Solid oxide fuel cells (SOFCs) are fuel
cells capable of generating power through electrochemical reactions. These
devices use electrolytes made from zirconium or calcium to attain the necessary
electrical efficiency. Its ability to function efficiently at low temperatures
has led to investments from major industries.
The higher electrical efficiency rate of
SOFCs is the primary factor fueling market demand globally. The huge potential
of the technology in developing economies looking to curb energy costs can be a
huge opportunity for the market. In addition, environmental concerns regarding
emissions and renewable energy targets of countries can work favorably for the
market in the coming years. Alternatives to SOFCs pose the biggest threat to
market growth.
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Segment
Overview
By type, the solid oxide fuel cell market
has been segmented into tubular and planar. The planar segment can be expected
to showcase a strong growth rate owing to high energy efficiency and low power
losses accrued by its usage. Its future applications in underwater vehicles,
auxiliary power units, and portable devices can boost segment growth during the
forecast period.
By mobility, the market is segmented into
stationary and portable. By application, the market is segmented into power
generation, military, and combined heat & power. The power generation
segment is likely to dominate over the forecast period owing to increasing
demand for power in energy-producing plants for cooling purposes.
Major market end-users include data
center, commercial & residential, retail, and auxiliary power units. The
data center segment is likely to garner immense market demand owing to
corporate giants shifting their proprietary data to the cloud for curbing
operational expenditures. The use of SOFCs in these data centers are
energy-efficient and play a huge role in curtailing carbon emissions.
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The segments and sub-segments covered in
the report are analyzed under three major regions – North America, Europe, and
Asia Pacific (APAC), with respective country-level market sizing. For the scope
of research, the standard definition of the product/service “solid oxide fuel
cell” is included in the report. The report discusses and interprets the
current and future opportunities of the industry by delivering an unbiased
growth assessment.
Competitive
Dashboard
The prominent vendors making their mark in
the market are FuelCell Energy (U.S Bloom Energy (U.S.), Delphi (U.K), Atrex
Energy (U.S.), Convion Fuel Cell Systems (Finland), and WATT Fuel Cell
Corporation (U.S.).
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