Global Solid Oxide Fuel Cell Market Analysis
The Global
Solid Oxide Fuel Cell Market is projected to grow at a notable pace in
the coming years. This was stated in the report published by Market Research
Future (MRFR). The report mentioned that the global market valuation is
expected to reach USD 1,183.6 million by 2023. The growth of the market is
projected to be at an annual pace of 12.87% during the forecast period.
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. The segment is furthermore expected to expand in
terms of size and value over the forecast period and retain its standings in
the global market landscape. Elsewhere, the CHP market is expected to showcase
positive growth over the forecast period due to the number of favorable
government initiatives undertaken, deteriorating natural gas pricing, low
operating costs, and growing ecological concerns.
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. The cells boast major applications in portable device, defense
requirements like underwater vehicles and unmanned aircraft, and stationary
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. These fuel cells boast
major applications in large combined heat & power (CHP) units, prime power,
uninterrupted power supply, and residential purposes. Add to this, the cells
offer a vast pool of advantages like low operating costs, high reliability, power
quality, and the production as well as utilization of direct current.
Regional Analysis
The global solid oxide fuel cell market is regionally
segmented into the following geographies: Asia Pacific, North America, and
Europe.
Amount the mentioned regions, the North American
market held the largest share as per the study conducted in 2017. The region
accounted for 46.5% of the market share and is expected to exhibit the fastest
CAGR during the assessment period. A major factor influencing the positive
growth of the market is the presence of developed nations like the US and
Canada, who are consistently investing massive amounts to drive the industry.
The Asia Pacific market is another key regional player
in the global landscape. The implementation of solid oxide fuel cell,
especially in Japan and South Korea, across different industries have
significantly boosted the growth of the region. Japan holds the leading spot in
terms of being the fastest growing country over the forecast period.
Competitive Landscape
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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