Solid Oxide Fuel Cell Market Is Expected To Reach USD 4544.38 Million By 2027 At A CAGR Of 29.2 Percent.
Stellar Market Research has published a report on the Solid Oxide Fuel Cell Market that provides a detailed analysis for the forecast period of 2021 to 2027.
Solid Oxide Fuel Cell Market Scope:
The report provides in-depth market insights for industry participants, including an explanation of complicated market statistics in plain language, information on the industry’s past and present conditions, and estimates of market size and trends. All industry segments are examined in the report, with an emphasis on key companies such market leaders, followers, and new entrants. The report includes a thorough PESTLE analysis for various nations. The research is a resource for investors since it provides a clear picture of the competitive landscape of the top companies in the Solid Oxide Fuel Cell market in terms of revenue, financial status, portfolio, growth plans, and regional presence.
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Solid Oxide Fuel Cell Market Overview:
An energy converter that produces power electrochemically is known as a Solid Oxide Fuel Cell (SOFC). Among the energy sources employed are biogas, natural gas, propane, hydrogen, and other oxidised hydrocarbons. There are many different sizes and designs of solid oxide fuel cells, including tubular and planar types that can be either stationary or portable. They are composed of non-porous and metal oxide electrolytes that transform chemical energy into thermal and electrical energy without the use of combustion, a ceramic membrane that conducts ions and flows currents at high temperatures, and metal oxides. Solid oxide fuel cells are more affordable and environmentally benign than other energy sources.
Solid Oxide Fuel Cell Market Dynamics:
The Rising Applications of Solid Oxide Fuel Cell in Different Industries.
The solid oxide fuel cell market is largely being driven by notable expansion in the power and energy sectors around the world. The market is expanding due to the rising need for sustainable energy, particularly in developing countries like China and India. In order to continuously supply energy for a variety of commercial and industrial needs, SOFCs are incorporated into power systems. They are frequently used to power energy-intensive data centres, enabling higher operational efficiency and real-time data backup. Numerous product breakthroughs, such as the invention of noiseless and portable SOFCs for military applications, are further growth-promoting factors.
Solid oxide fuel cells demand high investment costs.
Methane, LP gas, and other natural gas-based fuels are electro-catalytically oxidised in SOFCs, a complex chemical brew, to produce power. Since the primary chemical process in SOFCs includes an exothermic reaction, operating temperatures are often very high, ranging from 700°C to 1,200°C. It is necessary to employ yttria-stabilized zirconia (YSZ) as an electrolyte at these temperatures because standard ceramic electrolytes are useless. These factors consequently raise the cost of fuel cell production and installation, which is anticipated to restrain the expansion of the solid oxide fuel cell market during the course of the forecast year.
Solid Oxide Fuel Cell Market Regional Analysis:
The North American region is expected to hold the major share of the Solid Oxide Fuel Cell market over the forecast period. The North American region is expected to hold the major volume of the Solid Oxide Fuel Cell market over the forecast period. Strong demand for fuel cell power generation as well as enhanced research and development for hydrogen generation are driving the region’s product demand. Because of the robust government support and strategic market emphasis, the market in the United States has grown quickly and is expanding far faster than the rest of the world. For instance, In September 2020, the US Department of Energy (DOE) announced that it would give US $ 34 million to design and construct small-scale SOFC systems.
Solid Oxide Fuel Cell Market Segmentation:
By Type:
- Planar
- Tubular
- Others
By Application:
- Power Generation
- Combined Heat
- Power
- Military
By End-Use:
- Data Centers
- Commercial & Retail
- APU
Solid Oxide Fuel Cell Market Key Competitors:
- Bloom Energy
- Ceres Power
- Mitsubishi Power
- Aisin Seiki Co
- Hitachi Zosen
- Ensol Systems
- Sunfire GmbH
- FuelCell Energy
- AVL
- Catator
- Bosch
- Convion
- Elcogen
- Sunre GmbH
- Nexceris, LLC
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About Stellar Market Research:
An Indian consulting company called Stellar Market Research was founded in 2018. Its primary purpose is to assist clients achieve their goals for corporate transformation through advisory services and long-term planning. The company provides analytical opinions on reports that give clients a strategic advantage using its vast network and in-depth knowledge of the sector. Its strong emphasis on secondary market analysis, consumer purchasing trends, and price fluctuations offers clients a market portfolio that will enable their organisation to establish a lasting presence or strategize solutions and take the course of action that will result in incredible growth and market dominance.
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