North America Solid Oxide Fuel Market to Surpass $ 525 Million by 2023
Rising research & development activities for commercialization of SOFC along with increasing demand for non-conventional sources of electricity generation to propel North America solid oxide fuel cells market through 2023
According to a recently published TechSci Research report “NorthAmerica Solid Oxide Fuel Cells Market By Type, By Application, By Country, Competition Forecast and Opportunities, 2013 - 2023’’, North America solid oxide fuel cells market is projected to cross $ 525 million by 2023 on account of rising investments in low emission technologies in the region. Moreover, various leading market players are developing SOFC systems with integration of various other technologies, which is further boosting their demand across North America. Additionally, advancements and developments in technologies related to solid oxide fuel cells along with research & development for commercialization of SOFC is expected to further augment demand as well as utilization of SOFCs in North America during forecast period.
Browse 38 market data Tables Figures spread through 54 Pages and an in-depth TOC on "North America SOFC Market"
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Rising concerns towards increasing GHG emissions and introduction of highly efficient power sources is expected to drive demand for SOFC in the coming years. Growing interest in SOFC can be ascertained from the fact that in March 2018, the US Department of Energy announced an investment of $ 32.5 million to make advancements in SOFC technology. On the basis of application, North America SOFC market is categorized into stationary, transportation and portable SOFCs. Stationary solid oxide fuel cells constitute the leading segment in the market and the segment is expected to maintain its dominant position through the forecast period as stationary SOFCs provide ultra clean and high quality power.
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“Increasing electricity demand in North America and rising emissions from transportation sector is strongly influencing North America SOFC market. Moreover, rising GHG emissions is further leading to technological advancements and heavy investments in the field of SOFC technology for utility and passenger vehicle power generation. Additionally, with increasing focus of major economies such as the US, Canada and Mexico on protecting the environment, demand for SOFC technology is likely to increase in North America over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“North America Solid Oxide Fuel Cells Market By Type, By Application, By Country, Competition Forecast and Opportunities, 2013 - 2023’’ has evaluated the future growth potential of North America solid oxide fuel cells market and provides statistics and information on market size, structure and market trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in North America solid oxide fuel cells market.
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