The global solid oxide fuel cell market is anticipated to touch USD 1,183.6 million by 2023, as per an insightful report by Market Research Future (MRFR). It is expected to expand at a 12.87?GR during the assessment period.
Solid oxide fuel cells (SOFCs) are fuel cells capable of generating power through electrochemical conversions. Zirconium and calcium are used to enhance its electrical efficiency. The global Solid Oxide Fuel Cells Market report by Market Research Future (MRFR) covers trends on its applications and the scope on investments during the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its effects on the production and value chain are explored in detail.
The market is set to accumulate huge revenues over the forecast period owing to pressure from nations globally for reducing carbon emission levels. Government funding and collaborations between private and public companies can drive the technology of SOFCs. Favorable policies coupled with implementation of fuel cell systems can augment the market size considerably. Awareness of alternative energy sources and establishment of micro combined heat and power applications can bode well for the market.
The high-cost for processing of SOFCs can limit the market growth.
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North America accounted for 46.5% market share in 2017. It is also expected to register the fastest CAGR during the forecast period. This can be credited to nations such as the U.S. and Canada’s massive investment in the industry. Natural Sciences and Engineering Research Council of Canada, a part of SOFC Canada, has committed to producing next-generation SOFC technologies. The U.S. has a wide-scale usage of SOFCs in sectors requiring large-scale auxiliary power, electric utilities, and distributed generation.
APAC followed North America in this regard due to South Korea and Japan contributing to the system the most. Japan is leading the market and expects to be the fastest growing country during the review period due to its heavy deployment of CHP and supporting schemes such as ENE-FARM.
Bloom Energy and SK Engineering and Construction have recently won a contract for supply SOFCs to an industrial complex in South Korea in 2020. The contract will be used in powering a microgrid to be used in supplying power to various industrial organizations.
Tables Of Contents
1 Executive Summary
2 Market Introduction
2.1 Definition 16
2.2 The Scope Of The Study 16
2.3 Market Structure 16
2.4 List Of Assumptions 17
2.5 Key Takeaways 17
2.6 Key Buying Criteria 18
3 Research Methodology
3.1 Research Process 20
3.2 Primary Research 21
3.3 Secondary Research 22
3.4 Market Size Estimation 22
3.5 Forecast Model 23
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