Use across a number of industry verticals, global solid oxide fuel cell market is set to chart a sturdy growth curve from 2019 to 2029. Used in electronic devices, circuits, and electric equipment, solid oxide fuel cells come with a number of advantages such as flexibility, and stability. Besides, low cost of production also adds to their popularity.
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One of the major factors that is paving way for future growth of the market is advancement in the field of renewable energy as this is leading to innovation in the market landscape of global solid oxide fuel cells. The reason behind the strong correlation is also that as technologies related to energy advance, their integration into fuel cells becomes easier. Besides, growth in popularity of solar heaters is helping the market grow. As of now, one of the biggest areas of concern for market players is finding ways to optimize fuel cell potential.
Another significant factor that is helping the global solid oxide fuel cell market stay buoyant is that there are economic gains to be had from the use of these cells. The use of these cells is set to facilitate accrual of cost benefits to the transport industry. It is pertinent to note here that as the use of electric vehicles gathers steam, so would the growth of global solid fuel cell market.
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One of the players that has been active and in the news in the recent past and has marked the landscape with notable development is Bloom Energy. The former introduced a novel technology – Energy Server – in 2019 that converts methane to electricity. This is set to contribute to the energy sector in a positive manner. Other market players include Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems (US), Atrex Energy (US), WATT Fuel Cell (US), Hexis (Switzerland), and Convion (Finland).