Market Research Future (MRFR)’s latest
report reveals that the global solid oxide fuel cell market will grow
phenomenally at 12.87% CAGR during the forecast period (2017-2023). 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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On the flip side, soaring operating
temperatures may impede solid oxide fuel cells performance, negatively
affecting the market development. Despite the restraining factor, the solid
oxide fuels market is well on its way to achieve staggering growth. The
attributable factor is the latest trend of adopting distributed energy
generation which makes use of solid oxide fuel cell to provide uninterrupted
and reliable power. They save energy costs and are less likely to be affected
by external factors such as temperate weather conditions.
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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Global
Market for Solid Oxide Fuel Cell– Segmental Analysis
The solid oxide fuel cell market is
segmented on the basis of type, mobility, application, end-user, and region.
The types of solid oxide fuel cell are
planar and tubular. Planar solid fuel cell technology is proliferating due to
the advantages it offers, such as low power losses and high transformation
efficiency compared to conventional power generation. These types of cells have
major applications in stationary power generation, portable device, defense
applications such as unmanned aircraft and underwater vehicles.
On the basis of mobility, the market is
segmented into stationary and portable. Stationary solid oxide fuel cells have
major applications in prime power, large combined heat & power (CHP),
residential, and uninterrupted power supply. These cells offer various
advantages such as reliability, power quality, low operating costs, and the
production and utilization of direct current.
Various applications of solid oxide fuel
cell technology are power generation, CHP, and military. Among these, power
generation is currently the leading application segment and expects to expand
in size over the forecast period. The
CHP market growth is promising due to favorable government initiatives, low
operating costs, declining natural gas price, and growing ecological concerns.
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