Solid Oxide Fuel Cell Market Is Expected To Witness The Highest Growth Rate In The Forecast Period

 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.

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.

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

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.



Browse through Grand View Research's Renewable Energy Industry Research Reports.

  • Wind Power Market - The global wind power market size was valued at USD 99.28 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 6.5% from 2022 to 2030. The growing need to replace conventional sources of energy with renewable sources is projected to drive the market for wind power in the upcoming years.

 

  • Solar Tracker Market - The global solar tracker market size was valued at USD 3.40 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030. Rising concerns over energy conservation and transition from non-renewable energy to renewable energy are expected to surge the demand for solar energy and eventually solar trackers over the forecast period at the global level.

 

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
  • Latin America
  • Middle East & Africa


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.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Comments

Post a Comment

Popular posts from this blog

Europe Homogeneous Precious Metal Catalyst Market Players: Johnson Matthey, Clariant AG, Haldor Topsoe, And Umicore

  Europe Homogeneous Precious Metal Catalyst Industry Overview The Europe homogeneous precious metal catalyst market size to be valued at USD 2.4 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 18.9% during the forecast period. Increasing preference for homogeneous catalysts over heterogeneous ones owing to their specific features, especially associated with selectivity, augment the market growth. The market is also expected to witness a significant hike in demand amid the Covid-19 pandemic as PGM catalysts are utilized in the formulation of several APIs, such as a few antibiotics used for Covid-19 treatment. Homogeneous precious metal catalysts, the directed synthesis of a composite organic intermediate, can be completed catalytically to deliver a product that could not be obtained by other means. A homogeneous catalytic way can enhance the product superiority as well as the complete economics of a present process. Several proven homogeneous ca...
Read more

Active Pharmaceutical Ingredients Market Experiencing Unprecedented Expansion Driven by Escalating Demand for Biosimilars

 The global active pharmaceutical ingredients market is part of the multifaceted pharmaceutical ecosystem driven primarily by innovation and regulatory compliance. The industry serves as the foundation for drug formulation and production. Active pharmaceutical ingredients (API) are active ingredients in medicine that produce the desired therapeutic effects. In recent years, the API market has witnessed significant growth and transformation, influenced by factors such as technological advancements, regulatory reforms, and changing healthcare landscapes. In the early days of pharmaceutical manufacturing, drug formulations were relatively simple, and APIs were primarily sourced from natural substances. However, with the advent of synthetic chemistry and molecular biology, the landscape of API production underwent a paradigm shift. Pharmaceutical companies began to invest in research and development to discover novel APIs, leading to the rise of innovative drug therapies.   Acc...
Read more

Thermal Barrier Coatings Market: North America Dominated And Accounted For The Largest Revenue Share

  Thermal Barrier Coatings Industry Overview The global  thermal barrier coatings market  size is expected to reach USD 21.69 billion by 2028, growing at a CAGR of 4.8% over the forecast period, according to a new study by Grand View Research, Inc. Increasing demand for advanced heat resistant coatings from several end-use industries including energy, automotive, and aerospace is expected to have a positive impact on the market growth in the coming years. The growing scope of applications in gas turbines, which are widely used across the energy sector, is also expected to propel the product demand. The Electron-Beam Physical Vapor Deposition (EBPVD) technology segment is estimated to witness significant growth over the forecast period. EBPVD thermal barrier coatings are widely used for gas turbine engine components to improve engine durability and efficiency. The growing gas turbine market is anticipated to significantly drive the demand for EBPVD thermal barrier coatin...
Read more