The solid Oxide Fuel Cell Market is projected to reach USD 5.31 billion in 2028, at a CAGR of 25.3% during the forecast period. The global solid oxide fuel cell market size was USD 0.90 billion in 2020. Solid Oxide Fuel Cell industry is set to gain traction from the increasing initiatives by various research institutions to conduct extensive R&D activities for developing novel SOFC technology. This information is published by Fortune Business Insights™ in a report, titled, “Solid Oxide Fuel Cell Market, 2021-2028.”
Regional Insights-
Increasing Urbanization to Help Asia Pacific Remain at the Forefront
Geographically, in 2020, Asia Pacific earned USD 0.37 billion in terms of revenue. It is expected to grow rapidly in the near future because of the high demand for energy and rapid urbanization. In Europe, on the other hand, the surging focus on reducing carbon footprints would aid the demand for SOFC. Lastly, North America is set to showcase steady growth backed by the rising initiatives by regulatory bodies to conduct R&D activities.
Segments-
Commercial Segment Held 49.3% Share in 2020: Fortune Business Insights™
Based on end-users, the market is categorized into military & defense, data centers, commercial, and others. Out of these, the commercial segment earned 49.3% in the solid oxide fuel cell market share in 2020. It is anticipated to remain at the forefront throughout the forthcoming years because of the higher demand for electricity from numerous establishments. It is further driving the need for clean energy generation.
Companies Covered in solid oxide fuel cell Market manufacturers operating in the global market:
- Ceres (U.K.)
- Bloom Energy (U.S.)
- Convion (Finland)
- AVL (Austria)
- AISIN (Japan)
- SOLIDpower Italia (Italy)
- Bosch (Germany)
- Mitsubishi Power (Japan)
- FuelCell Energy, Inc. (U.S.)
- Catator AB (Sweden)
- Elcogen (Estonia)
- Nexceris, LLC (U.S.)
- Suzhou Huatsing Jingkun New Energy Technology Co., Ltd. (China)
- Sunfire GmbH (Germany)
Global Solid Oxide Fuel Cell Market Segmentation:
By Application
- Stationary
- Transport
- Portable
By End-User
- Commercial
- Data Centers
- Military & Defense
- Others
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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