According to a recently published TechSci Research report “Europe Solid Oxide Fuel Cells Market Research Report By Type, By Application, By Country, Competition Forecast and Opportunities, 2013 – 2023’’, Europe solid oxide fuel cells market is projected to cross $ 62 million by 2023 on account of rising research and development investments in SOFC systems in the region. Moreover, growing application of SOFCs in various sectors such as small-scale industry, data centers, healthcare, commercial, agriculture and residential sectors is further anticipated to boost demand for SOFC in Europe over the course of next five years. Additionally, rising focus towards development of alternative power generation methods along with growing number of public-private collaborations to promote solid oxide fuel cells is further likely to propel market growth during forecast period.
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Many countries are investing heavily in SOFC technology to enable efficient and cost-effective electricity generation while ensuring negligible emissions of carbon and other harmful pollutants into the atmosphere. In 2017, Bosch Thermotechnology signed a contract with SOLIDpower for the commercialization of SOFC-based BlueGEN m-CHP unit. As of May 2018, more than thousand BlueGEN units have been manufactured and sold by SOLIDpower, majorly in Europe. On the basis of type, Europe SOFC market is segmented into tubular and planner, of which tubular dominated the market and is likely to maintain its dominance during forecast period as well.
“Rising concern towards environment due to increasing GHG emissions has resulted in technological advancements and heavy investments in SOFC technology for utility and passenger vehicle power generation. SOFC is a developing energy technology which is likely to witness mass production in the coming years in the European region. Continuing development of increasingly economical solid oxide fuel cells in the coming years is expected to further steer growth in Europe SOFC market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Europe Solid Oxide Fuel Cells Market By Type, By Application, By Country, Competition Forecast and Opportunities, 2013 – 2023” has evaluated the future growth potential of Europe solid oxide fuel cells market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Europe solid oxide fuel cells market.