Government Regulations on Clean Air and Strong Investments in Clean Energy Technologies to Drive the Global Solid Oxide Fuel Cells Market
The global market for Solid Oxide Fuel Cells (SOFCs) is projected to reach US$3.1 billion by 2025 , driven by the ever increasing demand for electricity across the globe and rising focus on clean energy and renewable energy production. A type of fuel cell technology, Solid Oxide Fuel Cell (SOFC) generates energy by electrochemical conversion. The technology therefore finds attractive application in the energy generation industry. As a reliable, environment-friendly and low cost source of energy with long-term stability and sustainability, SOFC is poised to witness robust growth in the coming years. With per-capita consumption of electricity on the rise worldwide, the need to increase electricity production has become a top priority for governments across the globe. As governments seek to balance energy self-sufficiency goals and commitment to climate change agreements, SOFC is soaking up the spotlight as a clean technology of the future. By boosting electricity generation capabil...