Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "North America Solid Oxide Fuel Cells Market, Competition, Forecast & Opportunities, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
New research publication outlines key drivers, competitive landscape, and market trends shaping the North America Solid Oxide Fuel Cells industry. The North America Solid Oxide Fuel Cells (SOFC) Market, a critical segment focused on advanced energy solutions, is poised for tremendous expansion from its 2022 value of USD 286.35 million. Authorities anticipate a thriving CAGR of 15.92% leading up to 2028, as underscored by the latest market analysis. High-Efficiency Devices and Environmental Concerns Propel Market
The robust growth of the SOFC market is largely driven by increasing environmental concerns and the push towards enhanced energy efficiency. This market garners momentum from the heightened emphasis on sustainable energy practices and the urgent need to mitigate climate change. With SOFCs, a myriad of industries ranging from power generation to transportation can significantly cut greenhouse gas emissions, owing to the technology's superior efficiency and lower emission rates compared to conventional power sources. Escalating Investments in R&D Fortify Market Presence
A notable surge in research and development (R&D) investments forms the backbone of the burgeoning North America SOFC market. As government bodies, corporations, and research institutions invest in the future of SOFC technology, strides in material advancements and manufacturing processes promise to eliminate barriers and catalyze market growth. Renewable Energy Integration and Demand for Grid Resilience
The evolving energy mix, with an increase in renewable energy sources, has amplified the need for grid resilience. SOFCs offer a viable solution to the challenges of renewable energy fluctuations. Their rapid start-up capabilities and fuel versatility make them an appealing choice for stabilizing and supporting the dynamic energy grid.
- Planar SOFCs command industry dominance with widespread applicability, covering grid-connected and off-grid systems, transportation, and backup power for critical infrastructure.
- Investments in the U.S. fuel ongoing technological advancements and are essential for the progress of the SOFC market.
- Residential utilization of SOFCs, particularly in combined heat and power applications, is set to rise significantly.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $286.35 Million |
| Forecasted Market Value (USD) by 2028 | $701.03 Million |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | North America |
A selection of companies mentioned in this report includes
- Bloom Energy Corporation
- FuelCell Energy, Inc.
- Ceramic Fuel Cells Limited
- Solid Power, Inc.
- ClearEdge Power
- Redox Power Systems
- Advent Technologies, Inc.
- Nuvera Fuel Cells
- Rolls-Royce Fuel Cell Systems
- Versa Power Systems
For more information about this report visit https://www.researchandmarkets.com/r/viazvk
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