The global solid oxide fuel cell market is
anticipated to accrue USD 1,183.6 million with a staggering CAGR of 12.87%
during the forecast period (2017-2023), asserts Market Research Future (MRFR).
This electrochemical conversion device gives its user an advantage by providing
stable, efficient fuel flexibility at a low cost. The market is driven by the
rapid industrialization taking place across the globe. Constant innovation and
introduction of latest technology are playing a significant role in bolstering
the pace of industrialization. Solid oxide fuel cells (SOFC) is one such device
that aims at replacing the traditional models of energy generation and assist
end-users in staying on track with the advancements. This
report has been prepared to assist industry participants in making informed
decisions on growth strategies and operation management. Users will also come
across drivers, trends, opportunities, and restraints which are likely to
influence the growth of the market during the assessment period.
Companies 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.
Market Segmentation:
MRFR’s report includes a
thorough segmental analysis of the global solid oxide fuel cell market
segmented on the basis of type, mobility, application, end-user, and region
with astute insights. By type, the
market is segmented into planar and tubular. Planar solid oxide fuels are
currently enjoying rapid commercialization owing to its advantages such as low
emission and high transformation efficiency.
Mobility-wise, the market includes stationery and
portable. Stationery solid oxide fuels are dominating the market due to their
high demand for applications such as prime power, large CHP, residential CHP,
and uninterrupted power supply.
Based on application, the market comprises power
generation, CHP, and military. Power generation segment is estimated to gain
the most from the current progress scenario of the market and exhibit a robust
CAGR during the forecast period.
On the basis of end-user, the market is segmented into
the data center, commercial & residential, retail, and auxiliary power
units.
Regional Analysis:
Geographically, the Solid
Oxide Fuel Cell Market Share covers North America, Europe, and Asia
Pacific (APAC).
North America accounted for the largest market share
(46.5%) in 2017. It is also expected to register the fastest CAGR during the
prognosis period. This can be credited to nations such as the U.S. and Canada’s
massive investment in the industry. Natural Sciences and Engineering Research
Council of Canada, a part of SOFC Canada, has committed itself holistically to
produce next-generation SOFC technologies. The U.S. has a wide-scale usage of
SOFCs in sectors requiring large-scale auxiliary power, electric utilities, and
distributed generation.
APAC is closely following the lead of North America.
SOFC implementation across sectors have gained momentum. South Korea and Japan
are currently employing this system the most. Japan is leading the market and
expects to be the fastest growing country during the review period due to its
heavy deployment of CHP and supporting schemes such as ENE-FARM.
Read More:
No comments:
Post a Comment