Environment Concerns to Fuel Huge Demand for Solid Oxide Fuel Cells (SOFC)
SkyQuest Technology Consulting Pvt. Ltd.
5 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest's Solid Oxide Fuel Cell (SOFC) market report provides actionable insights for individuals interested in valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is produced and published concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA, April 27, 2023 (GLOBE NEWSWIRE) -- The global Solid Oxide Fuel Cell (SOFC) market size is expected to reach USD 8.30 billion by 2030 and exhibit a CAGR of 25.3% in the forecast period (2022−2030), according to SkyQuest's latest research report. The increasing demand for clean and reliable energy sources, government initiatives to promote sustainable energy, and advancements in fuel cell technology have driven the market's growth.
Government Incentives and Variety of Trends to Promote the Use of Solid Oxide Fuel Cells (SOFC)
Solid oxide fuel cells have the potential to revolutionize the energy industry by providing highly efficient, low-emission power generation for a wide range of applications, including residential, commercial and industrial use. Governments across the globe provide renewable energy targets, tax incentives, and research and development funding for the market's growth.
The major trend of adopting solid oxide fuel cells in combined heat and power systems, Growth in the use of SOFC in the transportation sector and increasing use of hybrid fuel sale systems are all expected to aid in the growth of the SOFC market in the coming years.
Planar SOFCs Type demand is to grow substantially in the forecast period
Planar SOFCs dominated the global market owing to the increasing demand for distributed power generation, especially in off-grid areas, and the use of planar SOFCs in hybrid systems for backup power and auxiliary power units in the transportation sector. Furthermore, the report highlights the advantages of planar SOFCs, such as their higher efficiency and longer lifespan compared to other types of SOFCs.
Stationery power generation application will drive the sales for sofc market
In terms of application, the Stationery power generation segment is the leading segment due to the increasing demand for reliable power generation solutions. The increasing demand for clean and reliable power generation solutions in remote and off-grid areas and the growing adoption of SOFC systems in combined heat and power (CHP) applications for commercial and industrial use have led to the growth of this application segment.
Europe and Asia-Pacific are the leading market for adopting clean energy
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on clean energy solutions in countries such as China, Japan, and South Korea, as well as the presence of major SOFC manufacturers and suppliers in the region. China has implemented several policies to promote the development and deployment of fuel cell technologies, including SOFCs, as part of its national energy strategy.
North America is one of the second leading markets owing to the increasing adoption of SOFC systems in various industries, including data centres, hospitals, and commercial buildings. According to research, The US Department of Energy's Solid Oxide Fuel Cells Program and the California Fuel Cell Partnership is among the government initiatives promoting the growth of the SOFC market in North America by supporting research and development and providing funding and incentives for fuel cell projects.
Browse summary of the report and Complete Table of Contents (ToC):
Edge Autonomy, a top player in unmanned and autonomous technology, has acquired Adaptive Energy, a renowned designer and manufacturer of solid oxide fuel cells (SOFC) with a global presence. The acquisition deal was led by KO Client Adaptive Energy's team, which included partner Jon Taylor, attorney Matt Burns, and attorney Michael Wysolmerski. Adaptive Energy has been leading the market in providing low-watt power solutions globally with its solid oxide fuel cells (SOFC) for over twenty years. The company has a proven track record, having deployed almost 2,000 SOFC systems worldwide
In terms of application, the Stationery Power Generation segment dominates due to the demand for reliable power generation solutions
In terms of type, the Planar SOFCs segment is projected to gain more popularity due to demand for distributed power generation, especially in off-grid areas
North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due to the emphasis on clean energy solutions
Solid Oxide Fuel Cell (SOFC) Market Segmentation:
The global Solid Oxide Fuel Cell (SOFC) market report is segmented based on type, application, and region.
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