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According to a report released by Markets and Markets, an international market research institution, the global solid oxide fuel cell market is expected to grow from $772 million in 2020 to $2.
881 billion in 2025, with a compound annual growth rate of 30.
1%.
The major drivers for the solid oxide fuel cell market include government subsidies and increasing fuel cell program R&D; The flexibility of fuels and the growing demand for energy-efficient power generation in Europe and North America and stringent emission standards have led to an increased
demand for clean energy.
By type, the market is segmented into flat plate and tubular solid oxide fuel cells
.
The flat panel segment is estimated to be leading the market in terms of market size due to its simple geometry and relatively easy construction process
.
However, the tubular segment is expected to be the fastest growing market
.
By application, the market is segmented into portable, stationary and transportation solid oxide fuel cells
.
It is estimated that the fixed market is a market leader in terms of market size and is expected to even be the fastest growing market
.
Based on end-user, the market is segmented into power generation, automotive, hydrogen production, and others
.
The power generation segment accounted for the largest solid oxide fuel cell market share
in 2019.
At the same time, the growing demand for clean energy generation is expected to drive the market
.
Power generation refers to distributed generation solutions for residential, commercial, and industrial use, as well as remote and backup power solutions, such as residential complexes, retail stores, commercial offices, data centers, and telecom towers
.
On the basis of regional market, North America is expected to dominate the global solid oxide fuel cell market
.
North America was the largest solid oxide fuel cell market in 2019, mainly driven
by activities in the United States and Canada.
The growth of the country in the United States can be attributed to the high demand for fuel cell power generation, as well as increased
research and development for hydrogen generation.
Moreover, government policies and subsidies are the major drivers
for the growth of the US market.
Asia Pacific is the second largest market
after North America.
According to a report released by Markets and Markets, an international market research institution, the global solid oxide fuel cell market is expected to grow from $772 million in 2020 to $2.
881 billion in 2025, with a compound annual growth rate of 30.
1%.
The major drivers for the solid oxide fuel cell market include government subsidies and increasing fuel cell program R&D; The flexibility of fuels and the growing demand for energy-efficient power generation in Europe and North America and stringent emission standards have led to an increased
demand for clean energy.
By type, the market is segmented into flat plate and tubular solid oxide fuel cells
.
The flat panel segment is estimated to be leading the market in terms of market size due to its simple geometry and relatively easy construction process
.
However, the tubular segment is expected to be the fastest growing market
.
By application, the market is segmented into portable, stationary and transportation solid oxide fuel cells
.
It is estimated that the fixed market is a market leader in terms of market size and is expected to even be the fastest growing market
.
Based on end-user, the market is segmented into power generation, automotive, hydrogen production, and others
.
The power generation segment accounted for the largest solid oxide fuel cell market share
in 2019.
At the same time, the growing demand for clean energy generation is expected to drive the market
.
Power generation refers to distributed generation solutions for residential, commercial, and industrial use, as well as remote and backup power solutions, such as residential complexes, retail stores, commercial offices, data centers, and telecom towers
.
On the basis of regional market, North America is expected to dominate the global solid oxide fuel cell market
.
North America was the largest solid oxide fuel cell market in 2019, mainly driven
by activities in the United States and Canada.
The growth of the country in the United States can be attributed to the high demand for fuel cell power generation, as well as increased
research and development for hydrogen generation.
Moreover, government policies and subsidies are the major drivers
for the growth of the US market.
Asia Pacific is the second largest market
after North America.
