SAN FRANCISCO, March 2, 2022 /PRNewswire/ -- The global solid oxide fuel cell market size is expected to reach USD 4.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 42.2% from 2021 to 2028. Growing expenditure in infrastructure and industry development is anticipated to have a positive impact on the global solid oxide fuel cell (SOFC) market over the projected period. Installers and system providers usually hold stock of significant equipment in the inventory. However, manufacturers face bottlenecks and shortages due to limited production in countries severely affected by the COVID-19 pandemic. Furthermore, upcoming SOFC-based large-scale projects are expected to witness delays in commissioning due to disruptions in the supply chain and halting of on-site construction activities.
Key Insights & Findings from the report:
- In terms of revenue, the stationary segment accounted for a prominent share in the market in 2020.
- It is projected to expand further at the fastest CAGR over the forecast period. Transportation is predicted to be the second-largest application segment by 2028.
- In 2020, North America accounted for over 45% of the global revenue share and will expand further at a significant CAGR from 2021 to 2028.
- Germany led the Europe regional market with a revenue share of more than 67% in 2020.
- Government funding and aggressive mergers and acquisitions between companies for alternative energy technologies contribute to heavy investments in Europe.
Read 70-page market research report, "Solid Oxide Fuel Cell Market Size, Share & Trends Analysis Report By Application (Stationary, Portable, Transportation), By Region (Europe, North America, Asia Pacific), And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Solid Oxide Fuel Cell Market Growth & Trends
The rising awareness about alternative sources of energy is one of the major factors encouraging market growth. Increasing carbon emission levels is a global issue, and government authorities worldwide are supporting technological advancements to tackle the issue by providing research funding and drafting supportive policies and plans. The global SOFC market is highly competitive owing to the ongoing technological advancements developed by the existing vendors and new entrants. Market players are concentrating on strengthening their relations with system installers due to their strong local presence and close ties with clients, which, in turn, is likely to help enhance geographical presence.
Solid Oxide Fuel Cell Market Segmentation
Grand View Research has segmented the global solid oxide fuel cell market based on application and region:
Solid Oxide Fuel Cell Application Outlook (Volume, Thousand Units; Capacity, kW; Revenue, USD Million, 2017 - 2028)
- Stationary
- Portable
- Transportation
Solid Oxide Fuel Cell Regional Outlook (Volume, Thousand Units; Capacity, kW; Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Europe
- Germany
- France
- U.K.
- Asia Pacific
- China
- Japan
- South Korea
- Rest of World
List of Key Players of the Solid Oxide Fuel Cell Market
- Bloom Energy
- Mitsubishi Power Ltd.
- Cummins Inc.
- Ceres
- General Electric
- FuelCell Energy Inc.
- Ningbo SOFCMAN Energy
- Kyocera Corp.
- AVL
- NGK Spark Plug Co., Ltd.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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