Solid Oxide Fuel Cell Market Registering a CAGR of 40.7% during the Forecast Period 2022 to 2030

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 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 the 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

Favourable 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.

The 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 Report

  • Hydrogen Energy Storage Market: The global hydrogen energy storage market size was valued at USD 14.69 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030.
  • Floating Solar Panels Market : The global floating solar panels market size was valued at USD 30.16 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 22.5% from 2022 to 2030. 

Solid Oxide Fuel Cell Market Segmentation

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

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

Market Share Insights

  • December 2020: AVL and Ceres signed a strategic collaboration for fuel cell development in order to accelerate product development of SOFC technology across stationary, transportation, and various other applications. 

Key Companies profiled:

Some of 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.

 

 

Comments

Post a Comment

Popular posts from this blog

Global Potash Market: Trends, Growth & Forecast 2023-2032

T he global  potash market  size is expected to reach USD 93.50 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032, according to a new study by Grand View Research, Inc. This is attributed to the increasing demand for food and efficient usage of agricultural land. As consumers seek healthier options, there has been a surge in demand for high-value crops like fruits, vegetables, and specialty crops, boosting the demand for potash. Furthermore, the adoption of precision agriculture techniques has become increasingly prevalent in recent years. Precision agriculture involves using advanced technologies and data-driven approaches, such as soil testing and targeted nutrient management, to make informed decisions about fertilizer application.   Farmers are embracing precise and site-specific methods for applying fertilizers, based on field variability and crop requirements. This trend makes way for optimized resource utilization, improved crop performance, and enhanced...
Read more

Smart Ticketing Market Report: Emerging Technologies & Market Opportunities

  The global smart ticketing market size is expected to reach USD 31.65 billion by 2030, growing at a CAGR of 15.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. With the widespread adoption of smartphones, mobile ticketing channels have gained traction, allowing users to purchase, store, and validate tickets directly on their mobile devices, eliminating the need for physical cards or paper tickets. The convenience and ease of use offered by mobile ticketing have contributed to the growth of the market. Smart ticketing systems generate vast amounts of data on passenger journeys, travel patterns, and ticket usage.   Operators leverage this data to gain valuable insights, optimize operations, and improve the overall passenger experience. Data analytics techniques, such as predictive modeling and real-time monitoring, are being applied to enhance efficiency, manage capacity, and offer personalized services, which bode well for smart ticketing...
Read more

Boosting Crop Yields: India Foliar Fertilizer Market Trends & Forecasts

  The  India foliar fertilizer market  size is expected to reach USD 4.9 billion by 2030, expanding at a CAGR of 11.3% during the forecast period, as per a new report by Grand View Research, Inc. The industry growth is majorly driven by surged demand for food due to increasing population coupled with supportive government initiatives and decreasing arable land in the country.   There has been a significant increase in the global prices of fertilizers and foliar fertilizers. As such, farmers falling into small- and marginal-income categories cannot afford to buy fertilizers resulting in reduced agricultural yields. This has led the Government of India to take initiatives to provide fertilizer subsidies to farmers in the country to make them affordable at subsidized prices. For instance, the Government of India announced a subsidy scheme related to fertilizers worth USD 27 billion in 2022 to ensure that fertilizers are affordable for every farmer in the country. Thus, ...
Read more