Global Solid Oxide Fuel Cell Market: Overview
The growth of the global solid oxide fuel cell is a function of advancements in chemical engineering. The use of these cells spans into a multitude of industries that involve the use of electric equipment, circuits, and electronic devices. The advantages of solid oxide fuel cell over other cells in terms of stability, flexibility, and emissions has garnered the attention of the end-users. Moreover, solid oxide fuel cell can be manufactured at a much lower cost than its alternatives. Considering the factors stated above, it is safe to expect that the global solid oxide fuel cell market would grow at a sound pace in the years to follow.
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A syndicate report on the global solid oxide fuel cell market unravels a range of factors responsible for market growth and maturity. The global solid oxide fuel cell market can be segmented on the basis of end-use, application, and region. The growing relevance of these cells in the automobile industry shall usher an era of market maturity. The next decade would play a decisive role in creating new avenues for growth for the market vendors.
Global Solid Oxide Fuel Cell Market: Notable Developments
Advancements in the domain of renewable energy shall help in fostering innovation across the solid oxide fuel cell market. Some of the notable developments pertaining to this market explained herein.
- Bloom Energy has been in the news for commercializing one of its solid oxide fuel cell technology in 2019. The technology converts methane into electricity, and has been hailed as a prudent contributor to the energy sector. The product, known as ‘Energy Server’, can be used to generate uninterrupted power across sites.
- Use of fuel cells in power distribution systems offers renewed hope to the vendors operating in the global market. The need for resilience and seamless execution across the power industry shall emerge as an important driver of demand within the global solid oxide fuel cell market. FuelCell Energy Inc. has made earnest efforts towards increasing its revenue margins through large-scale sales.
Global Solid Oxide Fuel Cell Market: Growth Drivers
- Advancements in Energy SectorThe energy sector has emerged as an important contributor to the growth of the global solid oxide fuel cell market. Advancements in energy technologies have helped in easy integration of fuel cells across several devices and equipment. Solar heaters and plants have gained popularity across the globe, and this is an important consideration for the growth of the masses. Research related to fuel cells has gathered momentum in recent times, and this is an important consideration from the perspective of market maturity. Several global analysts concur with the need for optimizing the potential of fuel cells, and this shall also aid market growth.
- Economic Gains from Use of Solid Oxide Fuel CellsApplication of solid oxide fuel cell in the field of environmental monitoring has emerged as a metric of market growth. Moreover, the economic benefits reaped out of industrial usage of solid oxide fuel cells have also emerged as an important factor responsible for market growth. The transport industry is projected to gain humongous benefits from the deployment of energy efficient technologies. Advent of electric vehicles that are powered by batteries shall help to this end. The use of solid oxide fuel cells in all of the aforementioned systems shall open new possibilities for growth and advancement. Application of fuel cells in the power sector shall also fetch voluminous revenues for the market vendors.
The global solid oxide fuel cell market can be segmented on the basis of:
- Power Generation
- Combined Heat & Power
- Data Centers
- Commercial & Retail
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