Solid Oxide Fuel Cell Market Soaring at 31.0% CAGR to Reach 5.8 billion USD by 2028

The global solid oxide fuel cell market is projected to reach USD 5.4 billion by 2028 from an estimated USD 1.4 billion in 2023, at a CAGR of 31.0% during the forecast period. Because of its flexibility to generate energy using a range of fuels, solid oxide fuel cells (SOFC) are one of the fastest-growing alternate backup power sources. Furthermore, unlike other traditional technologies, they are environmentally beneficial because their by-product is nontoxic.

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Due to their strong supply network, a few global and regional players hold a strong foothold in the solid oxide fuel cell market. Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan) are the market leaders in the global solid oxide fuel cell market. These companies have adopted strategies such as product launches, partnerships, collaborations, contracts, agreements, and acquisitions, to increase their market share.

Solid oxide fuel cells are the electrochemical devices that use fuel cell technology to generate electricity. Solid oxide fuel cells are electrochemical devices that convert the chemical energy of a fuel, typically hydrogen, into electrical energy through a chemical reaction. These fuel cells can provide a continuous and reliable source of power for various applications. Growing demand for consumer electronics along with increasing adoption of solid oxide fuel cell (HDI) technology for backup power solutions are expected to drive the demand for solid oxide fuel cell market.

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This research report categorizes the solid oxide fuel cell market by type, component, application, end user and region.
On the basis of type:

Planar
Tubular

On the basis of component:

Stack
Balance of plant

On the basis of application:

Commercial & Industrial
Residential
Military & Defense
Data Centers

On the basis of region:

Asia Pacific
Europe
North America
Rest of the World

The stationary, by application, is expected to be the largest segment during the forecast period

This report segments the solid oxide fuel cell market based on application into three segments: stationary, portable and transport. The stationary segment is expected to be the second largest segment during the forecast period. Stationary segment is again categorized into three segments: primary power, backup and combined heat and power. Stationary SOFCs are primarily employed as primary power sources in a variety of facilities, including houses, business buildings, industrial locations, and ports. SOFCs can be installed on-site, even in distant places; on-site installation allows power generation to be matched to the site's electrical demands. Increasing government investments in stationary applications such as renewable power generation are also propelling the SOFC industry.

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Asia Pacific is expected to be the largest region in the solid oxide fuel cell market

Asia Pacific is expected to be the largest solid oxide fuel cell market during the forecast period. The Asia Pacific region, comprising major economies such as China, Japan, and South Korea, are witnessing significant growth for primary power sources owing to increased demand for residential sector. The region has been trying 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 reduce GHG emissions. Countries such as Japan and South Korea are increasing their investments in SOFC technology.

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