The report "Solid Oxide Fuel Cell (SOFC)" Market by Type (Planar, and Tubular), By Application (Portable, Stationary, and Transport), End-User (Data Centers, Commercial & Industrial, Residential, and Military & Defense), - Global Forecast to 2030. "The Global Solid Oxide Fuel Cell (SOFC) Market share was USD 648.22 Mn. It is predicted to reach USD 12.25 Bn by 2030, representing a CAGR of 34.17 percent throughout the forecasted period. Some of the vital factors that are constantly augmenting the overall growth of the market worldwide are the increase of governmental funds, are an increase in R&D practices, and the continuous rise in demand for obtaining more energy-efficient power generation.
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By Type, the 'Planar' segment held the highest share in 2020
Based on Type, the Solid Oxide Fuel Cell (SOFC) industry worldwide has been broadly bifurcated into Planar, and Tubular. The “Planar” segment held the largest share of around 60.22 % of the entire market in 2020. This is due to its simple process of construction. The Planar type of SOFCs is framed and created in such a unique manner that the ceramic fuel cell modules are placed one above the other similar to that of a sandwiched-type design with an electrolyte installed between the two electrodes.
By Application, the 'Stationary' segment accounted for the largest share of the market in 2020
Based on Application, the Global Solid Oxide Fuel Cell (SOFC) industry has been fragmented into Portable, Stationary, and Transport. The “Stationary” segment comprehensively dominated the entire market with an overall share of around 47.33% in 2020. The growth of this segment is attributed to the rise of focus on hydrogen-powered fuel cells for the generation of more backup power
By End User, the 'Commercial & Industrial' segment significantly held the highest share of the market in 2020
Based on End User, the Global Solid Oxide Fuel Cell has been broadly segregated into Data Centers, Commercial & Industrial, Residential, and Military & Defense. The 'Commercial & Industrial’ held the maximum share of approximately around 78.12 % in 2020. This is because of the continuous rise in demand for SOFCs for many commercial as well as industrial purposes.
Based on Region, ‘’North America” accounted for the highest market share with a decent CAGR. The growth in this country can be highly attributed to the continuously increasing research and development programs for the hydrogen fuel generating stations, and higher demand for fuel cell power generation in automobiles, etc. As per IEA, by the end of 2020, more than almost 540 hydrogen refueling stations were operating all around the globe, which showed a steep increase of greater than 15% since 2019. Japan remained the leading player with approximately 140 stations, followed by Germany (90 stations) and China (85 stations).
Some of the key vendors operating in the Global Solid Oxide Fuel Cell (SOFC) Market include Aisin Seiki, Hitachi Zosen Corporation, Bloom Energy, Mitsubishi Power, Ceres Power, Solid Power, Adelan, Watt fuel cell corporation, Adaptive Energy, Upstart power, Convion ltd, AVL, Special Power Source, ZTEK Corporation, h2e Power, Elcogen AS, Miura, Sunfire, and Kyocera Corporation.
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