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Global Solid Oxide Fuel Cell Market to Reach US$ 2,287.7 Million by 2027, Impelled by Growing Adoption of Electronic Devices

Published on Sep 29, 2022

According to the latest report by IMARC Group, titled "Solid Oxide Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global solid oxide fuel cell market reached a value of US$ 953.8 Million in 2021. A solid oxide fuel cell (SOFC) refers to a device that is generally used to produce electricity by converting energy sources via the process of electrochemical conversions. It derives its energy from the oxidation of its electrolyte that is manufactured from hard ceramic compound metal oxides, such as calcium or zirconium. It is an energy-efficient device that makes it uniquely suitable to address the environmental water concerns and climate change associated with fossil fuel-based electric power generation. As a result, it is widely utilized to provide power to electronic devices that normally work on batteries, including laptops and computers.   

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. 

Global Solid Oxide Fuel Cell Market Trends:? 

The global market is primarily driven by the growing adoption of electronic devices among the masses. This can be attributed to rapid digitization and the penetration of high-speed internet connectivity on the global level. With an enhanced focus on sustainable development, there has been a considerable increase in the demand for solid oxide fuel cells. In line with this, numerous initiatives undertaken by the governments of several countries by implementing stringent regulations on clean energy solutions are impacting the market growth favorably. Moreover, the rising investments by public and private agencies in the development of power generation plants due to the growing need for power supply and rural electrification are creating a positive market outlook. Additionally, continuous improvements in the defense sector and the increasing adoption of military robots, communications devices and unmanned aerial vehicles (UAVs) are significantly supporting the demand for solid oxide fuel cells across the globe. Other factors, including the rising developments of data centers, rapid urbanization and industrialization, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2,287.7 Million by 2027, exhibiting a CAGR of 15.4% during 2022-2027.

Market Summary: 

  • On the basis of the application, the market has been categorized into portable and stationery.
  • Based on the end-user, the market has been segmented into commercial, data centers, military and defense and others.
  • On the basis of the region, the market has been divided into the North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Adaptive Energy LLC, Aisin Seiki Co. Ltd., Bloom Energy, Convion Ltd., Elcogen AS, Fuji Electric Co. Ltd., Mitsubishi Heavy Industries Ltd., POSCO Energy, SOLIDpower Group, Sunfire GmbH and Watt Fuel Cell Corporation.
     

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