According to the latest report by IMARC Group “Solid Oxide Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global solid oxide fuel cell market reached a value of US$ 953.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,287.7 Million by 2027, exhibiting a CAGR of 15.4% during 2022-2027.
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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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 R&D 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.
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:
Breakup by End User:
- Data Centers
- Military and Defense
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
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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