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Solid Oxide Fuel Cell Market Opportunities 2024-2033 - Size, Growth Analysis, Outlook, Overview
Solid Oxide Fuel Cell Market Opportunities
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According to The Business Research Company's, The solid oxide fuel cell market size has grown exponentially in recent years. It will grow from $1.7 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 30.7%. The growth in the historic period can be attributed to market viability efforts, hydrogen utilization, early stage of development, energy resilience, rising energy demand, government funding and support.
The solid oxide fuel cell market size is expected to see exponential growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to cost reduction strategies, micro chp systems expansion, expansion in industrial applications, increasing focus on clean energy. Major trends in the forecast period include technological advancements, energy transition initiatives, grid resilience and decentralization, hydrogen economy development.
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Market Drivers and Trends:
The growing demand for consumer electronics is expected to propel the growth of the solid oxide fuel cell market in the coming years. Consumer electronics are electronic equipment meant for use by people for communication, enjoyment, and productivity. Solid oxide fuel cells (SOFCs) have the potential to revolutionize consumer electronics by providing a compact, efficient, and environmentally friendly source of power, allowing to achieve efficiencies of over 60%, which is significantly higher than traditional batteries. For instance, in October 2023, according to Earthweb Inc., a US-based computer security, blockchain, social media, and autonomous technology research blog, Lenovo, the world's top PC vendor, delivered more than 17 million personal computers in the third quarter of 2022. It outnumbers HP's 12.71 million shipments, Dell's 12.02 million, and Apple's 5.80 million. Therefore, the growing demand for consumer electronics is driving the solid oxide fuel cell market.
Product innovation is the key trend gaining popularity in the solid oxide fuel cells market. Major companies operating in the solid oxide fuel cell market are focused on research and development for product innovations with new solid oxide fuel cells that have unique features of forming the decentral energy supply system combined with a cascade or cluster. Decentralized energy system refers to energy generation systems that are localized closer to the site of energy consumption which decreases the need for fossil fuels, improves eco-efficiency, and enables the best possible use of renewable energy sources and combined heat and power. For instance, In April 2022, Robert Bosch GmbH, Germany-based engineering and technology company introduced Bosch's solid oxide fuel cell with the unique feature of a decentralized energy system. It can provide electrical efficiency of more than 60% and an overall efficiency above 85% with a targeted power output of 10 kW and can produce up to 3 kW of thermal energy, which can run on natural gas, biomethane, hydrogen, or different blending. Additionally, it can be combined with a cascade or cluster to form a decentral energy supply system and connected SOFC clusters for virtual power plants with high power capacities in the megawatt range in the future.
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Major Key Players of the Market:
Bloom Energy Corporation, Mitsubishi Heavy Industries Ltd., Aisin Corporation, Hitachi Zosen Corporation, Ceres Power Holdings plc, Adelan Ltd., Adaptive Energy LLC, SOLIDpower S.p.A., Watt Fuel Cell Corporation, Upstart Power Inc., AVL List GmbH, Convion Ltd., Kyocera Corporation, ZTEK Corporation, h2e Power Systems Pvt. Ltd., Elcogen AS, MIURA CO. LTD., Cummins Inc., Sunfire GmbH, Hexis AG, Atrex Energy Inc., FuelCell Energy Inc., Rolls-Royce Fuel Cell Systems Ltd., POSCO Energy Co. Ltd., Nexceris LLC, Catator AB, Robert Bosch GmbH, Fuji Electric Co. Ltd., General Electric Company, Ningbo SOFCMAN Energy Technology Co. Ltd.
Solid Oxide Fuel Cell Market 2024 Key Insights:
• The solid oxide fuel cell market size is expected to see exponential growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%.
• Clean Energy Revolution Driving The Surge In Solid Oxide Fuel Cells Market
• Innovative Breakthroughs Transforming The Solid Oxide Fuel Cells Market Through Advanced Product Designs
• North America was the largest region in the solid oxide fuel cell (SOFC) market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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