Market Research Future (MRFR)’s latest report reveals that the global solid oxide fuel cell market will grow phenomenally at 12.87% CAGR during the forecast period (2017-2023). There has been a growing requirement for zero emission energy devices coupled with alternative sources of energy, which helps shape the market size positively. Moreover, a 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.
The higher electrical efficiency rate of SOFCs is the primary factor fueling market demand globally. The huge potential of the technology in developing economies looking to curb energy costs can be a huge opportunity for the market. In addition, environmental concerns regarding emissions and renewable energy targets of countries can work favorably for the market in the coming years. Alternatives to SOFCs pose the biggest threat to Solid Oxide Fuel Cell Market growth.
Global Market for Solid Oxide Fuel Cell – Competitive Dashboard
The prominent vendors making their mark in the market are FuelCell Energy (U.S Bloom Energy (U.S.), Delphi (U.K), Atrex Energy (U.S.), Convion Fuel Cell Systems (Finland), and WATT Fuel Cell Corporation (U.S.).
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By type, the solid oxide fuel cell market has been segmented into tubular and planar. The planar segment can be expected to showcase a strong growth rate owing to high energy efficiency and low power losses accrued by its usage. Its future applications in underwater vehicles, auxiliary power units, and portable devices can boost segment growth during the forecast period.
By mobility, the market is segmented into stationary and portable. By application, the market is segmented into power generation, military, and combined heat & power. The power generation segment is likely to dominate over the forecast period owing to increasing demand for power in energy-producing plants for cooling purposes.
Major market end-users include data center, commercial & residential, retail, and auxiliary power units. The data center segment is likely to garner immense market demand owing to corporate giants shifting their proprietary data to the cloud for curbing operational expenditures. The use of SOFCs in these data centers are energy-efficient and play a huge role in curtailing carbon emissions.
The segments and sub-segments covered in the report are analyzed under three major regions – North America, Europe, and Asia Pacific (APAC), with respective country-level market sizing. For the scope of research, the standard definition of the product/service “solid oxide fuel cell” is included in the report. The report discusses and interprets the current and future opportunities of the industry by delivering an unbiased growth assessment.
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Geographically, the solid oxide fuel cell market covers North America, Europe, and Asia Pacific.
Among all regions, North America is the leading market across the globe. The region dominated the global solid oxide fuel cell market with 46.5% share in 2017. In North America, the United States is the major economy contributing to the solid oxide fuel cell market. Also, the region will expand further with a CAGR of 13.11% and will sustain its dominance throughout the forecast period. Favorable government initiatives, development of large-scale companies, heavy investments in research and development activities, and technological advancements have led to the impressive growth of the market over the past few years.
Not much behind is the Europe market, with the region witnessing promising growth. Increasing public-private sector relationships, increasing price of crude oil and high demand from end users such as power suppliers, automobile industry, residential builders, and electronic companies have triggered the market growth, and the growth will not falter even during the forecast period.