The solid Oxide Fuel Cell Market Will Reach USD 5,005 Million by 2030

In 2022, the solid oxide fuel cell market was worth around USD 470 million, and it is projected to advance at a 34.4% CAGR from 2022 to 2030, hitting USD 5,005 million by 2030, according to P&S Intelligence.

This growth can be credited to the long-term constancy, greater effectiveness, and fuel flexibility of solid oxide fuel cells, the growing government grants and research and development on fuel cells, the increasing requirement for energy-effective power production, amplified environmental worries, severe pollution rules and guidelines, and the rising stress on the usage of renewable energy sources.

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In 2022, the planar category held the larger market share, of above 60%, and it is also projected to continue to dominant in the future as well. This growth can be credited to its simple geometry, low-functioning price, and comparatively easier construction procedure.

Furthermore, planar solid oxide fuel cells (SOFCs) are usually strategies in a method that the ceramic fuel cell modules are situated one above the other like a sandwich with the electrolyte rooted between electrodes, which aids as the most important mechanisms in the production of such fuel cells.

In 2022, North America had the largest solid oxide fuel cell market share, and it is also projected to continue with the dominant in the future as well. This is mainly due to the government's supportive guidelines and steps, like the Department of Energy's Solid-State Energy Conversion Alliance programs.

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In the continent, the U.S. is a faster and larger-rising industry. This is because of the existence of a huge number of data centers of key companies, including Google, IBM, and Equinix, accepting SOFCs; the amplified requirement for fuel cell power generation; tax aids; and high research and development expenditure for hydrogen generation.

The European industry is estimated to develop at a stable growth rate in the coming few years. This growth can be credited to the growing need for renewable energy generation and the increasing emphasis on decreasing CO2 footprint and arraying hydrogen-based combined heat and power systems.

In Europe, Germany is one of the uppermost-mounting industries for SOFCs. This is mainly because of the organized fuel guidelines and solid goals set by the German government. Furthermore, the forthcoming growth of technologies, associated with solid oxide fuel cells, has also been well-defined in the energy guidelines.

In 2022, the data centers category held a revenue share, of above 38%. This is mainly due to the data centers are extremely power exhaustive and power-intense, and these need a constant power supply throughout the run time to avoid the loss of vital data.

Hence, the long-term constancy, greater effectiveness, and fuel flexibility of solid oxide fuel cells, the growing government grants and research and development on fuel cells, and the increasing requirement for energy-effective power production, are the major factor propelling the solid oxide fuel cell market.

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This release was published on openPR.