The Global Solid Oxide Fuel Cell Market was valued at USD 295.32 million in 2016 and is projected to reach USD 954.32 million by 2025, growing at a CAGR of 13.92% from 2017 to 2025.
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A Solid Oxide Fuel Cell (SOFC) is an electrochemical conversion device that produces electricity directly from oxidizing a fuel. SOFCs can provide power to any device that normally works with batteries, as well as residential and commercial appliances including computers. Benefits of solid oxide fuel cell include – high efficiency, long term stability, fuel flexibility, low emissions, and relatively low cost.
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1. Market Drivers
1.1 Growing adoption by End-Users in Data Centers and the Military Sector
1.2 Ability to Run on Multiple Fuels
1.3 Rising demand for Energy Efficient Power Generation
1.4 Emergence of Hybrid-SOFC Technologies
1.5 Growing demand for clean energy sources
1.6 Growing Distributed Power Generation
2. Market Restraints
2.1 Technical Issues, Such as High Startup Time & High Operating Temperatures
2.2 Increasing capital cost
2.3 Available alternatives
The Global Solid Oxide Fuel Cell Market is segmented on the application, type, end user, and region.
1.1 Combined Heat & Power
1.3 Power Generation
2. By Type:
3. By End User:
3.1 Telecom Towers
3.2 Auxiliary Power Unit
3.4 Data Centers
3.5 Commercial & Retail
3.6 Portable & Unmanned Systems
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Bloom Energy
2. Ceres Power Holdings
5. Watt Fuel Cell Corporation
7. Ultra Undersea Sensor Systems
8. Atrex Energy
9. Aisin Seiki
10. Convion Fuel Cell Systems
11. Fuelcell Energy
14. General Electric
15. Ztek Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Solid Oxide Fuel Cell Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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