Solid Oxide Fuel Cell Market to Witness Comprehensive Growth by 2028

According to a research report "Solid Oxide Fuel Cell Market by Type (Planar, Tubular), Component (Stack, BOP), Application (Stationary, Portable, Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, Residential) & Region - Global Trends & Forecasts to 2028" published by MarketsandMarkets, the solid oxide fuel cell market is projected to reach USD 5.4 billion by 2028 from an estimated USD 1.4 billion in 2023, at a CAGR of 31.0% during the forecast period. 

Solid oxide fuel cells are the electrochemical devices that use fuel cell technology to generate electricity. Solid oxide fuel cells are electrochemical devices that convert the chemical energy of a fuel, typically hydrogen, into electrical energy through a chemical reaction. These fuel cells can provide a continuous and reliable source of power for various applications. Growing demand for consumer electronics along with increasing adoption of solid oxide fuel cell (HDI) technology for backup power solutions are expected to drive the demand for solid oxide fuel cell market.

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The tubular Solid oxide fuel cell segment, by type, is expected to grow at the highest CAGR during the forecast period.

Based on type, the solid oxide fuel cell market has been segmented into planar solid oxide fuel cell and tubular solid oxide fuel cell. The tubular solid oxide fuel cell segment is expected to be the fastest growing segment during the forecast period, owing to even distribution of heat in the system. Tubular SOFCs operate between 900–1,000°C and exhibit higher power densities compared to planar SOFCs. The tubes offer high electrical resistance and are simple to seal. Some tubular designs eliminate the need for seals and allow for thermal expansion.

The stationary, by application, is expected to be the largest segment during the forecast period

This report segments the solid oxide fuel cell market based on application into three segments: stationary, portable and transport. The stationary segment is expected to be the second largest segment during the forecast period. Stationary segment is again categorized into three segments: primary power, backup and combined heat and power. Stationary SOFCs are primarily employed as primary power sources in a variety of facilities, including houses, business buildings, industrial locations, and ports. SOFCs can be installed on-site, even in distant places; on-site installation allows power generation to be matched to the site's electrical demands. Increasing government investments in stationary applications such as renewable power generation are also propelling the SOFC industry.

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Asia Pacific is expected to be the largest region in the solid oxide fuel cell market

Asia Pacific is expected to be the largest solid oxide fuel cell market during the forecast period. The Asia Pacific region, comprising major economies such as China, Japan, and South Korea, are witnessing significant growth for primary power sources owing to increased demand for residential sector. The region has been trying to reduce its carbon footprint from various fossil fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to reduce GHG emissions. Countries such as Japan and South Korea are increasing their investments in SOFC technology.

Some of the major players in the solid oxide fuel cell market are Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan). The major strategies these players adopt include new product launches, contracts, agreements, partnerships, and investments & expansions.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Submarine Power Cable Market To Witness CAGR Tremendous 15.5% CAGR By 2028

According to a research report "Submarine Power Cable Market by Core Type (Single-core, Multi-core), Voltage (Medium, High), Conductor Material (Copper, Aluminium), End Use (Offshore Wind, Inter-Country & Island Connection, Offshore Oil & Gas), Type and Region - Global Forecast to 2028" published by MarketsandMarkets, the Submarine power cable is projected to reach USD 22.3 billion by 2028 from an estimated USD 12.9 billion in 2023, at a CAGR of 11.5% during the forecast period.

Submarine power cables are essential for maintaining a stable and reliable electrical supply infrastructure by connecting power grids across bodies of water, overcoming natural barriers, and enabling the integration of renewable energy sources like offshore wind farms. They ensure continuous power supply to islands, enhance energy security through redundant pathways, facilitate international energy trade, reduce environmental impact compared to overhead lines, and support urban development in densely populated coastal areas. Technological advancements in submarine cable technology, particularly high-voltage direct current transmission, have further bolstered their importance for efficient, long-distance, and high-capacity power transmission, making them an indispensable component of modern electricity infrastructure, ensuring stable power supply, and supporting the transition to sustainable energy systems.

Browse 151 market data Tables and 56 Figures spread through 207 Pages and in-depth TOC on "Submarine Power Cable Market  - Global Forecast to 2028"

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Offshore Wind Power Generation, by end use, is expected to grow by the largest segment during the forecast period.

Based on end use, the Submarine power cable market has been split into Offshore Wind Power Generation, Inter-country & Island Connection, and Offshore Oil & Gas. The Offshore Wind Power Generation segment is anticipated to be the largest during the forecast period. The Offshore Wind Power Generation segment is growing in the Submarine power cable market due to abundant wind resources near coastlines, proximity to urban centers, reduced environmental impact, and government support for renewable energy. Submarine power cables are vital for connecting offshore wind farms to the grid, facilitating this growth and promoting clean energy adoption.

The multi core segment, by core type segment, is expected to grow at the second-highest CAGR during the forecast period.

This report segments the Submarine power cable market based on core  into two segments: single core, and multi core. The multi core segment is expected to be the fastest growing segment during the forecast period. The multi core segment is growing more in the offshore industry due to the increasing need for data transmission and temperature measurement in offshore renewable energy projects.

North America is expected to be the fastest region in the Submarine power cable market

North America is expected to be the fastest Submarine power cable market during the forecast period. The North American region has been subdivided into three key countries: the United States, Canada, and Mexico. The region's increasing focus on wind energy, coupled with supportive government policies and incentives, has driven the development of significant solar-wind projects in the region Notably, around 30 offshore wind projects have been officially unveiled in North America, signifying a notable expansion of the North American wind sector. This burgeoning growth is attributed to escalating investments in the offshore wind sector and a rising requirement for enhanced interconnectivity among nations and islands, thereby driving increased demand for submarine power cables within the region.

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Some of the major players in the Submarine power cable market are Prysmian S.p.A (Itlay), Sumitomo Electric Industries Ltd. (Japan), LS cable & system Ltd. (South Korea), NKT A/S (Denmark), and Nexans (France). The major strategies adopted by these players include sales contract, product launches, investments, collaborations, partnerships, and expansions.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Hydrogen Energy Storage Market May Reach to $196.8 billion by 2028

According to a research report "Hydrogen Energy Storage Market by Form (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial) Region - Global Forecast to 2028" published by MarketsandMarkets, the global hydrogen energy storage market is projected to reach USD 196.8 billion by 2028 from an estimated USD 11.4 billion in 2023, at a CAGR of 76.8% during the forecast period. Increasing global efforts to reduce greenhouse gas emissions and combat climate change play a pivotal role. Governments and organizations are incentivizing the transition to cleaner energy sources, making hydrogen an attractive option due to its potential for zero-emission energy storage and transportation. Additionally, the integration of hydrogen energy storage with renewable energy sources such as wind and solar power addresses the intermittency challenge, making it a reliable and sustainable solution for grid stabilization. However, the market faces certain restraints as well. One major challenge is the high production cost of green hydrogen, primarily derived from renewable sources, which limits its widespread adoption. Infrastructure development, including hydrogen production, storage, and distribution, also presents hurdles, as it requires substantial investment and time.

Browse 150 market data Tables and 55 Figures spread through 210 Pages and in-depth TOC on "Hydrogen Energy Storage Market - Global Forecast to 2028"

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The compression, by technology, is expected to grow at the highest CAGR during the forecast period.

Based on technology, the hydrogen energy storage market has been split into compression, liquefaction, and material. Compression are expected to grow at the highest CAGR during the forecasted period. Compression process involves pressurizing gaseous hydrogen, reducing its volume for storage and transportation. High-pressure compression, typically at 350 to 700 bar, allows for compact and practical storage solutions. Compression technology ensures that hydrogen can be stored in a safe and space-efficient manner, making it suitable for various applications, including fueling stations for hydrogen vehicles and industrial storage facilities. Innovations in compression technology are continually improving efficiency and safety, further enhancing the viability of hydrogen energy storage as a clean and versatile energy solution.

The Industrial segment, by end user, is expected to be the largest segment during the forecast period.

This report segments the hydrogen energy storage market based on end user into three segments: Industrial, Commercial, Electric Utilities. The industrial segment is expected to be the largest segment during the forecast period Hydrogen energy storage offers a compelling solution by providing a means to store excess energy generated during periods of low demand and releasing it when needed most. For the chemical industry, hydrogen is not only an energy source but also a crucial feedstock for various processes. In waste management, hydrogen can be harnessed from organic waste to generate clean energy, contributing to sustainable practices.

Europe is expected to be the largest region in the hydrogen energy storage market.

Europe is expected to be the largest hydrogen energy storage market during the forecast period. Europe region comprises of Germany, the UK, France, Italy, and the Netherlands. The hydrogen energy storage market is experiencing significant growth in Europe due to a confluence of factors driving the region's commitment to a sustainable and low-carbon energy future. The stringent environmental regulations and ambitious climate goals have prompted European countries to seek cleaner energy solutions. Hydrogen, particularly green hydrogen produced from renewable sources, aligns with these objectives as a clean and versatile energy carrier. Furthermore, the European Union's comprehensive hydrogen strategy, along with substantial financial investments, is fostering research, development, and infrastructure for hydrogen technologies. The growing emphasis on decarbonizing industries such as transportation, manufacturing, and energy generation has also fueled the demand for hydrogen energy storage solutions.

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Some of the major players in the hydrogen energy storage market are Linde plc (Ireland), Plug Power Inc. (US), ENGIE (France), Iwatani Corporation (Japan), and FuelCell Energy, Inc. (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, and expansions.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Biofuel Market 2023: key players, growth and demand drivers to 2028

According to a research report "Biofuel Market by Fuel Type (Ethanol, Biodiesel, Renewable Diesel, and Biojets), Generation (First Generation, Second Generation, Third Generation), End-use, Application (Transportation, Aviation) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global biofuel market is projected to reach USD 225.9 billion by 2028 from an estimated USD 167.4 billion in 2023, at a CAGR of 6.2% during the forecast period. The growing demand for cleaner fuels is one of the major factors driving the biofuels market. Global biofuel demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. According to Statistical Review of World Energy 2022, the total global consumption of biofuel in 2021 was 1,837 thousand barrels of oil equivalent per day. Governments of various countries across the world are focused on reducing greenhouse emissions. With the help of biofuel, greenhouse emissions can be reduced by up to 65%. Expansion of the biofuel business will result in increased employment opportunities, ensuring the stability of an economy. The demand for suitable biofuel crops, as a result of biofuel production, will support the agricultural industry. Many governments have implemented policies to promote the use of biofuels, such as blending mandates and tax credits. These policies have helped create a demand for biofuels and drive down costs. Governments worldwide have implemented a number of favorable policies to promote the use of biofuels. The high depletion of fossil fuels presents promising opportunities for the biofuel market. However, the risks associated with high initial investment for setting up biorefineries and uncertain global economic conditions have hindered the growth of the market in recent years and are expected to restrain the market's growth during the forecast period.

Browse 250 market data Tables and 60 Figures spread through 227 Pages and in-depth TOC on "Biofuel Market - Global Forecast to 2028"

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The ethanol, by fuel type, is expected to be the largest segment during the forecast period.

Based on fuel type, the biofuel market has been split into ethanol, biodiesel, renewable diesel, and biojets. The biofuel market for ethanol is anticipated to have the biggest market share over the forecast period. Due to its extensive history of production, use, and versatility as a gasoline addition, ethanol is frequently more in demand. Corn and sugarcane are two examples of the agricultural feedstocks used to make ethanol. The vast accessibility of these feedstocks and the presence of supply channels facilitate the uptake of ethanol.

The aviation segment, by end-use, is expected to grow at the highest CAGR during the forecast period.

This report segments the biofuel market based on end use into three segments: transportation, aviation, and others. The aviation segment is expected to grow at the highest CAGR during the forecasted period, owing to the extensive decarbonization efforts in the aviation sector in North America and Europe. One of the major drivers is the usage of biofuels in military aircraft on a commercial scale. Additionally, the rising demand for air cargo transport in terms of volume is one of the drivers for the growth of aviation. The Bioenergy Technologies Office (BETO) of the US Department of Energy empowers energy firms and aviation stakeholders by advancing research, development, and demonstration to overcome barriers to widespread deployment of low-carbon sustainable aviation fuel (SAF).

Europe is expected to be the fastest-growing region in the biofuel market.

Europe is expected to be the fastest growing region in the biofuel market during the forecast period. The European region comprises major economies such as France, UK, Germany, and Poland. The biofuel market in Europe is primarily fueled by the three main types of biofuels, namely ethanol, biodiesel, and renewable diesel. Europe has actively fostered the use of biofuel through various policies and initiatives. The European Union (EU) has established targets for member states to enhance the utilization of renewable energy in transportation, including biofuels like biofuel. The Renewable Energy Directive (RED) and its subsequent revisions have played a pivotal role in shaping biofuel production and consumption in Europe.

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Some of the major players in the biofuel market are ADM (US), Chevron (US), Valero (US), Neste (Finland), and Cargill, Incorporated (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com