The total revenue generated by the solid oxide fuel cell market was USD 470 million in 2022, and it will power at a rate of 34.4% in the years to come, to touch USD 5,005 million by 2030.
This is because of the greater competence, lasting stability, and fuel flexibility of solid oxide fuel cells, the growing government subsidies and research and development on fuel cells, the increasing necessity for energy-efficient power production, stringent pollution regulations, augmented environmental apprehensions, and the increasing focus on the use of renewable energy sources.
The planar category had a larger revenue share, of over 60%, in 2022, and it will also hold its position by the end of this decade, as per a market research expert at P&S Intelligence. This is chiefly credited to its easy geometry, comparatively easier construction process, and low- cost of operations.
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The U.S.is the larger and faster growing market in the region. This is because of the presence of numerous data centers of major companies, for example IBM, Google, and Equinix, accepting SOFCs; the augmented requirement for fuel cell power generation; tax assistances; and high research and development spending for the generation of hydrogen.
Europe will grow steadily in the years to come. The growth is because of the growing requirement for renewable energy production and the increasing emphasis on restricting carbon footprint and deploying hydrogen-based heat and power systems.
Germany is one of the growing markets for SOFCs. This had a lot to do with the structured fuel strategies and concrete targets set by the German government.