Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Solid Oxide Fuel Cell Market Based on by Application (Stationary, Transport, Portable), by End-User (Commercial, Data Centers, Military & Defense, and Others), Regional Outlook - Global Forecast Up to 2032" report has been added to ResearchAndMarkets.com's offering.
The growing need for solid oxide fuel cells in the automotive, aerospace, defense & government services, wireless communication & infrastructure, consumer electronics, medical equipment manufacturing, and energy sector applications characterizes the demand side of this market. Growing demand from the industrial sector for contracts and large-scale player mergers and acquisitions define the supply side. To gather both qualitative and quantitative data, a range of primary sources from the supply and demand sides of the market were questioned.
One of the key reasons propelling the SOFC market is the growing concerns about reducing harmful carbon emissions and the growing adoption of low carbon technology. Numerous nations have outlined their plans to meet the growing need for energy by promoting the use of fuel cells as a clean power source. For example, the International Energy Agency (IEA) said in its April 2021 Global Energy Review 2021 that in 2020, the use of clean energy rose by around 3%, while the production of electricity from renewable sources increased by approximately 7%. It further stated that within the same time frame, there was a decrease in the demand for other essential fuels.
Recently, the commercialization of SOFC systems has begun with certain niche markets, including as on-site power generation, particularly for data centers, small-scale combined heat and power (CHP) in Japan, and military applications in the United States. The majority of industry players have concentrated their R&D efforts on creating SOFCs with a variety of uses. Consequently, there have been several public-private partnerships in the industry.
The industry participants face a challenging task in reducing costs and enhancing quality, despite the fact that policymakers are gradually approving market participants to showcase their initiatives. It is anticipated that the market would see introduction programs for micro-CHP systems aimed at the residential sector in the upcoming years.
The solid oxide fuel cell market with the quickest rate of growth is found in North America. In comparison to the rest of the globe, the solid oxide fuel cell market in the United States has grown significantly and is growing quickly thanks to strong government support and a strategic market emphasis. Additionally, the US solid oxide fuel cell market had the most market share, whereas the fastest-growing solid oxide fuel cell market in this region was Canada.
The demand for renewable energy is predicted to increase, along with the need to reduce carbon emissions and the use of hydrogen-based Combined Heat and Power (CHP) systems. As a result, the solid oxide fuel cell market in Europe is anticipated to develop at a significant compound annual growth rate (CAGR) between 2022 and 2030. For example, the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a collaborative research and development program in Europe involving the public and private sectors, estimated in 2019 that by 2050, hydrogen fuel will probably account for about 24% of the region's total energy consumption. Furthermore, the region's fastest-growing solid oxide fuel cell market was Germany, while the UK solid oxide fuel cell market retained the greatest market share.
Report Scope:
- This report illustrates the most vital attributes of the Solid Oxide Fuel Cell Market, which are driving and providing opportunities.
- This research gives an in-depth analysis of the Solid Oxide Fuel Cell Market growth on the basis of several segments in the market.
- This report presents the predictions of the past and present trends of the Solid Oxide Fuel Cell Market.
- This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Solid Oxide Fuel Cell Market.
Companies Featured
- Fuel Cell Energy
- Convinion
- Intelligent Energy
- Aisin Seiki Co
- Bloom Energy
- Ceres Power
- Hexis
- Sunfire
- Protonex
- GE
- Elcogen
- Watt Fuel Cell Corporation
- SOLIDpower
- ZTEK Corporation
- Atrex Energy
For more information about this report visit https://www.researchandmarkets.com/r/33fdry
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