Fuel Cell Market Segmentation:
Product Type Segment Analysis
The solid oxide fuel cell (SOFC) segment is predicted to dominate the market share by 2035. The segment growth can be attributed to rising capacity of off-grid energy. China's off-grid renewable energy capacity was 906.23 gigawatts in 2021, up around 5% from the previous year. Solid oxide fuel cells are the best suited for off-grid applications. As solid oxide fuel cells (SOFC) now have an electrical efficiency of more than 60% owing to advancements in technology.
End -User Segment Analysis
The commercial and industrial segment is expected to garner significant share by 2035, on account of higher consumption of energy in the commercial and industrial sectors. Sales of retail power to commercial increased by about 3% in 2021. Additionally, since 2000, the industrial sector's need for power has increased by 3%. Furthermore, the industrial and commercial sectors utilized about 0.14 trillion kWh or about 3% of the total quantity of energy.
Our in-depth analysis of the global market includes the following segments:
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