According to the latest report by IMARC Group “Solid Oxide Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global solid oxide fuel cell market size reached US$ 1,118 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,613 Million by 2028, exhibiting a growth rate (CAGR) of 14.9% during 2023-2028.
A solid oxide fuel cell (SOFC) is an energy conversion device that is used to produce electricity. It electrochemically combines fuel and an antioxidant in an ionic conducting oxide electrolyte. It also exhibits high chemical properties and offers electrical conversion efficiencies, versatility in fuel intake, and environmentally benign operations. SOFC employs solid ceramic electrolytes that operate on natural gas, renewable biogas, hydrogen other oxidized hydrocarbons.
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Market Trends:
The global solid oxide fuel cell market is primarily driven by the growing awareness about alternative energy sources. Besides this, the increase in carbon emission has become a global issue over the years. As a result, governments and authorities are taking initiatives by drafting supportive policies and plans and extensively investing in RD activities in fuel cell programs. Moreover, with the increasing clean energy sources requirements, SOFC finds application across data centers due to the usage of clean energy sources to improve operational performance and facilitate the real-time backup of the data. Furthermore, the rising demand for decentralization of electricity generation and uninterrupted power supply has led to the adoption of SOFCs. Moreover, the development of noiseless and portable SOFCs for military applications is expected to propel the market growth inthe near future.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Adaptive Energy LLC
- Aisin Seiki Co. Ltd.
- Bloom Energy
- Convion Ltd.
- Elcogen AS
- Fuji Electric Co. Ltd.
- Mitsubishi Heavy Industries Ltd.
- POSCO Energy
- SOLIDpower Group
- Sunfire GmbH
- Watt Fuel Cell Corporation
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Application:
- Portable
- Stationary
Breakup by End User:
- Commercial
- Data Centers
- Military and Defense
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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