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 a type of energy conversion device used to generate electricity. It mixes fuel and an antioxidant in an ionic conducting oxide electrolyte electrochemically. It also has good chemical characteristics and provides electrical conversion efficiency, fuel input adaptability, and environmentally friendly operations. SOFCs use solid ceramic electrolytes that run on natural gas, renewable biogas, hydrogen, and other oxidized hydrocarbons.
The increased awareness of alternate energy sources is driving the global solid oxide fuel cell market. Aside from that, the rise in carbon emissions has been a global concern in recent years. As a result, governments and authorities are taking action by developing supportive laws and strategies, as well as spending heavily in R&D activities in fuel cell programs. Furthermore, with the increasing demand for clean energy sources, SOFC is finding applications across data centers due to the use of clean energy sources to increase operational performance and permit real-time data backup. Furthermore, the growing demand for decentralized electricity generation and continuous power supply has prompted the use of SOFCs. Furthermore, the development of noiseless and portable SOFCs for military applications is anticipated to drive market growth in the near future.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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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