According to a new market research report published by Credence Research “Solid Oxide Fuel Cell (SOFC) Market (Type – Planar, Tubular; Application – Stationary, Portable and Transport) – Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2024” the global SOFC market, in terms of volume, was valued at over 5.53 thousand units in 2015 and is estimated to expand with a double digit CAGR from 2016 to 2024.
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Market Insights
Solid oxide fuel cells (SOFCs) are the type of fuel cells which can convert electrochemical fuel to electricity with negligible pollution. The market for solid oxide fuel cell (SOFC) is majorly backed by the increasing adoption for SOFCs to provide off-grid power solution, especially in countries such as Japan and South Korea. Factors such as technical advantages of SOFCs over other types of fuel cells have led to the growing demand for SOFCs in various applications. Furthermore, growing government support and investments towards the technology are further expected to fuel the growth in the overall SOFC market.
Competitive Insights:
The overall solid oxide fuel cells market is still in its nascent stage with existence of several untapped applications. The most prominent concern for the industry growth is the high cost of manufacturing and elongated time for charging up. SOFCs are extensively being used for power generation as it acts a clean source of energy. Due to their higher efficiency as compared to other fuel cells, SOFCs stand the most lucrative chance for further development in the coming years. Subsequently, the market has emerged highly dynamic over the period of time. Some of the major companies operating in the market include FuelCell Energy Solutions, Kyocera Corporation, Ceres Power Holdings Plc., Atrex Energy, Doosan Fuel Cell, Dominovas Energy Corporation and Delphi Automotive Systems LLC among others.
Key Trends:
• Product enhancement for higher efficiency and low start-up time
• Continual efforts towards reducing the manufacturing cost
• Partnerships with other companies in the market for product enhancement
• Focus on government contracts for business expansion
• Expansion in Asia Pacific
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