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.
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.
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Global Market for Solid Oxide Fuel Cell – Competitive Dashboard
The prominent vendors making their mark in the market are FuelCell Energy (U.S Bloom Energy (U.S.), Delphi (U.K), Atrex Energy (U.S.), Convion Fuel Cell Systems (Finland), and WATT Fuel Cell Corporation (U.S.).
Global Market for Solid Oxide Fuel Cell– Segmental Analysis
The solid oxide fuel cell market is segmented on the basis of type, mobility, application, end-user, and region.
The types of solid oxide fuel cell are planar and tubular. Planar solid fuel cell technology is proliferating due to the advantages it offers, such as low power losses and high transformation efficiency compared to conventional power generation. These types of cells have major applications in stationary power generation, portable device, defense applications such as unmanned aircraft and underwater vehicles.
On the basis of mobility, the market is segmented into stationary and portable. Stationary solid oxide fuel cells have major applications in prime power, large combined heat & power (CHP), residential, and uninterrupted power supply. These cells offer various advantages such as reliability, power quality, low operating costs, and the production and utilization of direct current.
Various applications of solid oxide fuel cell technology are power generation, CHP, and military. Among these, power generation is currently the leading application segment and expects to expand in size over the forecast period. The CHP market growth is promising due to favorable government initiatives, low operating costs, declining natural gas price, and growing ecological concerns.
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Solid Oxide Fuel Cell Regional Market Analysis:
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.
The market in the Asia-Pacific region is estimated to grow significantly due to large number of companies focusing on energy-efficient power generation and sustainable sources of energy. Collaboration between private companies and the government paves the way for market development in the region. Furthermore, several commercial and retail outlets are investing in solid oxide fuel cells to power their retail outlets and offices as they save cost and reduce emission. Moreover, data centers are adopting the technology to save energy and efficient power generation. Apart from this, the military sector in the countries in this region is extensively using solid oxide fuel cells for power generation solutions.
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