A New Market Study, titled “Solid Oxide Fuel Cell (SOFC) Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Pune, Maharashtra -- (SBWIRE) -- 02/14/2020 -- Summary
A New Market Study, titled "Solid Oxide Fuel Cell (SOFC) Market Upcoming Trends, Growth Drivers and Challenges" has been featured on WiseGuyReports.
This report provides in depth study of "Solid Oxide Fuel Cell (SOFC) Market" using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Solid Oxide Fuel Cell (SOFC) Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
This market report offers a comprehensive analysis of the global Solid Oxide Fuel Cell (SOFC) market. This report focused on Solid Oxide Fuel Cell (SOFC) market past and present growth globally. Global research on Global Solid Oxide Fuel Cell (SOFC) Industry presents a market overview, product details, classification, market concentration, and maturity study. The market value and growth rate from 2019-2025 along with industry size estimates are explained.
The following manufacturers are covered:
Mitsubishi Heavy Industries
Atrex Energy, Inc
Redox Power Systems
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Electricity or Power Generation is inevitable in the present world of urbanization and Industrialization. The power generation market has dominated majorly in North American region due to high end use application and demand of power generation. Varied sectors such as Industrial, Commercial, Residential and Public Utility sectors in developed and developing nations require efficient power generation for constant and uninterrupted use of power. A Solid Oxide Fuel Cell helps in efficient power generation. It is a device that generates electricity by oxidizing a fuel by electrochemical conversion.
The features of a fuel cell depends on the electrolyte it uses. The material that is used is either ceramic electrolyte or solid oxide. The features of Solid Oxide Fuel Cell are its fuel flexibility, high efficiency, long term stability, cost efficient and low emission. The growth of Solid Oxide Fuel Cell market has been witnessed due to variety of fuels being available at efficient cost, utilization of bio mass, increase in investment in power sector through public private partnership and government incentives.
The global Solid Oxide Fuel Cell market is expected to grow at a CAGR of 13.88 % by 2025. Use of alternative fuels also adds an advantage and it limits the dependency on oil producing countries which saves cost, and influences the power generating sectors to use Solid Oxide Fuel Cell. The power is generated without any noise or vibrations. Rising awareness about use of Solid Oxide Fuel Cell and depletion of fossil fuel also contributes to the growth of Solid Oxide Fuel Cell market globally.
The global Solid Oxide Fuel Cell market can be segmented based on product type, application and End User. By product type, the Solid Oxide Fuel Cell are available in two categories being Planar and Tubular. It is used in Power Industries for Power Generation, Military and Combined heat and power industry. End Users of the Solid Oxide Fuel Cell include Residential units, Data Centers, Commercial and Retail units, Telecom towers, portable and unmanned system and auxiliary power units. The planar type of cell are noted to be most used for power generation and the same are expected to be in demand in the forecast period.
The major regions where the Solid Oxide Fuel Cell market is concentrated includes North America, South America, Europe, Asia Pacific, Middle East and Africa. The key countries include United States, Canada and Mexico in North America; Brazil in South America; Germany, Italy, France, United Kingdom, Russia, Turkey in Europe; China, Malaysia, Japan, India, Thailand, Philippines, Korea, Indonesia, Australia, Vietnam in Asia Pacific Region; GCC Countries and Egypt in Middle East and Africa. In the forecast period, the North American region is expected to boost the SOFC market due to availability of government subsidy and high demand of efficient power generation.
The global Solid Oxide Fuel Cell market was valued at 284.3 million USD in the year 2016. The market is expected to reach to 1140.6 million USD by 2025. Demand for efficient power generation and government initiatives for subsidy and fuel cell programs in countries such as Japan, North America and Europe are triggering the growth of global Solid Oxide Fuel Cell market.
Major Key Points in Table of Content
1 Global Market Overview
2 Regional Market
3 Key Manufacturers
4 Major Application
5 Market by Type
6 Price Overview
7 ConclusionFig Global Solid Oxide Fuel Cell (SOFC) Market Size and CAGR 2013-2018 (Million USD)
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