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A Solid Oxide Fuel Cell (SOFC) is an energy conversion device that produces electricity by electrochemically combining a fuel and an oxidant across an ionic conducting oxide electrolyte. The electrical work in these reactions is directly converted due to the large fraction of the enthalpy associated with the electrochemical oxidation of the fuel into water and carbon dioxide. Furthermore, these fuel cells provide many advantages over traditional energy conversion systems including high efficiency, reliability, modularity, fuel adaptability. Additionally, SOFCs also eliminates noise usually associated with conventional power generation systems. Currently, the Department of energy and electrical power companies are actively working on solid oxide fuel cells, focusing on the research & development and commercialization of the technology.
The solid oxide fuel cell market has gained significant growth due to remarkable growing demand for energy efficient power generation, government subsidies and fuel cell programs in various countries and ability to run on multiple fuels. Moreover, stringent emission norms leading to demand for clean energy sources is also the major factors contributing to the growth of the solid oxide fuel cell market. However, high capital costs required for solid oxide fuel cells is one of the factor hampering the growth of solid oxide fuel cell market.
The solid oxide fuel cell market is segmented by type, application and geography
The types studied in the solid oxide fuel cell market are planar and tubular. Owing to the product offering of planar type being the most commonly used for the power generation applications, the planar segment is projected to witness the largest market share during the forecast period.
Based on application, the solid oxide fuel cell market is segmented into power generation, combined heat & power military and others. The power generation segment has been sub-segmented into data centers, commercial and retail, and telecom. Combined heat and power is sub-segmented into commercial and residential end-use. Military segment is bifurcated into stationary power generation and portable and unmanned systems; and others segment includes transportation auxiliary power units and remote emergency power. Solid Oxide Fuel Cell Market by Geography By geography, the solid oxide fuel cell market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the largest market share in 2018, followed by Asia-Pacific. Due to increasing demand for efficient power generation and government subsidies.
Some of the major players operating in the global solid oxide fuel cell market includes Aisin Seiki, Bloom Energy, Convion Fuel Cell Systems, Ceres Power Holdings, Fuelcell Energy, Hexis, Solidpower, Sunfire, Protonex, Watt Fuel Cell Corporation, General Electric, Elcogen, Ztek Corporation, Ultra Undersea Sensor Systems and Atrex Energy. Market players are involved in new product launches and acquisitions to exploit maximum revenue potential in global chemical peel market.
The solid oxide fuel cell market is segmented by type, application and geography. The types studied in the solid oxide fuel cell market are planar and tubular. Owing to the product offering of planar type being the most commonly used for the power generation applications, the planar segment is projected to witness the largest market share during the forecast period. Based on application, the solid oxide fuel cell market is segmented into power generation, combined heat & power military and others. The power generation segment has been sub-segmented into data centers, commercial and retail, and telecom. Combined heat and power is sub-segmented into commercial and residential end-use. Military segment is bifurcated into stationary power generation and portable and unmanned systems; and others segment includes transportation auxiliary power units and remote emergency power. By geography, the solid oxide fuel cell market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the largest market share in 2018, followed by Asia-Pacific. Due to increasing demand for efficient power generation and government subsidies.
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