The solid oxide fuel cell is an electrochemical device which is helpful in generating electricity by oxidizing fuels with the electrochemical conversion. This process of generating power is highly effective due to the low noise levels and vibration free operation. Moreover, the solid oxide fuel technology is capable of producing energy from various sources such as natural gas, diesel and propane. Furthermore, it has a ceramic electrolyte and solid oxide. Solid oxide fuel cells have a huge variety of applications, from use as auxiliary power units in vehicles to stationary power generation with effective output. Moreover, on the basis of type the solid oxide fuel is segmented into planar and tubular. By mobility, it has been split into stationary and potable whereas, on the basis of application it is also divided into power generation, combined heat & power and military. Hence, with the wide classification and applications of this, the demand will grow faster and lead the market growth more effectively in the coming years.
According to the report analysis, ‘Global Solid Oxide Fuel Cell Market Research Report – Forecast Till 2023’states that some of the major companies which are currently functioning in this sector more actively for defeating the requirement of the potential consumer includesFuel Cell Energy, Bloom Energy, Ceres Power Holdings plc., Ceramic Fuel Cells Ltd., Delphi Technologies, Atrex Energy, Inc., Convion Fuel Cell Systems Ltd., Elcogen SA, WATT Fuel Cell Corporation, Protonex, Redox power Systems LLCand several others. The key players are playing significant role by adopting the effective strategies and policies for attaining the highest amount of share. Moreover, the research and development activities are done by the key players for gaining effective opportunities and providing the developed product at a reasonable price. The power generation segment held the largest market in 2017 and is projected to dominate the market in the forecasted period.
Geographically, with the extensive usage of this product market is spread across the globe which majorly includes North America, Europe, Asia Pacific region and rest of the world. Whereas, the North America and Asia Pacific region doing research and development programs which will drive the growth of the market in the forecasted period. Moreover, SOFCs can be used in a large number of applications, which majorly includes power generation for data centers, household in Japan and Army bases in US. The production of energy is the main cause for the rise in emissions, and with growing global demand for low emission systems, SOFC market is projected to increase significantly in the forecasted period.
On the basis of end-use application the market is segmented as commercial & residential, data centers, retail and auxiliary power unit. Whereas, the data centers accounted the huge market share in the near future because of the increased usage of cloud computing in market which involves food and beverages, production, gas and oil, retail and IT. Therefore, in the coming years it is expected that the market will grow more significantly across the globe with the effective working and adoption of efficient policies and strategies over the decades.
To know more, click on the link below:-
Ankur Gupta, Head Marketing & Communications