Global Solid Oxide Fuel Cell Market Scenario
Solid oxide fuel cell, also known as SOFC, is an electrochemical process of generating electricity by oxidizing a fuel. These fuel cells exhibit electrical efficiency, which is poised to catalyze its demand over the next couple of years. This analysis by Market Research Future (MRFR) unveils that the global Solid Oxide Fuel Cell Market is anticipated to mark 12.87% CAGR across the forecast period 2017 to 2023. Also, the estimates reveal that the market is poised to earn revenue worth USD 1183.6 Mn by the end of the assessment period.
There has been a growing requirement for zero emission energy devices coupled with alternative sources of energy, which helps shape the market size positively. Moreover, a growing number of companies globally are conducting research and development activities to enhance the class of solid oxide fuel cells, increasing its efficiency, stability, and flexibility. On account of these benefits, their demand has snowballed globally. Features of low emissions and reasonable costs will impact the overall market. Moreover, solid oxide fuels have become a crucial part of auxiliary and mobile units, giving rise to key growth opportunities in the market.
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SOFCs can be used efficiently in industries that operate in low temperatures. This advantage of the process is poised to drive the growth of the solid oxide fuel cell market in the upcoming years. Rising investments in the industrial sector are expected to increase the pace of growth of the solid oxide fuel cell market over the prognosis period. Furthermore, the governments in the developing economies are promoting the use of SOFCs to cut down the energy costs without compromising on the electrical efficiency. This is expected to lead the proliferation of the solid oxide fuel cell market in the nearby future.
Global Solid Oxide Fuel Cell Market Segmentation
The solid oxide fuel cell market segmentation is based on the following key dynamics: application, type, end-user, and mobility.
By application, the market segments into CHP, military, and power generation. Among these segments, the power generation segment holds the leading position in the global solid oxide fuel cell application market category.
By type, the market divides into planar and tubular. Herein, the planar segment is surging ahead in the market rankings due to the number of advantages it offers. These advantages include high transformational efficiency and low level of power losses as compared to the conventional power generation.
By mobility, the market comprises of portable and stationary mobility. Among these, the stationary segment is expected to lead the market category with the highest share percentage.
The regional assessment of the solid oxide fuel cell market is covered in this analysis on both regional as well as country-level basis. The regional segments profiles in this MRFR report are – North America, Asia Pacific (APAC), and Europe.
These regions are sub-segmented and studied on the basis of countries. North America captured the highest share of the market in 2017. It is poised to maintain its dominance over the next few years by registering the fastest growth rate during the forecast period. The U.S. and Canada are expected to augment their investments in the solid oxide fuel cell market. This, in turn, is poised to drive the growth of the regional market over the next couple of years. APAC is currently trailing North America solid oxide fuel cell market closely. The process has gained momentum in the region and is being widely implemented across industries. South Korea and Japan are anticipated to lead the market in the region.
The global solid oxide fuel cell market comprises a host of prominent players. This includes names such as FuelCell Energy (U.S.), Delphi (U.K.), Elcogen (Estonia), Redox Power Systems (U.S.), Ceramic Fuel Cell Ltd. (Australia), Bloom Energy (U.S.), Atrex Energy (U.S.), Protonex (U.S.), Ceres Power Holdings Plc. (U.K.), Convion Fuel Cell Systems (Finland), WATT Fuel Cell Corporation (U.S.), and others.
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