Global Solid Oxide Fuel Cell Market
Analysis:
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. Adapting to the recent
novel COVID-19 pandemic, the impact of the COVID-19
on Solid Oxide Fuel Cell Market is included in the present
report.
Report Overview
This report allows the user
to gain a deeper understanding of the current events and trends in the market
for solid oxide fuel cells. By correlating the historical data with key market
dynamics, our analysts were able to make highly accurate projections in the
report. 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. 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.
Global Solid
Oxide Fuel Cell Market Segmentation:
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.
Global Solid Oxide Fuel Cell Market Regional Analysis:
Geographically, the market for solid oxide fuel cell
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.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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