The global solid oxide fuel cell (SOFC) market was valued at USD 627.43 million in 2023 and is projected to experience significant growth at a compound annual growth rate (CAGR) of 40.7% from 2024 to 2030. One of the primary drivers of this market expansion is the increasing collaboration between private and public sectors, which is fostering advancements in SOFC technology. Solid oxide fuel cells are rapidly emerging as a preferred alternative for backup power solutions, largely due to their versatility in using a variety of fuels to generate electricity. Additionally, their environmentally friendly nature - producing only harmless by-products—sets them apart from conventional energy technologies.
Supportive government regulations aimed at reducing emissions and promoting the use of domestic energy sources, such as natural gas, are expected to further enhance market growth in the coming years. Moreover, the growing focus of regional governments in established economies like the U.S. and Europe on emission reductions, coupled with their efforts to transition away from outdated electric grids, is likely to drive the adoption of solid oxide fuel cells throughout the forecast period.
Gather more insights about the market drivers, restrains and growth of the Solid Oxide Fuel Cell Market
Application Segmentation Insights
The stationary application segment dominated the market, accounting for an impressive share of 81.49% in 2023. Stationary solid oxide fuel cell (SOFC) systems represent some of the cleanest and most efficient technologies available for generating heat and electricity. The performance of these systems is evaluated based on three critical parameters: net electrical efficiency, overall efficiency in cogeneration applications, and durability.
Countries in Europe, particularly France and the UK, are making significant investments in research and development (R&D) focused on solid oxide fuel cells for both power generation and transportation applications. These ongoing investments are expected to significantly enhance the growth of the stationary application segment over the forecast period. Additionally, collaborations between SOFC manufacturers and vendors in the transportation sector are anticipated to lead to the development of SOFC-based systems specifically tailored for transportation uses in the coming years.
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