Solid Oxide Fuel Cell Market Expecting Huge Demand in Upcoming Years with a CAGR of 31.0%
New Revenue Pockets:
The global solid oxide fuel cell market is projected to reach USD 5.4 billion by 2028 from an estimated USD 1.4 billion in 2023, at a CAGR of 31.0% during the forecast period. The growing use of electronic devices in emergency, off-grid, and automotive applications will benefit the fuel cell generator business.
Key Market Players
Prominent companies in this market include...
High Demand of Fuel Cell Power Generation Set to Propel the Solid Oxide Fuel Cell Market
The solid oxide fuel cell market size will grow to USD 6.5 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 33.9 % during the forecast period. Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms are likely to drive the solid oxide fuel cell market. Rising distributed...
Solid Oxide Fuel Cell Market Growing Thanks to Vast Applications
Solid oxide fuel cells (SOFCs) oxidize fuels to produce energy. These electrochemical conversion devices find vast applications across different industrial verticals. Advantages of the fuel cells include their higher efficiency, fuel flexibility, lower costs, environment friendly nature and stability. With all these characteristics of the products, the solid oxide fuel cell market is set to grow at...