The rising focus on alternative sources of energy and increasing application of planar solid oxide fuel cells are expected to propel the revenue of the planar solid oxide fuel cell market from $379.9 million in 2015 to $804.9 million by 2022. Due to these factors, the market is expected to demonstrate a CAGR of 11.4% during the forecast period. Additionally, the implementation of strict government laws and regulations regarding greenhouse gas emissions, along with the high energy prices, are adding significantly to the market size.
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Stationary power encompasses any application in which the fuel cells function at a fixed location, such as large-scale systems for backup power, combined heat and power (CHP), or prime power and small systems for micro-combined heat and power (m-CHP), for commercial and residential operations. Additionally, fuel cells offer definitive power backup for telecommunications networks in areas with an underdeveloped power infrastructure. Besides, planar solid oxide fuel cells are increasingly being used in the oil and gas industry.
In the global market, the Asia-Pacific region generated the highest revenue in 2015 due to the large-scale installation of planar solid oxide fuel cells for power backup. APAC nations such as South Korea, China, and Japan have displayed considerable market growth in recent times because of the subsidies provided by their government for the domestic production of fuel cells. Moreover, the increasing demand for such devices from the automotive sector of the region is expected to boost the planar solid oxide fuel cell market growth during the forecast period.
The depletion of fossil fuels has increased the focus on renewable sources of energy, which has, in turn, boosted the deployment of planar solid fuel cells.
Read more: https://www.psmarketresearch.com/market-analysis/planar-solid-oxide-fuel-cell-market
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