Market Size of Planar Solid Oxide Fuel Cell Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Planar Solid Oxide Fuel Cell Market Analysis
The global planar solid oxide fuel cell market is expected to grow at a CAGR of more than 10% over the period of 2020-2025. The rising demand for clean energy over concerns of the environmental impact of energy generation from conventional sources such as coal and natural gas is expected to help grow the planar solid oxide fuel cell market. However, relatively high initial cost and new technology have somewhat hampered the growth of the planar solid oxide fuel cells in the market.
- Data centers sector is expected to witness significant growth in the forecast period, owing to various factors such as an increase in investments in data centers, and usage of clean energy source for powering these centers. The use of solid oxide fuel cells in these centers has seen a rise due to the energy efficiency of the fuel cells and rising concerns over greenhouse gas 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 is expected to help the planar solid oxide fuel cell become more reliable and practical through means of research and development, which in turn will increase the usage of planar solid oxide fuel cells.
- Asia-Pacific is expected to dominate the market growth with the majority of the demand coming from countries such as China and India, owing to factors like economic growth in the emerging nations, an increasing number of data centers, and rising industrial activities.
