Solid Oxide Fuel Cell (SOFC) Market Worth $1451.4 Million by 2027

The Solid Oxide Fuel Cell market size was valued at US$ 605.6 million in 2020 and is projected to reach US$ 1451.4 million by 2027, at a CAGR of 13.3% during 2021-2027. One of the most significant driving factors for the growth of the solid oxide fuel cell market size is government policies and incentives for fuel cells. Stringent government regulations aimed at minimizing the world's carbon footprint have driven a range of organizations to develop new technologies that are low on hydrocarbons and high on productivity. Numerous governments are continuously investing in different programs to develop advanced systems along with reduced overall manufacturing costs.

In terms of the production side, this report researches the Solid Oxide Fuel Cell (SOFC) capacity, production, growth rate, market share by manufacturers and regions (or countries), from 2016 to 2020, and forecast to 2027.

In terms of the sales side, this report focuses on the sales of Solid Oxide Fuel Cell (SOFC) by regions (countries), company, by Type, and by Application. from 2016 to 2020 and forecast to 2027.

Inquire for Sample Report : https://reports.valuates.com/request/sample/QYRE-Auto-10131/Global_Solid_Oxide_Fuel_Cell_SOFC_Market

A solid oxide fuel cell (or SOFC) is an electrochemical conversion device that produces electricity directly from oxidizing a fuel. Fuel cells are characterized by their electrolyte material; the SOFC has a solid oxide or ceramic electrolyte. Advantages of this class of fuel cells include high efficiency, long-term stability, fuel flexibility, low emissions, and relatively low cost. The largest disadvantage is the high operating temperature which results in longer start-up times and mechanical and chemical compatibility issues.
Solid oxide fuel cells work at low and very high temperatures. Because of the high operating temperature, fuels can be reformed within the fuel cell, reducing the need for external reforming and allowing the units to be used for a wide range of hydrocarbon fuels. In comparison to other types of fuel cells, they are also relatively immune to small amounts of sulfur in the fuel. Such an advantage is expected to increase the adoption of SOFC, thereby driving the growth of solid oxide fuel cell market size.
Solid Oxide Fuel Cell Market Segment Review
Based on type, the planar segment is expected to be one of the most lucrative segments in the solid oxide fuel cell market. This is due to the simple geometry and relatively easier construction process of the planar SOFC.

View Full Report : https://reports.valuates.com/market-reports/QYRE-Auto-10131/global-solid-oxide-fuel-cell-sofc

Based on application, the stationary segment is expected to be one of the most lucrative segments in the solid oxide fuel cell market. Stationary SOFCs are commonly used as a power source for a variety of industrial applications, including data centers. Various countries, such as Japan, South Korea, and Germany, are improving their regulatory structures, resulting in an increase in the use of SOFCs for power generation in residential and commercial areas.

Based on region, North America is expected to be one of the most lucrative segments in the solid oxide fuel cell market. The high demand for fuel cell power generation and the increase in research and development for hydrogen generation can be attributed to the growth of the SOFC market size in the region.

This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.

Inquire for Regional Report : https://reports.valuates.com/request/regional/QYRE-Auto-10131/Global_Solid_Oxide_Fuel_Cell_SOFC_Market

Major Players in the Solid Oxide Fuel Cell Market

Bloom Energy
Siemens Energy
Aisin Seiki
Mitsubishi Heavy Industries
Delphi Corp
GE
Convion
FuelCell Energy
Atrex Energy, Inc
SOLIDpower
ZTEK Corporation
Redox Power Systems
Ceres
Elcogen

Solid Oxide Fuel Cell Market by Type

Tubular
Planar
Others

Solid Oxide Fuel Cell Market by Application

Transportation
Portable & Military
Stationary
Solid Oxide Fuel Cell Market by Region
United States
Europe
China
Japan
Other Regions

Valuates Reports
sales@valuates.com
For U.S. Toll Free Call +1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp : +91-9945648335

Website: https://reports.valuates.com
Twitter - https://twitter.com/valuatesreports
Linkedin - https://in.linkedin.com/company/valuatesreports
Facebook - https://www.facebook.com/valuatesreports/

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

This release was published on openPR.