Solid Oxide Fuel Cell Market Dynamics, Development Status and Outlook 2023
Solid Oxide Fuel Cell Market Synopsis:
Solid oxide fuel cell, also known as SOFC, is an electrochemical process of generating electricity by oxidizing a fuel. These fuel cells exhibit electrical efficiency, which is poised to catalyze its demand over the next couple of years. This analysis by Market Research Future (MRFR) unveils that the global Solid Oxide Fuel Cell Market is anticipated to mark 12.87% CAGR across the forecast period 2017 to 2023. Also, the estimates reveal that the market is poised to earn revenue worth USD 1183.6 Mn by the end of the assessment period.
SOFCs can be used efficiently in industries that operate in low temperatures. This advantage of the process is poised to drive the growth of the solid oxide fuel cell market in the upcoming years. Rising investments in the industrial sector are expected to increase the pace of growth of the solid oxide fuel cell market over the prognosis period. Furthermore, the governments in the developing economies are promoting the use of SOFCs to cut down the energy costs without compromising on the electrical efficiency. This is expected to lead the proliferation of the solid oxide fuel cell market in the nearby future.
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The industrial sector requires huge amount of power to carry on its operations. It is projected to have a favorable influence on the expansion of the solid oxide fuel cell market in the foreseeable future. It is poised to motivate the growth of the market over the next couple of years. In addition, the rising focus on environmental concerns is anticipated to influence the market greatly. The emphasis on the reduction of carbon emissions is likely to work in favor of the solid oxide fuel cell market across the forecast period. Also, generation of renewable energy poses growth opportunities for the market players. However, the availability of alternative products is expected to check the expansion of the solid oxide fuel cell market in the upcoming years.
Market Segmentation:
Based on type, the solid oxide fuel cell market is divided into tubular and planar.
By mobility, the solid oxide fuel cell market has been bifurcated into stationary and portable.
By application, the solid oxide fuel cell market is segmented into military, power generation, and combined heat & power.
The end-user segments of the solid oxide fuel cell market are commercial & residential, data center, retail, and auxiliary power units.
Regional Analysis:
The regional assessment of the solid oxide fuel cell market is covered in this analysis on both regional as well as country-level basis. The regional segments profiles in this MRFR report are - North America, Asia Pacific (APAC), and Europe. These regions are sub-segmented and studied on the basis of countries. North America captured the highest share of the market in 2017. It is poised to maintain its dominance over the next few years by registering the fastest growth rate during the forecast period. The U.S. and Canada are expected to augment their investments in the solid oxide fuel cell market. This, in turn, is poised to drive the growth of the regional market over the next couple of years. APAC is currently trailing North America solid oxide fuel cell market closely. The process has gained momentum in the region and is being widely implemented across industries. South Korea and Japan are anticipated to lead the market in the region.
Competitive Dashboard:
Delphi (U.K.), Redox Power Systems (U.S.), Atrex Energy (U.S.), Ceres Power Holdings Plc. (U.K.), FuelCell Energy (U.S.), Protonex (U.S.), Ceramic Fuel Cell Ltd. (Australia), WATT Fuel Cell Corporation (U.S.), Bloom Energy (U.S.), Elcogen (Estonia), and Convion Fuel Cell Systems (Finland) are few of the players of the global solid oxide fuel cell market assessed in this MRFR report.
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