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The global solid oxide fuel cell (SOFC) market size is projected to grow from USD 1.09 billion in 2021 to USD 5.31 billion by 2028. Various regional and national authorities are constantly putting forward favorable policy frameworks to encourage the shift to hydrogen-based technologies. At the same time, government bodies have implemented long- and medium-term goals to deploy zero-emission technologies and decarbonize the economy with SOFCs. This information is given by Fortune Business Insights™ in a report, titled, “Solid Oxide Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Application (Stationary, Transport, Portable), By End-User (Commercial, Data Centers, Military & Defense, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 0.90 billion in 2020. It is set to exhibit a CAGR of 25.3% during the forecast period in 2021-2028.
Elcogen Signs Agreement with Mainor Ülemiste AS to Develop Production Facility
In March 2021, Elcogen signed an agreement with Mainor Ülemiste AS. Together, they will develop a 50 MW solid oxide fuel cell and stack production facility in Tallinn. The construction work is set to begin in the summer of 2021 and would cost 6.3 million euros. Elcogen is expected to invest around USD 20 million euros in the project to provide production equipment. As per one of the company officials, “This is an innovative mass production project for our electrolyzer and SOFC technology. We will be able to provide better service to our customers located in Asia and Europe.”
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Increasing Number of Hydrogen & Renewable Targets to Augment Growth
The rising demand for reliable power sources for portable, transport, and stationary verticals would bolster the solid oxide fuel cell market growth in the near future. This unit offers energy-efficient, dependable, and clean output. The rising renewable and hydrogen targets by numerous countries to eliminate carbon emissions would also aid growth. Besides, the adoption of green power generation methods is set to accelerate growth. In January 2019, for instance, the Government of South Korea implemented the Hydrogen Economy Roadmap to outline the goals meant for H2 technologies. It aims to install 1,200 hydrogen refueling stations and manufacture 6.2 million FCEVs by the end of 2040. However, long start-up times may hinder growth.
Key Companies Aim to Launch Novel Products and Initiatives to Compete in Market
The global market for SOFC contains various companies operating at the global and regional levels. They are majorly trying to launch novel products and initiatives to drive the adoption of clean energy. Bloom Energy, for instance, is constantly collaborating and starting new ventures with other players to gain a competitive edge.
Fortune Business Insights™ presents a list of renowned solid oxide fuel cell manufacturers operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The market for solid oxide fuel cell can be segmented into
Volume (MW) and Value (USD Billion)
Application; End-User; and Region