Report ID: SQMIG10B2045
Solid Oxide Fuel Cell (SOFC) Market Size, Share, Growth Analysis, By Application(Stationary, Transport, Portable), By End-User(Commercial, Data Centers, Military & Defense, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2045 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Solid Oxide Fuel Cell (SOFC) Market Regional Insights
Asia Pacific is expected to be one of the fastest-growing markets for solid oxide fuel cells. The expansion is fueled by massive government targets for FC technology, expanding urbanization and industrialization, rising energy demand, and transformation of existing infrastructure, among other things.
Furthermore, the European SOFC market is supported by rising demand for renewable energy generation and a greater emphasis on reducing carbon footprint and deploying hydrogen-based Combined Heat and Power (CHP) systems. For example, the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a private-public collaborative R&D programme in Europe, predicted in 2019 that hydrogen fuel will account for around 24% of total regional energy consumption by 2050.
Additionally, favorable regulatory measures such as tax breaks and financial incentives in the United States and Canada are expected to drive market growth in North America. Governments have also set targets for the adoption of fuel cell technology, as well as a focused R&D initiative for FC systems that benefits the regional industry environment.
Solid Oxide Fuel Cell (SOFC) Market Report Snapshots
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