What is the global market size of Solid Oxide Fuel Cell (SOFC) Market?

Global Solid Oxide Fuel Cell (SOFC) Market size was valued at USD 0.33 billion in 2021 and is poised to grow from USD 0.4637 billion in 2022 to USD 7.1 billion by 2030, growing at a CAGR of 41.5% in the forecast period (2023-2030).

Global Solid Oxide Fuel Cell (SOFC) Market Size, Share, Growth Analysis, By Application(Stationary, Transport), By End-User(Commercial, Data Centers) - Industry Forecast 2024-2031

Report ID: SQMIG10B2045 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

Global Solid Oxide Fuel Cell (SOFC) Market News

In September 2021, The Hydrogen-based Servers were unveiled by Blooming Technologies. To potentially deliver on-site energy, this technology employs a partial oxidation stack and hydrogen as fuel. It was believed that such electrolytes would be commercially available in 2022. These PCs were tested for five months in South Korea beside the SK Eco facility.

In January 2021, The Danish Energy Technology Development and Demonstration Program (EUDP) provided funding for a collaborative effort to advance the development and implementation of SOFC technology in the maritime industry. Alfa Laval, Haldor Topse, DTU, Svitzer, and Maersk Mc-Kinney Mller Center are among the project's collaborators.

Global Solid Oxide Fuel Cell (SOFC) Market Report Snapshots

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Global Solid Oxide Fuel Cell (SOFC) Market size was valued at USD 642.22 million in 2019 and is poised to grow from USD 889.48 million in 2023 to USD 12043 million by 2031, growing at a CAGR of 38.5% in the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Bloom Energy', 'Ceres Power', 'Convion', 'Doosan Fuel Cell America', 'Elcogen', 'FuelCell Energy', 'Hexis AG', 'LG Fuel Cell Systems', 'Protonex', 'Redox Power Systems', 'Rolls-Royce Power Systems', 'Samsung SDI', 'SFC Energy', 'Siemens Energy', 'SOLIDpower', 'Sunfire GmbH', 'Toshiba', 'Ultra Electronics AMI', 'WATT Fuel Cell Corporation', 'ZTEK Corporation'

Rising Installation of Green Energy Technologies to Favor Market Growth

Continuous Research & Development Activities is a Vital Trend

Asia Pacific is expected to be one of the fastest-growing markets for solid oxide fuel cells. The expansion is fueled by massive government targets for FC technology, expanding urbanization and industrialization, rising energy demand, and transformation of existing infrastructure, among other things.

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Global Solid Oxide Fuel Cell (SOFC) Market Size, Share, Growth Analysis, By Application(Stationary, Transport), By End-User(Commercial, Data Centers) - Industry Forecast 2024-2031

Global Solid Oxide Fuel Cell (SOFC) Market News

Global Solid Oxide Fuel Cell (SOFC) Market Report Snapshots

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