The global Solid Oxide Fuel Cell (SOFC) market is anticipated to grow at an exponential CAGR of 32.8% during the forecast period (2024-2031). Globally, the SOFC market has experienced significant growth in investments in recent years from both public and private organizations primarily due to growing demand for clean energy solutions in both battery generation and storage. Considering the benefits of SOFC such as which aligns with global sustainable energy goals, global governments are increasingly supporting the overall SOFC market with favorable policies and funding. For instance, in September 2020, the US Department of Energy (DOE) disclosed its selection of 12 projects to receive around $34 million in federal funding through the Small-Scale SOFC and Hybrid Electrolyzer Technology Development Funding Opportunity Announcement (FOA).
Browse the full report description of “Solid Oxide Fuel Cell (SOFC) Market Size, Share & Trends Analysis Report By Technology (Planar SOFCs, Tubular SOFCs, and Other configurations), by Application (Power Generation, Combined Heat and Power (CHP) Systems, Auxiliary Power Units (APUs), Military, Remote and Off-Grid Power, Portable Power) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/sofc-market
This initiative was aimed at advancing technologies capable of enhancing small-SOFC hybrid systems, integrating solid oxide electrolyzer cell technologies, towards commercial viability for hydrogen production and power generation. Also, the growing demand for energy storage and investments is leading to technological advancements and a reduction in manufacturing costs of SOFCs, eventually driving overall market growth. According to the International Renewable Energy Agency (IRENA) study on electricity storage and renewables: costs and markets to 2030, total installed costs are projected to decrease by 50% to 60% by 2030, with battery cell costs expected to decrease even more. This reduction will be driven by the optimization of manufacturing facilities, improved combinations, and reduced material usage. Additionally, advancements in battery lifetimes and performance will contribute to further cost reductions.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Technology
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- The major companies in the global SOFC market include Aisin Corp., Bloom Energy Corporation, FuelCell Energy, Inc., and Robert Bosch GmbH among others.
Key questions addressed by the report.
Global SOFC Market Report Segment
By Technology
By Application
Global SOFC Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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