Global Solid Oxide Fuel Cell Market Size, Share, Growth Prospects, Key Opportunities, Trends and Forecasts to 2023

Market Highlights
Solid oxide fuel cells (SOFCs) electrochemically generate electricity at higher efficiencies, and have greater potential as compared to any other type of fuel cell technology. SOFCs are made up of low cost ceramic compound of metal oxides that have extremely high efficiencies. SOFCs work at very high temperatures, at around 800°C to 1000°C; highest of all fuel cell technologies. SOFC market is regionally dominated by Asia-Pacific, with Japan and South Korea dominating the region, owing to increasing demand for clean and alternative sources of energy, rising industrial needs, and increasing growth of green energy use to reduce carbon emissions.

Planar SOFCs have anode, electrolyte, and cathode forming flat layers, in which the components are assembled in flat stacks allowing air and hydrogen flow through layers via channels. Planar SOFC is the largest market for SOFC market accounting higher power ratio as compared to other type of SOFCs. Planar SOFCs are extensively used in large and small stationary power generation, and military applications due to higher electrical efficiency.

The Global Solid Oxide Fuel Cell Market is projected to grow at a CAGR of around 8% during the forecast period.

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Global Solid Oxide Fuel Cell Market
The global solid oxide fuel cell market is driven by factors such as high electrical efficiency, suitability for variety of application, fuel flexibility, and low emissions. SOFC market on the basis of application is categorized into stationary, portable, transportation, and military. Rapid industrialization, urbanization, and fast economic growth in clean energy generation in countries such as South Korea and China, will drive the market for Solid Oxide Fuel Cells.

Key Players
The key players of the global Solid Oxide Fuel Cell market are FuelCell Energy (U.S.), Bloom Energy (U.S.), Aisin Seiki Co. Ltd. (Japan), Ceres Power Holdings Plc. (U.K.), Kyocera (Japan), Ceramic Fuel Cell Ltd. (Australia), and Delphi (U.K.) among others.

Market Research Analysis
SOFCs produce electricity at higher efficiencies, and have greater potential as compared to any other type of fuel cell technology. SOFCs are made up of low cost ceramic compound of metal oxides that have extremely high efficiencies. SOFCs work at very high temperatures, at around 800°C to 1000°C; highest of all fuel cell technologies.

SOFC market is regionally dominated by Asia-Pacific, with Japan and South Korea dominating the region, owing to increasing demand for clean and alternative sources of energy, rising industrial needs, and increasing growth of green energy use to reduce carbon emissions.

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Asia-Pacific region dominates the global solid oxide fuel cell market
SOFC market is regionally dominated by Asia-Pacific, with Japan and South Korea dominating the region, owing to increasing demand for clean and alternative sources of energy, rising industrial needs, and increasing growth of green energy use to reduce carbon emissions. SOFCs, in Asia-Pacific, North America, and Europe, have potential application in combined heat & power (CHP) systems, to be implemented in commercial buildings for electric and thermal power generation.

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