The Global Solid Oxide Fuel Cell Market is anticipated to accrue USD 1,183.6 million with a staggering CAGR of 12.87% during the forecast period (2017-2023), asserts Market Research Future (MRFR). This electrochemical conversion device gives its user an advantage by providing stable, efficient fuel flexibility at a low cost. The market is driven by the rapid industrialization taking place across the globe. Constant innovation and introduction of latest technology are playing a significant role in bolstering the pace of industrialization. Solid oxide fuel cells (SOFC) is one such device that aims at replacing the traditional models of energy generation and assist end-users in staying on track with the advancements.

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Companies 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.

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Global Solid Oxide Fuel Cell Market Segmentation:

By type, the market is segmented into planar and tubular. Planar solid oxide fuels are currently enjoying rapid commercialization owing to its advantages such as low emission and high transformation efficiency.

Mobility-wise, the market includes stationery and portable. Stationery solid oxide fuels are dominating the market due to their high demand for applications such as prime power, large CHP, residential CHP, and uninterrupted power supply.

Based on application, the market comprises power generation, CHP, and military. Power generation segment is estimated to gain the most from the current progress scenario of the market and exhibit a robust CAGR during the forecast period.

On the basis of end-user, the market is segmented into the data center, commercial & residential, retail, and auxiliary power units.

Global Solid Oxide Fuel Cell Market Regional Analysis:

Geographically, the market for solid oxide fuel cell covers North America, Europe, and Asia Pacific (APAC).

North America accounted for the largest market share (46.5%) in 2017. It is also expected to register the fastest CAGR during the prognosis period. This can be credited to nations such as the U.S. and Canada’s massive investment in the industry.

APAC is closely following the lead of North America. SOFC implementation across sectors have gained momentum. South Korea and Japan are currently employing this system the most.