The Solid Oxide Fuel Cell Market size is projected to reach USD 5.31 billion in 2028, at a CAGR of 25.3% during the forecast period. The global solid oxide fuel cell market size was USD 0.90 billion in 2020. Solid Oxide Fuel Cell industry set to gain traction from the increasing initiatives by various research institutions to conduct extensive R&D activities for developing novel SOFC technology. This information is published by Fortune Business Insights™ in a report, titled, “Solid Oxide Fuel Cell Market, 2021-2028.”
Researchers at the Korea Institute of Science and Technology (KIST) and the Seoul National University, for instance, developed a cutting-edge thin-film 3-D process and micro-patterning technology in August 2020 to produce highly efficient SOFC units.
Drivers & Restraints-
Rising Demand for Clean Power Sources to Accelerate Growth
The emergence of low carbon technologies and the increasing concerns to eliminate toxic carbon emissions would propel the solid oxide fuel cell market growth in the upcoming years. Various countries worldwide have put forward new objectives and goals to keep up with the high demand for energy. They are hence striving to generate clean power sources, thereby encouraging companies to adopt solid oxide fuel cells. As per the International Energy Agency’s (IEA) Global Energy Review 2021, the usage of clean energy surged by 3% in 2020. Also, the generation of electricity from renewable sources grew by 7%. However, the availability of alternative and efficient fuel cell technologies, especially phosphoric acid fuel cells (PAFC) and proton-exchange membrane fuel cells (PEMFC) may obstruct demand.
Companies Covered in solid oxide fuel cell Market manufacturers operating in the global market:
- Ceres (U.K.)
- Bloom Energy (U.S.)
- Convion (Finland)
- AVL (Austria)
- AISIN (Japan)
- SOLIDpower Italia (Italy)
- Bosch (Germany)
- Mitsubishi Power (Japan)
- FuelCell Energy, Inc. (U.S.)
- Catator AB (Sweden)
- Elcogen (Estonia)
- Nexceris, LLC (U.S.)
- Suzhou Huatsing Jingkun New Energy Technology Co., Ltd. (China)
- Sunfire GmbH (Germany)
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