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Planar Solid Oxide Fuel Cell Market - Industry Insights by Component, Application, Popular Trends, Demand and Growth Factors With Top Key Players Forecast 2022
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With the increasing need for high electrical efficiency, growing utilization of biomass, and rising applications in the military, transportation and small stationary sectors, the global market for planar solid oxide fuel cell is expected to witness a robust pace during the forecast period.
The demand for planar solid oxide fuel cell is expected to grow at a steady rate in North America and Europe during the forecast period due to the increasing demand for alternative electric power generation technologies and growing preference towards distributed power generation.
Geographically, Asia-Pacific is the largest market for planar solid oxide fuel cell, where Japan is the largest contributor to the regional market. U.S. is the major market for planar solid oxide fuel cell in North America, whereas in Europe, Germany generated the highest revenue. Rest of the World (RoW) includes Latin American and Middle East and African countries. Brazil is the largest market for planar solid oxide fuel cell in the RoW.
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The main factors driving the growth of the global planar solid oxide fuel cell market include growing demand for renewable and efficient energy source and increasing demand from automotive sector. Increasing government regulations such as the Integrated Product Policy by European Commission focusing on addressing the environmental impacts of the non-renewable products has been observed in the global planar solid oxide fuel cell market during the past decade.
Growing importance of alternative energy-conversion devices are replacing combustion-based electrical generators due to the high-energy conversion efficiency and low emission of planar solid oxide fuel cell.
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The global market is dominated by major players such as FuelCell Energy, Inc., Aisin Seiki Co., Ltd., Ultra Electronics Holdings plc, Ceres Power Holdings plc, Ballard Power Systems Inc., SOLIDpower S.p.a, Convion Ltd., Delphi Automotive PLC., and Chevron Corporation.
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