Solid Oxide Fuel Cell Market Size Will Grow to USD 7,038.02 Million by 2030, at 40.6% CAGR: Polaris Market Research

NEW YORK, Nov. 18, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Solid Oxide Fuel Cell Market Share, Size, Trends, Industry Analysis Report, By Type (Tubular, Planar); By Application (Stationary, Portable, Transport); By End-Use; By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the research report, the global solid oxide fuel cell market size was valued at USD 339.43 million in 2021 and is expected to reach USD 7,038.02 Million by 2030, growing at a CAGR of 40.6% during the forecast period.

What is Solid Oxide Fuel Cell? How Big is Solid Oxide Fuel Cell Market Size?

• Overview

A solid oxide fuel cell (SOFC) is an electrochemical device that transforms the chemical energy of fuels into electrical energy. SOFCs are more efficient and environmentally friendly than conventional electric power generation processes as it generates energy without the need for a combustion process. These cells have a wide variety of applications, such as data centers, and residential areas, power plants, automobiles owing to their high performance and fuel flexibility.

SOFCs have advantages, including fuel flexibility, low emissions, high heat and power efficiency, low cost, and long-term stability. The increasing adoption of these cells due to their superior efficiency is one of the prominent factors driving the demand for the solid oxide fuel cell market. A rise in research and development on fuel cell programs is anticipated to flourish the market growth.

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Our Free Sample Report Includes

• Report introduction, overview, and in-depth industry analysis
• Breakdown data by regions, type, players, and applications
• Competitive landscape and leading competitor market shares
• 110+ pages research report
• Offers chapter-wise instruction on request
• Includes market presence across different geographies with share, size, and trends
• Updated list of tables and figures
• The report covers leading players with their business strategies
• Factors and fact research methodology

Some of the Top Market Players Are:

• Adaptive Energy
• Aisin Corporation
• Bloom Energy
• Ceres Power
• Elcogen AS
• FuelCell Energy Inc
• Hitachi Zosen Corporation
• Huatsing Jingkun New Energy Technology Co. Ltd.
• Kyocera Corporation
• Mitsubishi Power
• Miura Co. Ltd.
• PoscoEnergy
• Siemens
• Sunfire Hexis AG
• Undersea Sensor Systems

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Growth Driving Factors

• An increase in demand for greater energy efficiency pushes the market growth

Rising technological development in chemicals and materials is encouraging market players to leverage affordable raw materials and obtain low operating temperatures. Also, such companies are making efforts to decrease manufacturing and operating costs and achieve benefits through high energy conversion offered by solid oxide fuel cells. All these factors are fueling the solid oxide fuel cell market size. The SOFC industry is also expected to boom due to the rising environmental concerns and growing focus on the use of renewable energy sources.

Moreover, a surge in demand for greater energy efficiency has fueled the market demand. Other solid oxide fuel cell market trends boosting its growth include rising government support and initiatives and the introduction of strong favorable guidelines to cut down emission rates. In addition, the growing worldwide population and increased energy demand have led to increasing adoption of clean energy sources, which is expected to propel the market growth over the forest period. 

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Recent Developments

In November 2021, Hitachi invested in the development of a Hydrogen multi-resource platform. Hitachi planned to develop a SOFC hybrid cogeneration system.

Segmental Analysis

• Planar segment witnessed the highest market share

On the basis of type, the market is categorized into tubular and planar. The planar segment is expected to hold the biggest solid oxide fuel cell market share. Planer type of solid oxide fuel cells has simple geometry and easier construction. It has the potential to obtain higher power volume density while reducing the reoxidation of the anode-supported cell.

• Stationary segment dominated the market in 2021

In terms of application, the market is segmented into stationary, portable, and transport. Of all, the stationary segment generated a significant market share in 2021. solid fuel oxide cells have wide applications in heat and electricity generation technologies. Also they are used in backup power. High efficiency, greater performance, and improved durability are some of the key advantages offered by these cells. Rising initiatives by the government to adopt renewable energy sources are estimated to positively influence the segment growth of the solid oxide fuel cell market over the predicted period.

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Solid Oxide Fuel Cell Market: Market Analysis and Industry Scope

Geographic Overview

• North America held the largest share in 2021

On the basis of geography, the solid oxide fuel cell market in North America recorded a significant share in 2021 because of growing applications in data centers, commercial sectors, and defense. Also, major firms are making heavy investments in research and development to develop solutions to achieve the high energy demand, which is again bolstering regional market growth.

Moreover, Asia-Pacific is projected to show growth over the forecast period. The key factors, including rising energy demand in the region as well as increased application in automotive and transportation, are predicted to contribute to the market growth in the Asia Pacific. In addition, in India, Thailand, and Singapore, solid oxide fuel cells are experiencing high demand due to the growing focus of research institutes and government bodies on testing the working time of solid oxide fuel cells.

Browse the Detail Report "Solid Oxide Fuel Cell Market Share, Size, Trends, Industry Analysis Report, By Type (Tubular, Planar); By Application (Stationary, Portable, Transport); By End-Use; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/solid-oxide-fuel-cell-market 

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Polaris Market Research has segmented the Solid Oxide Fuel Cell market report based on type, application, end-user, and region:

By Type Outlook

• Tubular
• Planar

By Application Outlook

• Stationary
• Portable
• Transport

By End-Use Outlook

• Data Centers
• Industrial & Commercial
• Military & Defense
• Residential
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified teamof experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research