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Government policies drive the growing solid oxide fuel cell (SOFC) market, increasing demand from combined power and heat in residential and commercial buildings, growing power demand from data centers, hospitals, telecommunication towers, and critical infrastructure, as well as an increase in the distribution energy needed for EV charging.
Increasing carbon emission from energy sources is a universal issue. Many governments are investing in innovative research to manage this issue. Therefore, many energy companies, automobiles, and commercial and residential areas are keen on green energy or eco-friendly fuel sources. The factors are raising the demand for the solid-oxide fuel cell market in the upcoming years. Further, the government’s subsidies alter the solid oxide fuel cell Market Trends.
A solid oxide fuel cell (SOFC) is a fuel cell that acquires energy directly from the oxidation of a solid or ceramic material called an electrolyte. Solid oxide fuel cells (SOFCs) are a next-generation technology for power production from fossil fuels (Natural gas, Biogas (Methane, Ethane), LPG, Kerosene, Propane). Electrochemical fuel cells convert chemical energy into electricity, so they have better efficiency than combustion-based power plants.
Solid Oxide Fuel Cells (SOFC) have a very high operating temperature (500 - 1,000°C). At these temperatures, Solid Oxide Fuel Cells (SOFCs) do not require costly platinum catalysts, as is currently necessary for lower-operating temperature fuel cells such as Proton Exchange Membrane (PEM) Fuel Cells.
The transition of green electricity to fuel such as methanol and green hydrogen is called electrolysis. As a result, it is possible to reuse the existing global oil and gas infrastructure for storage, distribution, and transportation by reducing fossil fuel consumption and cutting down carbon dioxide emissions.
Some of the Supportive Policies:
Solid Oxide Fuel Cell Market Growth Opportunities:
Some of the Disruptive Policies:
Solid Oxide Fuel Cell Market Challenges:
Solid Oxide Fuel Cell Market Restraints:
Some of the Recent Developments:
It is estimated that the planar segment will hold the largest market share during the forecast period. The planar segment's market is mainly driven by simple geometry and a relatively simple construction process. Planar Type, Solid oxide fuel cells, are typically designed with ceramic fuel cell modules stacked one above the other in a sandwich design with electrolytes inserted between electrodes.
The power generation segment held the largest market share of the solid oxide fuel cell market by the end user. Increased demand from clean energy generation is expected to drive the solid oxide fuel cell market. Power generation refers to distributed power generation solutions for remote and backup power for residential, commercial, and industrial uses such as residential complexes, data centers, retail outlets, commercial offices, and telecom towers. In addition, companies such as Bloom Energy and its subsidiaries have been working closely with the South Korean government to set up utility-scale power plants based on SOFC.
North America accounted for the largest global solid oxide fuel cell market share. The growth in this country can be attributed to the high demand for fuel cell power generation, along with increasing research and development for hydrogen generation. Government policies and subsidies, including the Department of Energy's Solid State Energy Conversion Alliance (SECA) Program, are also major factors for growth in the US market.
Blackridge Research's Global Solid Oxide Fuel Cell (SOFC) Market report provides insights into the current global and regional market demand scenario and its outlook.
The study presents a detailed analysis of various factors that affect solid oxide fuel cell market revenue. The study also comprehensively analyses the solid oxide fuel cell market by segmenting it based on geography (North America, Europe, Asia Pacific, Middle East, Rest of the World), based on type (Planar design, Co-Planar design, Tubular design), based on end-user (Power Generation, Transport, Hydrogen generation, and Storage).
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the solid oxide fuel cell market, critical commercial developments, trends, regions, and segments poised for the fastest-growing, competitive landscape.
Further, the report will include global solid oxide fuel cell market size (CAGR), demand forecast, growth rates.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
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