Industry Highlights:

The global solid oxide fuel cell market is anticipated to touch USD 1,183.6 million by 2023, as per an insightful report by Market Research Future (MRFR). Growing number of companies globally are conducting research and development activities to enhance the class of solid oxide fuel cells, increasing its efficiency, stability, and flexibility. On account of these benefits, their demand has snowballed globally. Features of low emissions and reasonable costs will impact the overall market. Moreover, solid oxide fuels have become a crucial part of auxiliary and mobile units, giving rise to key growth opportunities in the market. Solid oxide fuel cells (SOFCs) are fuel cells capable of generating power through electrochemical reactions. These devices use electrolytes made from zirconium or calcium to attain the necessary electrical efficiency. Its ability to function efficiently at low temperatures has led to investments from major industries.

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Segmental Analysis

The solid oxide fuel cell market is segmented on the basis of type, mobility, application, end-user, and region.

The types of solid oxide fuel cell are planar and tubular. Planar solid fuel cell technology is proliferating due to the advantages it offers, such as low power losses and high transformation efficiency compared to conventional power generation. These types of cells have major applications in stationary power generation, portable device, defence applications such as unmanned aircraft and underwater vehicles.

On the basis of mobility, the market is segmented into stationary and portable. Stationary solid oxide fuel cells have major applications in prime power, large combined heat & power (CHP), residential, and uninterrupted power supply. These cells offer various advantages such as reliability, power quality, low operating costs, and the production and utilization of direct current.

Various applications of solid oxide fuel cell technology are power generation, CHP, and military. Among these, power generation is currently the leading application segment and expects to expand in size over the forecast period. The CHP market growth is promising due to favourable government initiatives, low operating costs, declining natural gas price, and growing ecological concerns.

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Players Covered

Delphi (U.K.), Atrex Energy (U.S.), Redox Power Systems (U.S.), Ceres Power Holdings Plc. (U.K.), Ceramic Fuel Cell Ltd. (Australia), FuelCell Energy (U.S.), Protonex (U.S.), WATT Fuel Cell Corporation (U.S.), Elcogen (Estonia), Bloom Energy (U.S.), and Convion Fuel Cell Systems (Finland) are noteworthy players in the solid oxide fuel cell market. Infrastructural projects involving the construction of retail chains can provide opportunities to market players.

Research Methodology

Market Research Future (MRFR) uses a combination of primary and secondary research to compile market reports. Primary data is accumulated from interviewing industry stalwarts and secondary research is collated by studying white papers and annual reports of leading players. Our analysts use top-down and bottom-up approaches to validate the findings of the report. The report comprises news, current trends, and future prospects related to the market, all of which can provide a thorough understanding of the market to clients. Industry leaders can make accurate business decisions based on our insights.

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