Solid oxide fuel cells (SOFC) generate electricity by oxidizing fuels through electrochemical conversion. This process of power generation is highly efficient because of the low noise levels and vibration free operation. Further, SOFC technology is capable of generating energy from sources such as propane, natural gas, and diesel. Temperature of operation of SOFCs can further be lowered to 200c, which will significantly reduce costs of operation.
SOFCs display higher efficiency rates than conventional batteries such as polymer electrolyte fuel cells. The research and development activities in North America and Asia-Pacific will drive the growth of the market during the forecast period. SOFCs can be used in a large number of applications, including power generation for data centers, households in Japan, and US Army bases. Production of energy is the major reason for the rise in emissions, and with rising global demand for low emission systems, SOFC market is estimated to grow substantially during the forecast period.
SOFCs display higher efficiency rates than conventional batteries such as polymer electrolyte fuel cells. The research and development activities in North America and Asia-Pacific will drive the growth of the market during the forecast period. SOFCs can be used in a large number of applications, including power generation for data centers, households in Japan, and US Army bases. Production of energy is the major reason for the rise in emissions, and with rising global demand for low emission systems, SOFC market is estimated to grow substantially during the forecast period.
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| Solid Oxide Fuel Cell Market 2023 |
Global solid oxide fuel cell market is estimated to reach USD 1,183.59 million by 2023 at a CAGR of 12.87%.
For the purpose of the study, the global solid oxide fuel cell market has been segmented on the basis of type, mobility, application, and end-use. Based on the type, the market is further segmented as planar and tubular. Planar segment dominated the market in 2017 and is estimated to hold the larger share of the market during the forecast period.
This is because planar SOFCs are better efficient in generating electricity from the fuel. Based on mobility, the market is segmented as stationary and portable. Stationary segment held the larger market share in 2017 and is expected to dominate the market during the forecast period, mainly due to their durability and toughness. Based on application, the market is segmented as power generation, combined heat & power and military. Power generation segment held the largest market share in 2017, and is estimated to dominate the market during the forecast period due to the rising demand for power. Based on end-use the market is segmented as data centers, commercial & residential, retail, and auxillary power unit. Data centers held the largest market share in 2017 and is expected to hold the largest market share during the forecast period, due to increased use of cloud computing in industries including manufacturing, food and beverage, oil and gas, IT and retail. Based on region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
Key Players
This is because planar SOFCs are better efficient in generating electricity from the fuel. Based on mobility, the market is segmented as stationary and portable. Stationary segment held the larger market share in 2017 and is expected to dominate the market during the forecast period, mainly due to their durability and toughness. Based on application, the market is segmented as power generation, combined heat & power and military. Power generation segment held the largest market share in 2017, and is estimated to dominate the market during the forecast period due to the rising demand for power. Based on end-use the market is segmented as data centers, commercial & residential, retail, and auxillary power unit. Data centers held the largest market share in 2017 and is expected to hold the largest market share during the forecast period, due to increased use of cloud computing in industries including manufacturing, food and beverage, oil and gas, IT and retail. Based on region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
Key Players
The key players of global solid oxide fuel cell market are FuelCell Energy (US) Bloom Energy (US), Ceres Power Holdings Plc. (UK), Ceramic Fuel Cell Ltd. (Australia), Delphi (UK), and Atrex Energy (US). Convion Fuel Cell Systems (Finland), Elcogen (Estonia), Protonex (US), WATT Fuel Cell Corporation (US) and Redox Power Systems (US) are among others.
Objectives of Global Solid Oxide Fuel Cell Market Analysis & Forecast, 2017 - 2023
Objectives of Global Solid Oxide Fuel Cell Market Analysis & Forecast, 2017 - 2023
• To provide a detailed analysis of the market structure along with the forecast for the next six years of various segments and sub-segments of the global solid oxide fuel cell market.
• To analyze the global solid oxide fuel cell market based on various tools such as Supply Chain Analysis, and Porter’s Five Forces Analysis.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries.
• To provide country-level analysis of the market with respect to the current market size and future prospective.
• To provide country-level analysis of the market for segments by installation, voltage , end-use, and region.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the solid oxide fuel cell market.
Target Audience
• To analyze the global solid oxide fuel cell market based on various tools such as Supply Chain Analysis, and Porter’s Five Forces Analysis.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries.
• To provide country-level analysis of the market with respect to the current market size and future prospective.
• To provide country-level analysis of the market for segments by installation, voltage , end-use, and region.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the solid oxide fuel cell market.
Target Audience
• Solid oxide fuel cell manufacturers
• Research Institute & Education Institute
• Power generation companies
• Fuel cell automotive companies
Key Findings
• Research Institute & Education Institute
• Power generation companies
• Fuel cell automotive companies
Key Findings
• Global solid oxide fuel cell market is estimated to reach USD 1,183.59 million by 2023 at a CAGR of 12.87%.
• By type, the planar segment had been the larger market with a market value of USD 374.4 million, in 2017, growing at a CAGR of 14.44% during the forecast period.
• Based on mobility, a stationary segment dominated the market in 2017, with a market value of USD 489.1 million, which is projected to rise at a CAGR of 13.33% during the forecast period.
• Based on application, power generation segment accounted for the largest market size in 2017, with market value of USD 317.5 million, and is expected to progress at the highest CAGR of 14.13% during the forecast period.
• Based on end-use, data centers segment dominated the market in 2017 with a market value of USD 221.7 million and is expected to grow at a CAGR of 12.93% during the forecast period.
• Geographically, North America region had the largest market share of 46.5% in the global solid oxide fuel cell market in 2017, with a market value of USD 244.2 million and is projected to expand at the highest CAGR of 13.11% during the forecast period.
Regional and Country Analysis of Global Solid Oxide Fuel Cell Market Estimation and Forecast
• By type, the planar segment had been the larger market with a market value of USD 374.4 million, in 2017, growing at a CAGR of 14.44% during the forecast period.
• Based on mobility, a stationary segment dominated the market in 2017, with a market value of USD 489.1 million, which is projected to rise at a CAGR of 13.33% during the forecast period.
• Based on application, power generation segment accounted for the largest market size in 2017, with market value of USD 317.5 million, and is expected to progress at the highest CAGR of 14.13% during the forecast period.
• Based on end-use, data centers segment dominated the market in 2017 with a market value of USD 221.7 million and is expected to grow at a CAGR of 12.93% during the forecast period.
• Geographically, North America region had the largest market share of 46.5% in the global solid oxide fuel cell market in 2017, with a market value of USD 244.2 million and is projected to expand at the highest CAGR of 13.11% during the forecast period.
Regional and Country Analysis of Global Solid Oxide Fuel Cell Market Estimation and Forecast
Geographically, North America has been dominating the global solid oxide fuel cell market. In the region, the US is the only market for solid oxide fuel cells, and research and development is being carried out to develop the product. Asia-Pacific is the second largest market for the global SOFC market. In the region, Japan held the largest market share in 2017, which is expected to continue during the forecast period. Japan had reached a total production capacity of 12 GW of power generation with SOFCs in 2016, and is predicted to grow to 22 GW by 2030. Within Europe, Germany held the largest market share in 2017 and is estimated to dominate the market during the forecast period.
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