$ 1,179.27 Million Solid Oxide Fuel Cell Market Size, Globally, by 2028 at 11% CAGR: Verified Market Research®

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Growing demand for clean energy sources along with distributed power generation and increasing demand for energy efficient power generation methods are the factor driving the market demand

JERSEY CITY, NJ, October 27, 2021 / PRNewswire / – Verified Market Research recently published a report, “Solid Oxide Fuel Cell Market“By application (combined heat and power, military, power generation), by type (planar, tubular), by end user (telecommunications tower, residential, data centers) and by geography. According to verified market research, Global Solid Oxide Market Size for Fuel Cells has been estimated to be $ 489.35 million in 2020 and should reach $ 1,179.27 million by 2028, with a CAGR of 11% from 2021 to 2028.

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Browse the table of contents in depth toSolid Oxide Fuel Cell Market

202 – Slips
126 – Tables
37 – Figures

Global Solid Oxide Fuel Cell Market Overview

Growing application in the military sector and increasing adoption by end users are the factors which are helping to motivate the market. In addition, other characteristics such as the ability to operate on multiple fuels, the emergence of hybrid SOFC technologies, the growing demand for clean energy sources as well as distributed electricity generation and the growing demand for production methods. Energy efficient electricity is the driving force behind market demand. In addition, it is widely used in the operation of power-hungry data centers with the aim of facilitating real-time data backup as well as improving operational performance.

In addition, many product inventions, such as the development of portable and silent SOFCs for military applications, are also other growth factors. These advanced variants are widely used to operate military robots, drones, as well as communication devices. In addition, another factor that leads to the growth of the market includes widespread R&D activities in fuel cell programs, as well as the execution of favorable government policies. Technical issues such as high start-up time and high operating temperature along with increasing investment costs and available alternatives are the factors hindering the growth of the market

Key developments in Solid Oxide Fuel Cell Market

  • In August 2020, Aisin AW and Aisin Seiki, both of which are part of the Aisin Group, have planned to integrate their management to support their advanced research activity, which will help improve the efficiency of resources and interconnected projects, resulting in a agile research.

  • In april 2020, Konan Kogyo which is a subsidiary of Aisin Seki established a hydrogen station with the intention of endorsing the oil energy revolution to clean energy. As part of this partnership, Aisin Seiki and the Toyota group plan to use fuel cell electrified buses for transportation.

  • In november 2020, SK E&C and Bloom Energy have won a tender for the Korean Changwon RE100 project. As part of this project, the duo will supply 100% hydrogen electrolysers as well as solid oxide fuel cells. From 2021 to 2022. Bloom Energy will supply 1.8 MW of hydrogen fuel cells through a phased deployment.

The main players in the market are Bloom Energy, Ceres Power Holdings, Hexis, Sunfire, Watt Fuel Cell Corporation, Elcogen, Ultra Undersea Sensor Systems, Atrex Energy, Aisin Seiki, Convion Fuel Cell Systems, Fuelcell Energy, Solidpower, Protonex, General Electric, and Ztek Corporation.

Verified market research segmented the global solid oxide fuel cell market on the basis of application, type, end user, and geography.

  • Solid Oxide Fuel Cell Market, By Application

  • Solid Oxide Fuel Cell Market, By Type

  • Solid Oxide Fuel Cell Market, By End User

  • Solid Oxide Fuel Cell Market by Geography

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