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The demand for clean energy sources are expected to drive innovation in solid oxide fuel cell manufacturing, thus driving the market during the forecast period.

The global solid oxide fuel cell market is expected to grow from $1.30 billion in 2022 to $1.71 billion in 2023 at a compound annual growth rate (CAGR) of 30.7%. The solid oxide fuel cell market size is expected to reach $4.74 billion in 2027 at a CAGR of 29%.

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Global Solid Oxide Fuel Cell Market Segments Include:

• By Type: Planar, Tubular
• By Application: Portable, Stationary, Transport
• By End-User: Commercial and Industrial, Data Centers, Military and Defense, Residentials
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global solid oxide fuel cell market in 2021.

Major Market Players in the solid oxide fuel cell market include Bloom Energy, Mitsubishi Heavy Industries Ltd., Aisin Corporation, Hitachi Zosen Corporation, Ceres Power, Adelan Ltd., Adaptive Energy.

Product innovation is the key trend gaining popularity in the solid oxide fuel cells market. Major companies operating in the solid oxide fuel cell market are focused on research and development for product innovations with new solid oxide fuel cells that have unique features of forming the decentral energy supply system combined with a cascade or cluster. Decentralized energy system refers to energy generation systems that are localized closer to the site of energy consumption which decreases the need for fossil fuels, improves eco-efficiency, and enables the best possible use of renewable energy sources and combined heat and power. For instance, In April 2022, Robert Bosch GmbH, Germany-based engineering and technology company introduced Bosch’s solid oxide fuel cell with the unique feature of a decentralized energy system. It can provide electrical efficiency of more than 60% and an overall efficiency above 85% with a targeted power output of 10 kW and can produce up to 3 kW of thermal energy, which can run on natural gas, biomethane, hydrogen, or different blending. Additionally, it can be combined with a cascade or cluster to form a decentral energy supply system and connected SOFC clusters for virtual power plants with high power capacities in the megawatt range in the future.

The Solid Oxide Fuel Cell Global Market Report 2023  provides a solid oxide fuel cell market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The solid oxide fuel cell market forecast analyzes solid oxide fuel cell market size, solid oxide fuel cell market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The solid oxide fuel cell (SOFC) is an electrochemical device that uses the propensity of oxygen and hydrogen to react to transform the chemical energy in fuels into electrical energy and these fuel cells are more efficient at converting hydrogen-based fuels as compared to engines and thermal power plants.

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