According to TechSci Research report, “Global Solid Oxide Fuel Cells Market By Type, By Application, By Region, Competition Forecast and Opportunities, 2013-2023”, the global solid oxide fuel cells market is projected to cross $ 1.3 billion by 2023. With rising investments in low emission technology, the APAC region is expected to emerge as a major demand center for SOFC technology during the forecast period. Major companies developing SOFC systems with integration of various other technologies is on the rise in the region. Furthermore, government funded programmes such as ENE-FARM in Japan, are expected to be the major drivers anticipated to boost demand as well as utilization of SOFC technology in the APAC region over the course of next five years.
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"Global SOFC Market, 2023" https://www.techsciresearch.com/report/global-solid-oxide-fuel-cells-market/2598.html
The global SOFC market is forecast to grow at a double digit CAGR during the forecast period. Increasing concerns towards rising GHG emissions and introduction of highly efficient power sources is expected to drive demand for SOFC in the coming years. The growing interest in SOFC technology can be ascertained from the fact that in March 2018, the US Department of Energy announced an investment of $ 32.5 million in order to make advancements in SOFC technology. Moreover, several other countries are investing heavily in SOFC technology to enable efficient and cost-effective electricity generation while ensuring negligible emissions of carbon and other harmful pollutants into the atmosphere.
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On the basis of type, global SOFC market is segmented into planar and tubular SOFCs. Tubular SOFCs dominated the market in 2017 and the segment is likely to lead during the forecast period as well. In 2017, Bloom Energy was the leader in the global SOFC market, followed by Doosan Fuel Cell America, Inc., and LG Fuel Cell Systems, among others. “Nearly 30% more fuel cells were shipped throughout the world in 2017 as compared to 2016. Moreover, rising GHG emissions is further leading to technological advancements and heavy investments in SOFC technology for utility and passenger vehicle power generation. Additionally, with increasing focus of major economies such as China, Japan, US, South Korea and India on protecting the environment, the demand for SOFC technology is likely to increase in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Solid Oxide Fuel Cells Market By Type, By Application, By Region, Competition Forecast and Opportunities, 2013-2023” has evaluated the future growth potential of the global SOFC market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global SOFC market.
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