Industry
Highlights:
The global solid oxide fuel cell market is anticipated
to touch USD 1,183.6 million by 2023, as per an insightful report by Market
Research Future (MRFR). 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. 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.
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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, defence
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
favourable government initiatives, low operating costs, declining natural gas
price, and growing ecological concerns.
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Players Covered
Delphi (U.K.), Atrex Energy (U.S.), Redox Power
Systems (U.S.), Ceres Power Holdings Plc. (U.K.), Ceramic Fuel Cell Ltd.
(Australia), FuelCell Energy (U.S.), Protonex (U.S.), WATT Fuel Cell
Corporation (U.S.), Elcogen (Estonia), Bloom Energy (U.S.), and Convion Fuel Cell
Systems (Finland) are noteworthy players in the solid oxide fuel cell market.
Infrastructural projects involving the construction of retail chains can
provide opportunities to market players.
Research
Methodology
Market Research Future (MRFR) uses a combination of
primary and secondary research to compile market reports. Primary data is
accumulated from interviewing industry stalwarts and secondary research is
collated by studying white papers and annual reports of leading players. Our
analysts use top-down and bottom-up approaches to validate the findings of the
report. The report comprises news, current trends, and future prospects related
to the market, all of which can provide a thorough understanding of the market
to clients. Industry leaders can make accurate business decisions based on our
insights.
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Market Research Future:
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provide the optimum quality market research and intelligence services to our
clients. Our market research studies by Components, Application, Logistics and
market players for global, regional, and country level market segments, enable
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