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Solid Oxide Fuel Cell Market Will Unlock $6.5 Billion Opportunity by 2027

09-28-2022 09:41 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Solid Oxide Fuel Cell Market Will Unlock $6.5 Billion

Solid Oxide Fuel Cell Market is projected grow from USD 1.5 Billion in 2022 to USD 6.5 Billion by 2027, at a CAGR of 33.9% from 2022 to 2027, according to a new report by MarketsandMarkets™. The global Solid Oxide Fuel Cell Market is driven by the Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms. The Solid Oxide Fuel Cell Market has promising growth potential due to the rising distributed power generation applications across regions and increasing adaptivity by data centers and military sectors.

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Asia Pacific accounted for a 45.5% share of the Solid Oxide Fuel Cell Market in 2021 and is expected to growth with a CAGR of 37.1% in the forecast period. The region has been segmented, by country, into Japan, China, South Korea and rest of Asia Pacific. The Rest of Asia Pacific includes Australia, and India. The region faces a tough challenge 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 meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.

The market is segmented, by type, into planar, and tubular. The planar segment held the largest Solid Oxide Fuel Cell Market share in 2021. The market for planar segment is driven by the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes. As its construction is relatively simple, it is the most commonly used solid oxide fuel cell type.

The market is segmented, by application, into portable, stationary and transport. In terms of value, the stationary held the largest share in 2021 as it is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

The Solid Oxide Fuel Cell Market is segmented, by end user, into commercial & industrial, data centers, Military & defense, and residentials. The commercial & industrial segment is expected to be the largest market during the forecast period. Increased demand for clean energy generation is expected to drive the market.

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The major players in the Solid Oxide Fuel Cell Market are Bloom Energy(US), Mitsubishi Power(Japan), Aisin Seiki(Japan), Hitachi Zosen Corporation(Japan), and Ceres Power(UK), Adelan (UK), Adaptive Energy (US), Solid Power (Italy), Watt fuel cell corporation (US), Upstart power (US), AVL (Austria), Convion ltd. (Finland), Kyocera Corporation (Japan), Special Power Source (US), ZTEK Corporation (US), h2e Power (India), Elcogen AS (Estonia), Miura (Japan), and others.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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