Pune, India, June 17, 2019 (GLOBE NEWSWIRE) -- Solid oxide fuel cells (SOFCs) are devices which produce electricity by oxidizing fuels. They are known by solid oxide or ceramic electrolytes used in their manufacture. Benefits which contributed to their extensive use are low emission levels, low production costs, and high power efficiency. Amid the rising energy crunch and changing environmental policies, SOFCs offer a viable energy source. The global solid oxide fuel cell market report published on Wise Guy Reports (WGR) outlines various insights and its prospects in the coming years.
Market Outlook
According to WiseGuyReports (WGR), the global solid oxide fuel cell market is projected to grow at a notable pace in the coming years. The report mentioned that the global market size is predicted to reach USD 1,183.6 million by 2023. It can expand at an annual pace of 12.87% during the forecast period (2017-2023). Increased funding in research and development activities to further the scope of renewable energy. This is evident with the U.S. government announcing close to USD 10 million for advancing SOFC technology.
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Market Segmentation
The solid oxide fuel cell market report is segmented on the basis of application, type, end-user, and mobility.
By application, the market segments into combined heat & power (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. 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. It is touted to display 14.13% CAGR over the assessment period. 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 devices, 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 with the highest share. Adoption of these devices in marine, transport, and automotive applications can drive the segment growth. This segment can exhibit 13.33% CAGR during the review period. In addition, the development of portable SOFCs can witness a decent growth rate due to high prices.
By end-use, the market comprises commercial & residential, auxiliary power unit, retail, and data centers. Data centers are expected to be the largest segment till the end of the forecast period due to superior benefits offered by cloud computing. The segment can display 12.93% CAGR till 2023.
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Regional Analysis
The global solid oxide fuel cell market is regionally segmented into the following geographies: Asia Pacific, Americas, Europe, and Rest-of-the-World (RoW).
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.
Competition Landscape
The global solid oxide fuel cell market comprises a host of prominent players. This includes names such as Ceres Power Holdings Plc. (U.K.), WATT Fuel Cell Corporation (U.S.), Convion Fuel Cell Systems (Finland), Ceramic Fuel Cell Ltd. (Australia), Bloom Energy (U.S.), Elcogen (Estonia), FuelCell Energy (U.S.), Delphi (U.K.), Atrex Energy (U.S.), Protonex (U.S.), Redox Power Systems (U.S.), and others.
Industry News
Collaborations are being witnessed and will continue to be prominent in the forthcoming years. In May 2019, Mitsubishi Hitachi Power Systems decide to join hands with Magnum Development for creating a massive storage center with the capacity of 1,000 MW of renewable energy. The facility will be supported with SOFCs and large-scale flow batteries to store energy on an annual basis.
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