Rising
demand for non-conventional sources of electricity generation and declining
prices of solid oxide fuel cells to propel market demand through 2023
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.
Browse 7 market data Tables
and 151 Figures
spread through 128 Pages and an in-depth TOC on
"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.
Customers
can also request for 10% free customization on this report.
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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