Chicago, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Solid Oxide Fuel Cell Market size is projected to grow from USD 1.4 billion in 2023 to USD 5.4 billion by 2028, at a CAGR of 31.0% according to a new report by MarketsandMarkets™. The growing use of electronic devices in emergency, off-grid, and automotive applications will benefit the fuel cell generator business.
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197 – Tables
56 – Figures
239– Pages
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Scope of the Report
| Report Metric | Details |
| Solid Oxide Fuel Cell Market Size Values |
|
| Base Year | 2022 |
| Forecast Period | 2023–2028 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | Solid Oxide Fuel Cell Market by type, component, application, end user and region. |
| Geographic Regions Covered | Asia Pacific, North America, Europe, and Rest of the World |
| Companies Covered | Bloom Energy (US), Mitsubishi Power (Japan), AISIN CORPORATION (Japan), Hitachi Zosen Corporation (Japan), Ceres (US), MIURA CO., LTD. (Japan), KYOCERA Corporation (Japan), Convion Ltd. (Finland), Elcogen AS (Estonia), SolydEra SpA (Italy), Watt Fuel Cell Corporation (US), h2e Power (India), Upstart Power, Inc. (US), FuelCell Energy, Inc. (US), Ningbo Suofuren Energy Technology Co., Ltd. (SOFCMAN) (China), WEICHAI POWER CO., LTD (China), Sunfire GmbH (Germany), ZTEK Corporation, Inc. (US), Special Power Sources (US), ADELAN (UK), Edge Autonomy (US), Robert Bosch GmbH (Germany), Doosan Fuel Cell Co., Ltd. (South Korea), POSCO ENERGY (South Korea), Cummins Inc. (US), Clara Venture Labs (Norway) |
This report segments the Solid Oxide Fuel Cell Market Growth based on type into planar and tubular. Planar has a greater material selection (including the use of metallic interconnects), lower temperature operation, predicted longer cell life, decreased thermal stress, improved reliability, and lower fuel cell cost. Because of their superior power densities and hefty system designs, planar SOFCs are often used in stationary power applications. Despite the fact that planar geometry SOFCs are a more mature technology than tubular SOFCs, the growing need for power-hungry portable devices is likely to fuel the tubular SOFC market throughout the forecasted period.
Based on application, the Solid Oxide Fuel Cell Market is segmented into stationary, portable and transport. Stationary segment is expected to hold the largest market share during the forecast period. The surging adoption of advanced electronics in sectors such as aerospace, automotive, and consumer electronics that require compact backup power solutions is one of the key reasons for the growth of the Solid Oxide Fuel Cell Market. The Transport segment is the fastest growing segment during the forecast period owing to the increasing development of SOFCs for operating heavy-duty vehicles.
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This report segments the Solid Oxide Fuel Cell Market Trends based on end user into six categories: residential, commercial & industrial, military & defense, and data centers. Commercial & Industrial is expected to hold the largest market share during the forecast period. Hospitals, hotels, shopping malls, office buildings, sports centers, transportation, and other industrial facilities are examples of commercial and industrial end users. Because of their great electrical efficiency, low emissions, and fuel flexibility, SOFCs are an appealing option for stationary building applications. SOFCs may convert a higher percentage of a fossil fuel's energy into power than combustion-based processes and can also create power using low- and no-carbon fuels like hydrogen.
Asia Pacific is expected to be the largest region in the Solid Oxide Fuel Cell Industry
Asia Pacific is expected to be the largest Solid Oxide Fuel Cell Market during the forecast period. The Asia Pacific region, comprising major economies such as China, Japan, and South Korea, are witnessing significant growth for primary power sources owing to increased demand for residential sector. The region has been trying to reduce its carbon footprint from various fossil fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to reduce GHG emissions. Countries such as Japan and South Korea are increasing their investments in SOFC technology.
Key Players
Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan) are the market leaders in the global Solid Oxide Fuel Cell Market.
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