cells (AFCs)
Competitive Outlook
- Mitsubishi Heavy Industries Ltd.
- Ensol Systems
- Bloom Energy
- Sunfire GmbH
- Aisin Seiki Co. Ltd.
- Ceres Power Holdings plc
Bloom Energy and SK Engineering and Construction have recently won a contract for supply SOFCs to an industrial complex in South Korea in 2020. The contract will be used in powering a microgrid to be used in supplying power to various industrial organizations.
Market Scope
The global solid oxide fuel cell market is anticipated to touch USD 1.3 million by 2030, as per an insightful report by Market Research Future (MRFR). It is expected to expand at a 37.30% CAGR during the assessment period.
The market is set to accumulate huge revenues over the forecast period owing to pressure from nations globally for reducing carbon emission levels. Government funding and collaborations between private and public companies can drive the technology of SOFCs. Favorable policies coupled with implementation of fuel cell systems can augment the market size considerably. Awareness of alternative energy sources and establishment of micro combined heat and power applications can bode well for the market.
The high-cost for processing of SOFCs can limit the market growth.
Segmentation
By type, the solid oxide fuel cell market has been segmented into tubular and planar. The planar segment can be expected to showcase a strong growth rate owing to high energy efficiency and low power losses accrued by its usage. Its future applications in auxiliary power units, underwater vehicles, and portable devices can boost segment growth during the forecast period.
By mobility, the market is segmented into stationary and portable. The stationary segment can lead in the global solid oxide fuel cells market due to its demand in uninterrupted power supply (UPS), residential CHP, and large CHP. They are used a power source in various commercial applications.
By application, the market is segmented into combined heat & power, power generation, and military. The power generation segment is likely to dominate over the forecast period owing to increasing demand for power in energy-producing plants for cooling purposes.
Major market end-users include commercial & residential, data center, retail, and auxiliary power units. The data center segment is likely to contribute to the global Fuel Cell Technology market owing to corporate giants shifting their proprietary data to the cloud for curbing operational expenditures. The use of SOFC market for cooling data centers and curbing emissions can bode well for the market. On the other hand, commercial & residential users can display the fastest growth rate in the market.
Regional Analysis
North America accounted for 46.5% market share in 2017. It is also expected to register the fastest CAGR during the forecast period. This can be credited to nations such as the U.S. and Canada’s massive investment in the industry. Natural Sciences and Engineering Research Council of Canada, a part of SOFC Canada, has committed to producing next-generation SOFC technologies. The U.S. has a wide-scale usage of SOFCs in sectors requiring large-scale auxiliary power, electric utilities, and distributed generation.
APAC followed North America in this regard due to South Korea and Japan contributing to the system the most. Japan is leading the market and expects to be the fastest growing country during the review period due to its heavy deployment of CHP and supporting schemes such as ENE-FARM.
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