Solid Oxide Fuel Cell Market Product Driving Factors, Capacity and Growth Rate Analysis to 2030

Posted on 2023-01-22 by researchinsights in Energy // 0 Comments

San Francisco, California , USA, Jan 23, 2023 — /EPR Network/ —

Solid Oxide Fuel Cell Industry Overview

The global solid oxide fuel cell market size was valued at USD 339.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 40.7% from 2022 to 2030.

The increasing private-public partnerships are one of the key factors fostering the market growth. Solid oxide fuel cells (SOFC) are one of the fastest-growing alternate backup power options, primarily due to their ability to generate electricity using a variety of fuels. In addition, they are eco-friendly as their by-product is harmless, unlike other conventional technologies. The U.S. is among the early adopters of clean energy solutions for the sectors such as power generation and transportation. This can be attributed to the increased importance of clean energy solutions as per the energy act, introduced by the U.S. government. Such acts have provided a starting guideline regarding implementing clean energy solutions in the country’s energy sector.

Gather more insights about the market drivers, restrains and growth of the Global Solid Oxide Fuel Cell Market

Favorable government regulations and their ability to cut down emission rates and use domestic sources of energy such as natural gas are some of the key factors likely to boost the market during the next eight years. Furthermore, the rising emphasis of the regional governments of mature economies such as the U.S. and Europe on reducing emissions and their inclination toward a technological shift to support or, to some extent, even replace the aging electric grids is likely to drive the market during the forecast period.

COVID-19 has hindered the market for SOFC globally owing to the factors such as disruption in the supply chain, which delayed some projects. Further, demand has been reduced for SOFC systems, deployed in residential and commercial end-user segments due to the limited new construction activities and diversion of available funds by the residential and commercial end-users, to sustain the COVID-19 pandemic.

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Solid Oxide Fuel Cell Market Segmentation

Grand View Research has segmented the global solid oxide fuel cell market based on application and region:

SOFC Application Outlook (Volume, Thousand Units, Capacity, kW, Revenue, USD Million; 2019 – 2030)
- Transportation
- Portable
- Stationary
SOFC Regional Outlook (Volume, Thousand Units, Capacity, kW, Revenue, USD Million; 2019 – 2030)
- North America
- Europe
- Asia Pacific
- Rest of the World

Key Companies profiled:

Some prominent players in the global Solid Oxide Fuel Cell market include

Bloom Energy
Mitsubishi Power Ltd.
Cummins Inc.
Ceres
General Electric
Fuel Cell Energy Inc.
Ningbo SOFCMAN Energy
KYOCERA Corporation
AVL
NGK SPARK PLUG CO., LTD.

Order a free sample PDF of the Solid Oxide Fuel Cell Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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