29th November 2019 – The global solid
oxide fuel cells (SOFC) market size is anticipated to value at USD 1.42
billion by 2025, during the forecast period. The market is subject to witness a
substantial growth due to growing emphasis on finding an alternative energy
sources and increasing awareness about benefits of the solid oxide fuel cells
(SOFC). Rise in preference towards solid oxide fuel cells (SOFC) is mainly due
to their capability of generating electricity with the help of different set of
fuels including hydrogen, natural gas, and biogas. Solid oxide fuel cells
(SOFC) has become vital as a back-up power unit due to numerous advantages over
conventional systems, thus driving growth of the solid oxide fuel cells (SOFC)
industry over the forecast period.
Critical factors such as increase in
energy crisis faced by regional governments majorly in developing and underdeveloped
regions is creating the need for sustainable energy. Furthermore, the rise in
capital funding by private players as well as governmental agencies are
substantially contributing to the progress of the industry in recent years. The
commercialization in energy sector is one of the key drivers responsible of the
exponential rise in the market value for the solid oxide fuel cells (SOFC).
Globally, the solid oxide fuel cell market is predicted to grow at CAGR of 30%
in forecast period, providing numerous opportunity for market players to invest
for research and development in the market.
Growing concerns regarding carbon
emissions and rising pressure on the developed economies to limit greenhouse
gas emission are fueling expansion of the solid oxide fuel cell (SOFC) industry
in recent years. Other factors responsible for sustained growth of the market
are increasing focus on energy security and higher efficiency associated with
the adoption of solid oxide fuel cells (SOFC). Overall efficiency of solid oxide
fuel cells (SOFC) varies from fifty to sixty percent, which is significantly
higher in comparison with its counterparts. Though, higher cost associated with
production of the solid oxide fuel cells (SOFC) and installation are negatively
impacting growth of the market.
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High initial cost is directly associated
with the compression and storage of hydrogen gas. Additionally, compression of
hydrogen gas requires costly compressors, which in turn restrains growth of the
solid oxide fuel cell (SOFC) market. Yet, with recent technological advancement
and concrete steps taken by key players and the policy makers coupled with
adoption of latest industry trends are expected to drive growth of the market
in upcoming years.
A solid oxide fuel cell (SOFC) is termed
as an electrochemical system that is responsible for generating electricity by
oxidization of a fuel cell. Fuel cells are differentiated based on electrolyte
element. Commonly, a solid oxide fuel cell (SOFC) uses a metal oxide or ceramic
as an electrolyte. Benefits of solid oxide fuel cells (SOFC) involves higher
efficiency, better stability, flexibility, lower carbon emission and lower
maintenance cost.
The solid oxide fuel cells industry is divided
into regional market segment such as North America, Europe, Asia-Pacific, Latin
America and Africa. North America and Europe have shown major growth in recent
years owing to the rise implementation of latest technologies and existence of
prominent industry players in the region.
Asia-Pacific region is predicted to hold
major market share in the solid oxide fuel cells market with massive growth in
forecast period. Countries such as India, China and Japan are leading the
Asia-Pacific market with increasing applications of solid oxide fuel cells
(SOFC) in the stationary segment, growing adoption in the automotive,
commercial and residential sectors, and increasing investment by market players
considering potential opportunities in the region. The key players in the solid
oxide fuel cells (SOFC) industry are Walmart Co., Coca-Cola Company, Equinix,
Inc., Apple, Inc., CenturyLink, AT&T Co., Verizon Co., and Ensol Systems.
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