(EnergyIndustry.Net, March 20, 2017 ) According to Publisher, the Global Solid Oxide Fuel Cell Market is valued at $2.6 billion in 2015 and is expected to reach $4.9 billion by 2022 growing at a CAGR of 9.4% from 2015 to 2022. A Solid Oxide Fuel Cell generates electricity by electrochemical process that involves oxidation of the electrolyte, when placed between the two electrodes - anode and cathode. Fuel cells are considered as potential candidates for mobile power and auxiliary power. The benefits offered by SOFC are little cost, low emission, lasting stability, high efficiency and fuel flexibility. The factors that are driving the market include electrical efficiency, biomass utilization and variety of fuels. Whereas, high capital cost may hamper the market growth. The market is expected to witness growth due to demand in portable fuel cells. The flexibility of applications and integration technologies are providing growth opportunities.
Asia-Pacific is expected to be the largest revenue-generating region for this market. Japan and South Korea would be the major countries driving the market. These Fuel Cells are also commanding the North American and European markets. In the ROW, several applications are growing, but the growth rate is low owing to minimum awareness. These regions contain potential future markets for SOFC along with few other countries in Asia-Pacific. Planar segment is the huge fuel cell type of this market utilized all over the globe. Despite having a huge installation cost, it has higher power to area ratio in contrast to other types. Portable product power and Military usage are the applications of this market which are witnessing rapid growth owing to their smaller size and variety of fuels that are used in SOFCs.
Some of the key players in the market include SOFC Power S.P.A, Watt Fuel Cell Corporation, Ultra Electronics Ami, Topsoe Fuel Cell, Staxera-Sunfire Gmbh, Protonex Technology Corporation, Kyocera, Kerafol-Keramische Folien Gmbh, Jx Nippon Oil & Energy, Hexis AG, Fuel Cell Energy, Delphi Automotive LLP, Convion Fuel Cells Ltd, Ceres Power Holdings Plc, Ceramic Fuel Cells Limited, Bloom Energy Corporation, Aisin Seiki Co Ltd, Acumentrics Corporation, Adaptive Materials, Inc and Altair Nanotechnologies Inc.
Technologies Covered: - Planar - Thin film - Tubular - Other Technologies
Applications Covered: - Military - Combined Heat and Power (CHP) - Exotic - Stationary o Large Stationary o Small Stationary - Transportation - Aircrafts - Remote power and Auxiliary Power Units (APUs) - Generators - Portable product power - Other Applications
Regions Covered: - North America o US o Canada o Mexico - Europe o Germany o France o Italy o UK o Spain o Rest of Europe - Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific - Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt