The global solid oxide fuel cell market size is projected to reach USD 2.00 billion by 2026, exhibiting a CAGR of 18.3% during the forecast period. Increasing need to develop and rapidly adopt green power generation technologies will be one of the main forces driving the growth of this market. Coupled with this is the rising awareness and commitment to aggressively tackle global warming and pollution that will catalyze the rise of this market. For instance, the US Climate Alliance came into force in mid-2017 with 24 partnering states. The aim of the coalition is to bring down emissions between 26% and 28% by 2025 from 2005 levels. The alliance, in 2018, went a step ahead and announced innovative initiatives to speed up renewable energy uptake, grid modernization, and developing clean transport alternatives. Such large-scale initiatives are expected to accelerate the solid oxide fuel cell market growth in the coming decade.
LIST OF KEY COMPANIES PROFILED:
Mitsubishi Hitachi Power Systems
Suzhou Huatsing Jingkun New Energy Technology Co., Ltd.
As per a new Fortune Business Insights report, titled “Solid Oxide Fuel Cell Market Size, Share & Industry Analysis, By Application (Stationary, Transport, Portable), By End-User (Commercial, Data Centers, Military & Defense, Others), and Regional Forecast, 2019-2026”, the market value stood at USD 0.53 billion in 2018. The report is founded on an exhaustive research that is aimed at enabling businesses to take strategic decisions that will best help strengthen their position in this upcoming market. In addition to this, the report shares a detailed evaluation and a comprehensive analysis of the various factors, trends, prospects, and dynamics that are likely to shape the market during the forecast period.
A solid oxide fuel cell (SOFC) is a device that operates at a high temperature and produces electrical energy using the electrochemical process. Additionally, these devices can harness high operating efficiency with fuel flexibility and substantial tolerance to foreign impurities.
Proactive Government Policies to Enhance Market Potential
Rising government investments in promoting the adoption of advanced clean energy systems is anticipated to be one of the leading solid oxide fuel cell market trends. For example, the US Department of Energy reported that in 2019, USD 30 million were allotted to fund the fuel cell R&D sub-program in order to lower the costs of producing energy-efficient devices. Furthermore, governments across the globe are taking proactive steps to reduce their carbon footprint. This has prompted many private organizations to undertake solid measures to decrease their dependency on hydrocarbons and fossil fuels. Lastly, government intervention through tax exemptions and subsidies have reduced the overall manufacturing costs of such technologies, which augurs well for the SOFC market.
Major Table of Contents for Solid Oxide Fuel Cell Market:
2. Executive Summary
3. Market Dynamics
4. Key Solid Oxide Fuel Cell Market Insights
5. Global Market Analysis, Insights and Forecast, 2015-2026
6. North America Market Analysis, Insights and Forecast, 2015-2026
7. Europe Market Analysis, Insights and Forecast, 2015-2026
8. Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
9. The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
10. Latin America Market Analysis, Insights and Forecast, 2015-2026
11. Competitive Landscape
12. Global Solid Oxide Fuel Cell Market Revenue Share Analysis, By Key Players, 2020
13. Company Profiles
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