Solid Oxide Fuel Cell Market Growth & Trends
The global solid oxide fuel cell market size is expected to reach USD 7,124.40 million by 2030, registering a CAGR of 40.7% according to a new report by Grand View Research, Inc. Growing expenditure on infrastructure and industry development is expected to have a positive impact on the global market in the forecast period.
Installers and system providers usually hold stock of significant equipment in the inventory. However, manufacturers face bottlenecks and shortages due to the limited production in countries, severely affected by the COVID-19. Further, upcoming Solid oxide fuel cells (SOFC) based large-scale projects are expected to witness delays in commissioning due to the disruptions in supply chain and halting of on-site construction activities.
Access the Solid Oxide Fuel Cell Market Size, Share & Trends Analysis Report By Application (Transportation, Portable, Industrial), By Region, And Segment Forecasts, 2024 - 2030
Rising awareness about alternative sources of energy is one of the major factors encouraging market growth. Increasing carbon emission levels is a global issue, and government authorities worldwide are supporting technological advancements to tackle the issue by providing research funding and drafting supportive policies and plans.
The global SOFC market is highly competitive owing to the ongoing technological advancements by the existing vendors and new entrants. Market players are concentrating on strengthening their relations with system installers due to their strong local presence and close ties with the clients, which in turn is likely to help enhance geographical presence.
Solid Oxide Fuel Cell Market Report Highlights
· In terms of revenue, the stationary segment accounted for a prominent market share of 81.49% in 2023 and is further expected to witness major growth during the forecast period
· As of 2023, the Asia Pacific accounted for 49.48% revenue share in the overall SOFC market
· In Europe, Germany dominated the market by the revenue share during 2023
· Government funding and aggressive mergers & acquisitions between companies for alternative energy technologies contribute to heavy investments in Europe. Transportation is predicted to be the viable segment for the utilization of solid oxide fuel cells during the coming years
Order your free sample copy of “Solid Oxide Fuel Cell Market Report 2024 - 2030, published by Grand View Research
Recent Developments
· In March 2024, Nissan started trials of a power generation system fueled by bio-ethanol, which is powered by SOFC. The trials began at Nissan’s Tochigi Plant, the company aims to improve power generation capacity toward full-scale operations by 2030
· In March 2023, Elcogen and Bumhan announced a partnership to commercialize SOFCs and electrolyzers. Under the agreement, Elcogen will facilitate the supply of SOEC and SOFC technology, which offers efficient solutions to emission-free energy production
· In February 2023, Weichai Power launched a stationary power SOFC system based on Ceres technology with EU CE certification of TÜD SÜD. Moreover, the SOFC achieved an operational time of 30,000 hours
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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