Solid Oxide Fuel Cell Market Analysis by Trends, Size, Share, Growth Opportunities, and Emerging Technologies
The total revenue generated by the solid oxide fuel cell market was USD 470 million in 2022, and it will power at a rate of 34.4% in the years to come, to touch USD 5,005 million by 2030.
This is because of the greater competence, lasting stability, and fuel flexibility of solid oxide fuel cells, the growing government subsidies and research and development on fuel cells, the increasing necessity for energy-efficient power production, stringent pollution regulations, augmented environmental apprehensions, and the increasing focus on the use of renewable energy sources.
The planar category had a larger revenue share, of over 60%, in 2022, and it will also hold its position by the end of this decade, as per a market research expert at P&S Intelligence. This is chiefly credited to its easy geometry, comparatively easier construction process, and low- cost of operations.
Browse detailed report - Solid Oxide Fuel Cell Market Analysis and Demand Forecast Report
Furthermore, the future development of technologies, associated to solid oxide fuel cells, has likewise been defined in the energy policies.
The military & defense category is growing steadily. There is a growth prospect for SOFCs in this industry, because of the increasing requirement for efficient and noiseless production of power for military uses and the increasing stationary and portable power generation by SOFCs.
With increased probabilities for constant development in the industry, it is likely that portable SOFCs for military usage will rise; and unmanned undersea and ariel vehicles are also using SOFCs for increasing working durations.
The strict pollution rules and regulations have a lot to do with the continuously increasing demand for solid oxide fuel cell in the years to come.
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