The global market for Solid Oxide Fuel Cells (SOFCs) is projected to reach $2.8 billion by 2024, driven by the ever increasing global demand for electricity and rising focus on clean and renewable energy production.
A type of fuel cell technology, SOFC generates energy by electrochemical conversion. The technology therefore finds attractive application in the energy generation industry. As a reliable, environment-friendly and low cost source of energy with long-term stability and sustainability, SOFC is poised to witness robust growth in the coming years. With per-capita consumption of electricity on the rise worldwide, the need to increase electricity production has become a top priority for governments across the globe. As governments seek to balance energy self-sufficiency goals and commitment to climate change agreements, SOFC is soaking up the spotlight as a clean technology of the future. By boosting electricity generation capabilities of a nation, SOFCs help in attaining energy security goals. SOFCs score over traditional energy generation technologies by virtue of their higher operating efficiency and limited reliance on imported fuels. Being a multi-fuel technology, SOFCs can operate on a wide range of fuels including renewable energy, such as biogas, which makes the nation less dependent on imported fossil fuel for electricity generation. SOFCs are increasingly used in stationary power generation multi mega-watt base load power plant applications, as well as in medium-watt sized residential applications. While SOFCs are primarily used for clean electricity generation in large multi-megawatt stationary power plants, its portable and smart features also make them suitable for use in small watt-portable applications, including battery chargers. SOFC technology directly oxidizes fuel in the cell and is therefore being commercialized for powering a range of portable and mobile electronic devices.
The research report titled ” Global Solid Oxide Fuel Cells Market Analysis: 2018-2024″ announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).