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Solid Oxide Fuel Cell Market Overview, Analysis And Forecast To

  • 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.

    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.

    Related Press Release@ Solid Oxide Fuel Cell Market Report

    Solid Oxide Fuel Cell Market Report Highlights

    • 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