Solid Oxide Fuel Cell Market is estimated to reach USD 1,183.6 million by 2023 by analyzing Global Leaders - Delphi, Atrex Energy, Redox Power Systems, Ceres Power Holdings Plc., Ceramic Fuel Cell Ltd., Protonex, Elcogen Etc.

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). It is expected to expand at a 12.87% CAGR during the assessment period (2017-2023). Solid oxide fuel cells (SOFCs) are fuel cells capable of generating power through electrochemical reactions. This electrochemical conversion device gives its user an advantage by providing stable, efficient fuel flexibility at a low cost. 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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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.

Industry News:

Countries such as the U.S., Japan, and South Korea are exhibiting an eagerness to adopt this technology for better industrial outputs. Japan has this plan to install 1.4 million residential co-generation fuel-cell systems by 2020.

In India, the Ministry of New and Renewable Energy (MNRE) is funding a lot of research projects to curb carbon emissions and meet the growing demand for electricity.

Segmental Analysis:
The solid oxide fuel cell market is segmented on the basis of type, mobility, application, end-user, and region.
Type
• Planar
• Tubular

Mobility
• Stationary
• Portable

Application
• Combined Heat & Power
• Power Generation
• Military

End-user
• Data Center
• Commercial & Residential
• Retail
• Auxiliary Power Units

Region
• North America; the U.S.
• Europe; Italy, Germany, the U.K.
• Asia Pacific; India, Japan, South Korea

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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. Natural Sciences and Engineering Research Council of Canada, a part of SOFC Canada, has committed itself holistically to produce next-generation SOFC technologies. The U.S. has a wide-scale usage of SOFCs in sectors requiring large-scale auxiliary power, electric utilities, and distributed generation.
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. Japan is leading the market and expects to be the fastest growing country during the review period due to its heavy deployment of CHP and supporting schemes such as ENE-FARM.

Market Competition:

In March 2018, Fuel Cell Energy has bagged a USD 3.1 million project Advanced Research Projects Agency-Energy. The project focuses mainly on the commercialization of ultra-high efficiency SOFC systems. Bloom Energy, in February of this year, was awarded the contract to provide power units for a utility in South Korea, so that the country can meet its renewable energy requirements.

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