Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "Solid Oxide Fuel Cell Market Factbook (2023 Edition) - Analysis By Value and Volume: Global Industry Assessment and Forecast (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Solid Oxide Fuel Cell is expected to generate USD 3.521 billion by the end of 2028, up from USD 920 million in 2023.
The research study also looks at the total installations (In MW) of SOFC in more than 20 countries, key public and private investment, market growth indicators, restraints, regulatory framework value chain analysis, supply and demand risk, competitive positioning of 14 leading companies and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market's evolution.
During the forecast period, 2023-2028, the global Solid Oxide Fuel Cell is expected to expand at a CAGR of 30.86%. The expansion of automobiles and as well as the growing urbanization, are driving up clean energy sector for less carbon emissions which are key factors for driving the Solid Oxide Fuel Cell Market.
The development of new materials and manufacturing processes is leading to the production of more efficient and cost-effective solid oxide fuel cells. For example, researchers are exploring the use of new materials such as perovskites and metal-organic frameworks (MOFs) to improve the performance of SOFCs.
Additionally, Solid oxide fuel cells are being increasingly used for stationary power generation, particularly in remote and off-grid locations where traditional power sources are not available. SOFCs can provide reliable and efficient power for telecommunications equipment, mining operations, and other industrial applications.
Furthermore, the private sector is also heavily investing in hydrogen fuel cell technology. Toyota, Hyundai, and Honda, among others, are spending billions on fuel cell vehicles that rely on SOFCs for their electricity needs. Energy firms are also investing in SOFC research and development and deployment for power generation, with examples including Bloom Energy, FuelCell Energy, and Ceres Power.
In the North American region, the importance of addressing environmental concerns, such as lowering emissions of greenhouse gases and air pollution, is becoming more widely acknowledged in North America. SOFCs are an attractive option for complying with stringent environmental regulations and goals because they are a clean energy technology that produces low or zero greenhouse gas emissions and minimal air pollutants.
One of the main forces propelling the Solid Oxide Fuel Cell (SOFC) market forward is the rising need for efficient energy sources. The chemical energy of fuels like natural gas or hydrogen is converted directly into electricity with minimal emissions using SOFCs, which are a highly efficient and environmentally friendly technology. Applications in which SOFC technology can reduce greenhouse gas emissions and increase energy efficiency are increasing in popularity.
Cleaner energy sources are becoming increasingly appealing as the global community searches for solutions to reduce greenhouse gas emissions and combat climate change. The use of SOFCs has the potential to lessen environmental impact and boost power output. In addition, SOFCs have many potential uses, such as distributed power generation, transportation, and powering homes and businesses.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 400 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $0.92 Billion |
| Forecasted Market Value (USD) by 2028 | $3.52 Billion |
| Compound Annual Growth Rate | 30.8% |
| Regions Covered | Global |
Scope of the Report
- The report analyses the SOFC Market by Value (USD Million).
- The report analyses the SOFC Market by Volume (Installed MW).
- The report presents the analysis of the SOFC market for the historical period of 2018-2021, the estimated year 2022, and the forecast period of 2023-2028.
- The report analyses the SOFC Market by Type (Tubular, Planar).
- The report analyses the SOFC Market by Applications (Portable, Transport, Stationary).
- The report analyses the SOFC Market by End User (Residential, Transportation, Commercial, Industrial, Military and Defense, Data Centers).
- The Global SOFC Market has been analyzed by countries (United States, Canada, Germany, Italy, United Kingdom, Spain, France, Nordic, Russia, Turkey, China, Japan, India, Singapore, South Korea, Indonesia, Australia, Malaysia, GCC, North Africa, South Africa, Israel, Brazil, Argentina, Mexico).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by type, by application, and by end user.
- Also, the major opportunities, trends, drivers, and challenges of the industry have been analyzed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
The companies analysed in the report include
- Mitsubishi Power
- Bloom Energy Corporation
- Miura Corporation Limited
- Hitachi Zosen Corporation
- Kyocera
- Watt Fuel Cell Corporation
- Ceres Power
- Convion
- Aisin Corporation
- Fuel Cell Energy Inc
- Cummins Inc
- Sunfire Gmbh
- Adelan Ltd
- SolydEra S.P.A
For more information about this report visit https://www.researchandmarkets.com/r/6bmfne
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