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North America Solid Oxide Fuel Cells Market Trends

Report ID: GMI8942
Published Date: Apr 2024
Report Format: PDF

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North America Solid Oxide Fuel Cells Market Trends

Ongoing research and development efforts have led to improvements in materials and manufacturing techniques for SOFCs, will enhance the product adoption. The fuel flexibility enhances energy security by reducing reliance on a single energy source and enables the utilization of diverse and locally available feedstocks, which can be especially beneficial in remote or off-grid locations which will propel the product demand. Moreover, Supportive policies such as feed-in tariffs, tax credits, grants, and loan programs can help reduce upfront costs, mitigate risks, and stimulate investment in SOFC deployment and commercialization.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size for solid oxide fuel cells in North America reached USD 373.2 billion in 2023 and is set to witness 6.6% CAGR from 2024 to 2032, owing to growing concerns about climate change and air pollution and increasing demand for cleaner and more sustainable energy technologies in the region.

The tubular segment is expected to exceed USD 255 million by 2032, due to its high electrical efficiency, modularity and scalability, allowing for flexible deployment in various applications and settings.

U.S. solid oxide fuel cells industry is expected to cross USD 550 million by 2032, attributed to growing interest in decentralized energy systems and grid resilience in the country.

Panasonic Corporation, Doosan Fuel Cell Co., Ltd., AISIN CORPORATION, Ceres, SFC Energy AG, TOSHIBA CORPORATION, Robert Bosch GmbH, TW Horizon Fuel Cell Technologies, AFC Energy PLC, and Fuel Cell Energy, Inc., are some of the major gas fired boiler companies in Europe.