North America Solid Oxide Fuel Cell Market Size & Outlook
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North America solid oxide fuel cell market highlights
- The North America solid oxide fuel cell market generated a revenue of USD 171.8 million in 2022.
- The market is expected to grow at a CAGR of 16.9% from 2023 to 2030.
- In terms of segment, stationary was the largest revenue generating application in 2022.
- Transportation is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, U.S. is expected to register the highest CAGR from 2023 to 2030.
North America data book summary
| Market revenue in 2022 | USD 171.8 million |
| Market revenue in 2030 | USD 598.0 million |
| Growth rate | 16.9% (CAGR from 2022 to 2030) |
| Largest segment | Stationary |
| Fastest growing segment | Transportation |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Stationary, Transportation, Portable |
| Key market players worldwide | Bloom Energy Corp Class A, Mitsubishi Corp, Cummins Inc, Ceres Power Holdings PLC, GE Aerospace, FuelCell Energy Inc, Kyocera Corp, Avalon Advanced Materials Inc, Niterra Co Ltd |
Other key industry trends
- In terms of revenue, North America region accounted for 37.5% of the global solid oxide fuel cell market in 2022.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,107.7 million by 2030.
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Solid Oxide Fuel Cell Market Scope
Solid Oxide Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America solid oxide fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solid oxide fuel cell market will help companies and investors design strategic landscapes.
Stationary was the largest segment with a revenue share of 76.37% in 2022. Horizon Databook has segmented the North America solid oxide fuel cell market based on stationary, transportation, portable covering the revenue growth of each sub-segment from 2018 to 2030.
Countries such as the U.S. and Canada provide substantial funds in this regard. These funds are likely to aid advancements in research & development activities for solid oxide fuel cell technologies and the development of cost-effective parts for solid oxide fuel cell systems.
For instance, in the U.S., the Department of Energy (DOE) provides funding for fuel cell development through programs such as Fuel Cell Technologies Office (FCTO) and Solid Oxide Fuel Cell (SOFC) program.
In 2017, the country’s government called parties that were interested in receiving this fund. Such funding initiatives by the governments in the U.S. and Canada have driven the growth of the market for solid oxide fuel cell system development & deployment in North America.\
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America solid oxide fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into North America solid oxide fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America solid oxide fuel cell market size, by country, 2018-2030 (US$M)
North America Solid Oxide Fuel Cell Market Outlook Share, 2022 & 2030 (US$M)
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