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Solid Oxide Fuel Cell Market Size
- Report ID: GMI5760
- Published Date: May 2023
- Report Format: PDF
Solid Oxide Fuel Cell Market Size
Solid Oxide Fuel Cell Market Size was valued at USD 609 million in 2023 and is expected to expand at over 7.6% CAGR from 2024 to 2032.
Solid oxide fuel cells are electrochemical conversion devices which converts chemical energy to generate electricity and heat from the fuel oxidization. These devices utilize solid oxide or ceramic as its electrolyte material. Rising demand for unconventional energy resources along with extensive research & development activities toward the growth of solid oxide fuel cell (SOFC) technology will boost the industry trend.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Solid Oxide Fuel Cell Market Size in 2023: | USD 609 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 7.6% |
| 2032 Value Projection: | USD 1.14 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 485 |
| Segments covered: | Type, Application, End-Use, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Growing investments toward the development of hydrogen fuel infrastructure across the emerging nations will augment the overall solid oxide fuel cell market share. The increasing adoption of high efficiency devices and rising greenhouse gases concerns will foster the industry trend. Furthermore, scalable power output, efficient heat recovery in line with the potential to produce combined heat & power across off grid locations will drive the business scenario.
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Solid Oxide Fuel Cell Market Scope
