Solid Oxide Fuel Cell Market Share, New Tech Developments, Application, Driver | Global Industry Top Key Players, Growth Strategies and Forecast till 2023

Genset Market Report: Overview

On the flip side, soaring operating temperatures may impede solid oxide fuel cells performance, negatively affecting the market development. Despite the restraining factor, the solid oxide fuels market is well on its way to achieve staggering growth. The attributable factor is the latest trend of adopting distributed energy generation which makes use of solid oxide fuel cell to provide uninterrupted and reliable power. They save energy costs and are less likely to be affected by external factors such as temperate weather conditions.

The global solid oxide fuel cell market is anticipated to touch USD 1,183.6 million by 2023, as per an insightful report by Market Research Future (MRFR). It is expected to expand at a 12.87% CAGR during the assessment period (2017-2023). Solid oxide fuel cells (SOFCs) are fuel cells capable of generating power through electrochemical reactions. These devices use electrolytes made from zirconium or calcium to attain the necessary electrical efficiency. Its ability to function efficiently at low temperatures has led to investments from major industries.

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Top Players 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. Infrastructural projects involving the construction of retail chains can provide opportunities to market players.

The report offers comprehensive profiles on these market players and assesses their current standing in the solid oxide fuel cell market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are outlined in the report.

Segment Overview:-

By type, the solid oxide fuel cell market has been segmented into tubular and planar. The planar segment can be expected to showcase a strong growth rate owing to high energy efficiency and low power losses accrued by its usage. Its future applications in underwater vehicles, auxiliary power units, and portable devices can boost segment growth during the forecast period.

By mobility, the market is segmented into stationary and portable. By application, the market is segmented into power generation, military, and combined heat & power. The power generation segment is likely to dominate over the forecast period owing to increasing demand for power in energy-producing plants for cooling purposes.

Major market end-users include data center, commercial & residential, retail, and auxiliary power units. The data center segment is likely to garner immense market demand owing to corporate giants shifting their proprietary data to the cloud for curbing operational expenditures. The use of SOFCs in these data centers are energy-efficient and play a huge role in curtailing carbon emissions.

Regional Outlook:-

Geographically, the solid oxide fuel cell market covers North America, Europe, and Asia Pacific.

Among all regions, North America is the leading market across the globe. The region dominated the global solid oxide fuel cell market with 46.5% share in 2017. In North America, the United States is the major economy contributing to the solid oxide fuel cell market. Also, the region will expand further with a CAGR of 13.11% and will sustain its dominance throughout the forecast period. Favorable government initiatives, development of large-scale companies, heavy investments in research and development activities, and technological advancements have led to the impressive growth of the market over the past few years.

Not much behind is the Europe market, with the region witnessing promising growth. Increasing public-private sector relationships, increasing price of crude oil and high demand from end users such as power suppliers, automobile industry, residential builders, and electronic companies have triggered the market growth, and the growth will not falter even during the forecast period.

Major Points of TOC:- 

1  Executive Summary

2  Market Introduction

2.1 Definition 16

2.2 The Scope Of The Study 16

2.3 Market Structure 16

2.4 List Of Assumptions 17

2.5 Key Takeaways 17

2.6 Key Buying Criteria 18

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3  Research Methodology

3.1 Research Process 20

3.2 Primary Research 21

3.3 Secondary Research 22

3.4 Market Size Estimation 22

3.5 Forecast Model 23

4  Market Dynamics

4.1 Introduction 25

4.2 Drivers 26

4.2.1 High Electrical Efficiency Than Conventional Batteries 26

4.2.2 Suitability Of SOFC For A Variety Of Applications 26

4.2.3 Rising Concern For Low Emissions 26

4.2.4 Drivers Impact Analysis 27

4.3 Restraints 28

4.3.1 High Cost And Complicated Fabrication 28

4.3.2 Competition From Substitute Cell Technologies 28

4.3.3 Restraints Impact Analysis 29

4.4 Opportunity 29

4.4.1 Potential In Emerging Economies 29