Northrook, IL -- (SBWIRE) -- 02/28/2020 -- According to the market report published by MarketsandMarkets™ "Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025", The solid oxide fuel cell market is expected to grow from an estimated USD 403.4 Million in 2017 to USD 1,140.6 Million by 2025, at a CAGR of 13.88%, from 2017 to 2025. The global market is set to witness a significant growth due to government subsidies and fuel cell programs in the US, Japan, and Europe.

The power generation segment is expected to hold the largest share of the solid oxide fuel cell market, by application, during the forecast period.

The power generation segment was the largest segment by market share for the solid oxide fuel cell market in 2016 and is projected to dominate the solid oxide fuel cell market during the forecast period. The growth of the power generation segment is primarily driven by the increasing demand for efficient power generation by the commercial and retail end-use segments as well as data centers and telecom towers. Solid oxide fuel cells have an efficiency of as high as 67% as compared to other technologies, such as reciprocating engines which have an efficiency of less than 30%. The government subsidies and incentives given for fuel cell installations in the US and Japan are also driving the growth of the power generation segment.

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88 - Tables
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The planar segment is expected to hold the largest share of the solid oxide fuel cell market, by type, during the forecast period.

The planar segment held the largest market share in the solid oxide fuel cell market, by type in 2016 and is expected to dominate the market during the forecast period. The growth of the planar segment is mainly attributed to the applications of the planar SOFC type in the power generation segment and transportation APU end-use. The planar type is the most commonly used type of solid oxide fuel cell for sub-megawatt and megawatt-scale installations. Companies, such as Bloom Energy (US) and Sunfire (Germany) which dominate the power generation segment, offer planar type SOFC.

North America: The leading market for solid oxide fuel cell

In this report, the solid oxide fuel cell market has been analyzed with respect to three regions, namely, North America, Europe, and Asia Pacific. The market in North America led the global solid oxide fuel cell market in 2016. Government subsidies and incentives provided for the installation of solid oxide fuel cells for power generation applications was the driving factor for the growth in this region. The market in North America is dominated by the power generation segment, with Bloom Energy being the market leader in the supply of solid oxide fuel cells. Several commercial and retail outlets, such as Walmart, Home Depot, and Ikea are investing in solid oxide fuel cells to power their retail outlets and offices for cost saving and emission reduction. Data centers are also adopting solid oxide fuel cells for energy cost saving and efficient power generation. The military segment is also witnessing a growing demand for solid oxide fuel cells for stationary and portable power generation solutions.

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Key Market Players

Solid oxide fuel cell market consists of a few leading players, such as Convinion, Hydrogenics, Fuel Cell Energy, Intelligent Energy, SFC Energy, and Plug Power, Toshiba Energy Systems & Solution Corporation, Aisin Seiki Co., Bloom Energy, Ceres Power, Hexis, SOLIDpower, Sunfire, Protonex, GE, Elcogen, Watt Fuel Cell Corporation, Ztek Corporation, Atrex Energy.

Aisin Seiki is one of the largest enterprises in the world with a number of subsidiaries. The company provides advanced technologies to the automotive industry. The company operates through its drivetrain related, body related, brake and chassis related, engine related, information related and others, and life-related and other segments. Aisin Seiki has over 100 subsidiaries in North and South America, Europe, Asia, and Oceania. The company's automotive segment accounts for nearly 95% of the total sales, while the other segments account for the rest. The company manufactures and sells solid oxide fuel cells through its lifestyle and energy subsegment.

The Aisin Group has a wide global presence with more than 207 companies. The company's main customers include Toyota Motor Corp., Suzuki Motor Corp., Nissan Motor Corp., Ltd., and Honda Motor Corp. The company has a strong position in the automotive sector.

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Critical questions the report answers:

Where will all these developments take the industry in the long term?
What are the upcoming trends for the Solid Oxide Fuel Cell Market?
Which segment provides the most opportunity for growth?
Who are the leading manufacturers operating in this market?
What are the opportunities for new market entrants?

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