(MENAFN- America News Hour) The report predicts the global Solid Oxide Fuel Cell Market to grow at a healthy CAGR Of 13.88% over the forecast period from 2023-2033.
“The solid oxide fuel cell market is projected to grow at a CAGR of 13.88%, from 2023 to 2033.”
The solid oxide fuel cell market is estimated to be USD 403.4 million in 2023 and is projected to reach USD 1,140.6 million by 2033, at a CAGR of 13.88%, from 2023 to 2033. Government subsidies and fuel cell programs in the US, Japan, and Europe is the major driving factor for the growth of the solid oxide fuel cell market . High capital costs, requirements, and competition from other fuel cell technologies, such as PEMFC can hinder the growth of the solid oxide fuel cell market.
“The combined heat & power sub-segment of the application segment is expected to grow at the highest CAGR, from 2023 to 2033.”
The CHP sub-segment of the application segment is expected to grow at the highest CAGR, during the forecast period. Solid oxide fuel cells can be used for residential and commercial CHP applications and have an advantage over other technologies due to their high efficiency for power generation and low maintenance costs. Government programs in Japan and Europe for fuel cell-based installations is driving the growth of the combined heat and power segment.
“North America: The largest market for solid oxide fuel cell in 2016”
The market in North America is currently the largest market for solid oxide fuel cells followed by the market in the Asia Pacific. High demand for the power generation segment for data centers and commercial and retail end-use is driving the market for solid oxide fuel cells in North America.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
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The distribution of primary interviews is as follows:
By Company Type: Tier 1- 43%, Tier 2- 33%, Tier 3- 24% By Designation: C-Level- 35%, D-Level- 25%, and Others- 40% By Region: Americas- 40%, EMEA- 33%, and APAC- 27%,
Note: Others includes product managers, marketing managers, and sales managers.
EMEA denotes Europe, Middle East, and Africa
APAC denotes Asia Pacific
Note: The tier of the companies has been defined on the basis of their total revenue, as of 2016: Tier 1 = USD 5 billion, Tier 2 = From USD 1 billion to USD 5 billion, and Tier 3 = < USD 1 billion
The leading players in the solid oxide fuel cell market include Bloom Energy (US), Sunfire (Germany), Aisin Seiki (Japan), SOLIDpower (Italy), UltraSea Sensor Systems (US), and Atrex Energy (US).
The report defines, describes, and forecasts the global solid oxide fuel cell market type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the solid oxide fuel cell market.
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Why buy this report? The report identifies and addresses key markets for solid oxide fuel cells, which would help manufacturers review the growth in demand. The report helps system providers understand the pulse of the market and provide insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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