Solid Oxide Fuel Cells Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The solid oxide fuel cells market is expected to grow at a CAGR of over 14% during the forecast period of 2020 – 2025. Factors such as rising environmental concerns and increasing demand for clean electrical energy are expected to be major drivers driving the market. The rising demand for clean energy over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the solid oxide fuel cells market. However, relatively high initial cost and a new technology have somewhat hampered the growth of the solid oxide fuel cells in the market. 

• Data centers sector is expected to witness significant growth in forecast period, owing to various factors such as increase in investments in data centers, and usage of clean energy source for powering these centers. Use of solid oxide fuel cells in these centers have seen a rise due to energy efficiency of the fuel cells, and rising concerns over greenhouse gases emissions from conventional electricity generation methods.
• The increasing demand for electrical energy to sustain global development requires consistent heavy investments in energy efficient and clean energy sources. This has helped the market for solid oxide fuel cells to grow significantly in recent and is expected to do so in forecast period.
• Asia Pacific is expected to dominate the market growth with majority of the demand coming from the countries such as the China and India, owing to the factors like economic growth in the emerging nations, increasing number of data centers, and rising industrial activities.