Global Solid Oxide Fuel Cell Market Overview
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.
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.
Access
Full Report at: https://www.marketresearchfuture.com/reports/solid-oxide-fuel-cell-market-4281
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), Half-Cooked Research Reports (HCRR), Raw Research
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