Solid Oxide Fuel Cell (SOFC) Market By Type (Planar SOFC, Tubular SOFC), By Application (Stationary, Portable, Transport) - Growth, Share, Opportunities & Competitive Analysis, 2016 -2024

SOFCs are a type of fuel cell that converts electrochemical fuel to electricity while emitting little pollution. With the growing popularity of SOFC technology, numerous end-use industries have been keen on adopting and deploying effective SOFC-based power generators. In addition, factors such as higher efficiency and a lower population have propelled various government agencies and bodies to invest further in technology. As a result, investments are being made toward continuing the production of SOFCs and increasing their adoption in numerous applications.

The most significant factor fueling the overall SOFC market's growth is the superior advantages of these cells over other types. SOFCs provide higher efficiency of over 60% in generating electricity, which is considerably high when compared to other fuel cells. In addition, the SOFCs operate at very high temperatures, ranging between 800 °C and 1,000 °C. Thereby, by harnessing the heat produced in the SOFC to generate electricity, the efficiency of the SOFCs can be enhanced to almost 80%. The high operating temperatures of SOFCs can be useful for the cogeneration of electricity in various industrial applications.

However, one of the major barriers to SOFC adoption is their ability to operate at extremely high temperatures. The SOFCs operate at a very high temperature compared to other fuel cells currently available. Thereby, the SOFC system takes time to reach its optimum operating temperature and function effectively. Hence, SOFCs have found limited penetration in various mobile applications.

The report titled "Global Solid Oxide Fuel Cell (SOFC) Market: Growth, Future Prospects, and Competitive Analysis, 2016–2024" offers strategic insights into the global SOFC industry along with the market size and estimates for the duration of 2014–2024. The research study extensively analyses multiple market segments based on SOFC types, applications, and cross-sectional studies across different geographies. In addition, the study covers the comparative analysis of different segments for 2015 and 2024. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities. The report incorporates a separate section highlighting key trends in the overall SOFC market.

The report also includes profiles of the leading SOFC manufacturers, their business strategies, and key developments to assist strategic decision-makers. The major players profiled in the report are FuelCell Energy Solutions, Kyocera Corporation, Ceres Power Holdings Plc., Atrex Energy, Doosan Fuel Cell, Dominovas Energy Corporation, and Delphi Automotive Systems LLC. Further, the report also covers the market positioning of the key players operating in the SOFC market. The section further includes a brief on key strategies adopted by the major players operating in the market.

Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the SOFC industry
  • Market fuelers, market impediments, and their impact on market growth
  • in-depth competitive environment analysis
  • Trailing 2-year market size data (2014–2015)
  • SRC (Segment, Region, Country) Analysis

Overall, the research study provides the following:

  • A holistic view of the global SOFC market
  • providing market size and forecasts for the years 2016 to 2024
  • Keeping in mind the above-mentioned factors

Based on the type of fabrication, the global solid oxide fuel cell (SOFC) market is segmented into the following types:

  • Planar
  • Tubular

As of 2015, the overall SOFC market worldwide was led by the planar SOFC type segment. The segment contributed to more than 70% of the overall market globally. Planar SOFC is primarily used for power generation applications. Planar SOFCs provide a higher power density and potentially a lower cost than tubular cells. With continued advancement in the planar SOFC, the segment is projected to find widespread applications across stationary power generation, military, and transportation applications. The tubular SOFC segment is hindered due to its high electrical resistance, low power density, and higher manufacturing complexity. Subsequently, tubular SOFC is primarily used for stationary applications with low power requirements. The segment is expected to grow steadily in the coming years.

Based on geography, the global solid oxide fuel cell (SOFC) market is segmented into the following regions and countries:

  • North America
  • The U.S.
  • Canada
  • Europe
  • The U.K.
  • Germany
  • France
  • Rest of Europe
  • Asia Pacific
  • Japan
  • China
  • South Korea
  • Rest of Asia Pacific
  • Rest of the World (RoW)
  • Middle East and Africa (MEA)
  • Latin America

As of 2015, the global SOFC market was dominated, in terms of revenue and volume, by the Asia Pacific region. The region contributes a market share of more than fifty percent of the total revenue generated worldwide. The market is largely governed by countries such as Japan and South Korea. Across the overall Asia-Pacific region, South Korea accounts for the second-largest share of the SOFC market after Japan. South Korea aims to generate nearly 11% of its energy from renewable energy sources by 2035. The nation has placed emphasis on fuel cells, especially SOFC, owing to their higher energy efficiency. Additionally, Seoul, the national capital of South Korea, aims to achieve 50% electricity generation from renewable sources using fuel cells by 2030. This has been the most significant factor fueling the SOFC market in the country.

Frequently asked questions :

The market for Solid Oxide Fuel Cell (SOFC) Market is expected to reach US$ XX Bn in 2024.

The Solid Oxide Fuel Cell (SOFC) Market is expected to see significant CAGR growth over the coming years, at XX.

The report is forecasted from 2016-2024.

The base year of this report is 2021.

Atrex Energy, Inc., FuelCell Energy, Inc., Dominovas Energy Corporation, are some of the major players in the global market.

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Published Date:  Mar 2017
Category:  Technology & Media
Report ID:   58370
Report Format:   PDF
Pages:   120
Rating:    4.3 (60)
Delivery Time: 24 Hours to 48 Hours   
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