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Asia Pacific Solid Oxide Fuel Cell Market Trends

Report ID: GMI7321
Published Date: Nov 2023
Report Format: PDF

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Asia Pacific Solid Oxide Fuel Cell Market Trends

Ability to operate on a wide range of fuels, including hydrogen, natural gas, biogas, and syngas in line with changing consumer preferences for stable and secure power source will propel the business dynamics. Moreover, focus on maximizing the energy output along with increased demand for reliable and efficient power generation will stimulate the product adoption. Further, innovations in SOFC materials, designs, and integration will continue to drive the market growth.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market valuation of solid oxide fuel cell in Asia Pacific was worth more than 238 million in 2022 and is anticipated to surpass USD 294 million by 2032.

The transport application segment is anticipated to record over 3.5% CAGR from 2023 to 2032 owing to the increasing investments in hydrogen refueling infrastructure combined with growing integration of these technologies into commercial and public transport vehicles.

Japan solid oxide fuel cell market will observe more than 0.5% CAGR from 2023 to 2032 due to the increasing utilization of hydrogen as a fuel source, in line with which several industry players are making efforts for product innovation.

Cummins Inc., Ballard Power Systems, PLUG POWER INC., NUVERA FUEL CELLS, LLC., Bloom Energy, Panasonic Corporation, Doosan Fuel Cell Co., Ltd., AISIN CORPORATION, SFC Energy AG, TOSHIBA CORPORATION, Robert Bosch GmbH, TW Horizon Fuel Cell Technologies, and Fuel Cell Energy, Inc.