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

Solid Oxide Fuel Cell Market Driver

• Rising Installation of Green Energy Technologies to Favor Market Growth

Increasing worries about reducing harmful carbon activities, as well as the increased deployment of low carbon technology, are among the primary driving factors for the SOFC industry. Numerous countries have announced their goals for meeting rising energy demand with renewable energy generation sources, including the possibility for fuel cell deployment. For example, the International Energy Agency (IEA) issued its Global Energy Assessment 2021 in April 2021, stating that in 2020, clean energy use climbed by around 3%, while renewable energy generation increased by about 7%. It also stated that demand for other essential fuels fell during the same time period.

Solid Oxide Fuel Cell Market Restraint

• Operational Constraints along with Availability of Other Fuel Cell Systems to Hamper Growth

Various operational characteristics, such as long start-up periods, as well as the necessity for significant initial production costs due to the use of heat-resistant materials for construction, are some of the factors that may slow market growth. Furthermore, the widespread availability of efficient fuel cell technologies, such as proton-exchange membrane fuel cells (PEMFC) and phosphoric acid fuel cells (PAFC), may pose a challenge to the market landscape.