According to Stratistics MRC, the Global Solid Oxide Fuel Cell Market is accounted for $593.24 million in 2019 and is expected to reach $4,301.55 million by 2027 growing at a CAGR of 28.1% during the forecast period.
Increasing demand for energy-efficient power generation, favorable government investments and rising environmental concerns are driving the market growth. However, high fuel cell installation and manufacturing costs are hampering the growth of the market.
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Solid oxide fuel cells (SOFC) are devices installed with a ceramic membrane aiding them to conduct ions and flow currents at higher temperatures. These devices use electrolytes made from zirconium or calcium to attain the necessary electrical efficiency. Its ability to function efficiently at low temperatures has led to investments from major industries.
Based on the mobility, the stationary segment is going to have high growth during the forecast period due to the increasing focus on hydrogen-powered fuel cells for back-up power, highly focusing on utilizing renewable energy and hence opting for utility-scale SOFC power plant by the governments of South Korea, China, and Japan.
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By geography, North America is going to have high growth during the forecast period owing to the rapidly growing investments, strict government carbon reduction targets, increasing energy demand, and rapidly developing commercial infrastructures.
Some of the key players profiled in the Solid Oxide Fuel Cell Market include Bloom Energy Corporation, Mitsubishi Heavy Industries, Ltd., Ceres Power Holdings plc, Aisin Seiki Co., Ltd., Ensol Systems, Sunfire GmbH, Solidpower Group, Fuel Cell Energy, Catator, Nexceris, LLC, Ultra Electronics Holdings Plc, Ceramic Fuel Cells Limited, Adelan Ltd., Atrex Energy Inc., Convion Ltd. and Elcogen AS.
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• Thin Film
Fuel Cell Technologies Covered:
• Regenerative Fuel Cells
• Phosphoric Acid Fuel Cells
• Molten Carbonate Fuel Cells
• Direct Methanol Fuel Cells
• Alkaline Fuel Cells
• Polymer Electrolyte Membrane (PEM) Fuel Cells
• Data Centers
• Commercial & Retail
• Auxiliary Power Units (APU)
• Telecom Towers
• Military & Defence (Unmanned Systems)
• Power Generation
• Hydrogen Generation
• Combined Heat & Power
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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About Stratistics MRC
We offer a wide spectrum of research and consulting services with in-depth knowledge of different industries. We are known for customized research services, consulting services, and Full-Time Equivalent (FTE) services in the research world. We explore market trends and draw our insights with valid assessments and analytical views. We use advanced techniques and tools among the quantitative and qualitative methodologies to identify the market trends.
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