Solid Oxide Fuel Cell Market to Hit US$ 2,613 Million, Globally, by 2028 at 14.9% CAGR

IMARC Group, a leading market research company, has released a report titled "Solid Oxide Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", According to the report, The global solid oxide fuel cell market size reached US$ 1,118 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,613 Million by 2028, exhibiting a growth rate (CAGR) of 14.9% during 2023-2028.

A solid oxide fuel cell (SOFC) is an electrochemical device that converts energy sources into electricity. It operates by employing numerous energy sources such as natural gas, propane hydrogen, biogas, and other oxidized hydrocarbons. It is also cost-effective, sustainable, and suitable to address the environmental water concerns and climate change connected with fossil fuels-based electric power generation. As a result, SOFC is widely employed in data centers, military and defense, and commercial sectors across the globe.

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Solid Oxide Fuel Cell Market Trends and Drivers:

The market is primarily driven by the significant expansion in the power and energy industry. In addition, the rising demand for SOFCs due to the increasing clean energy requirement and extensive product utilization in power systems to generate continuous energy for several commercial and industrial applications are contributing to the market growth. Moreover, several governments have implemented regulations on clean energy solutions to cut down emissions rates and encourage the use of domestic sources such as natural gas, representing another major growth-inducing factor. Besides this, continuous advancements in the defense sector and the widespread adoption of military robots, unmanned aerial vehicles (UAVs), and communications devices are accelerating the product adoption rate. Furthermore, the rising developments of data centers, increasing investments by public and private agencies to develop power generation plants, and extensive research and development (R&D) activities conducted by key players are also creating a positive market outlook.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Adaptive Energy LLC
Aisin Seiki Co. Ltd.
Bloom Energy
Convion Ltd.
Elcogen AS
Fuji Electric Co. Ltd.
Mitsubishi Heavy Industries Ltd.
POSCO Energy
SOLIDpower Group
Sunfire GmbH
Watt Fuel Cell Corporation

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The report has segmented the market on the basis of Product Type, End-User and Region.

Breakup by Application:

Portable
Stationary

Breakup by End User:

Commercial
Data Centers
Military and Defense
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.