The global solid oxide fuel cell market accounted for a value of USD 480 million in 2019 and is projected to register growth at a CAGR of 7.8% during forecast period.
COVID-19 has impacted the SOFC market. The manufacturing industries have to halt its production activities due to lockdown. The supply chain is disrupted due to travel restriction. The ongoing projects are halted which has impacted SOFC market adversely. This market will recover after all the projects start post COVID-19.
For More details, visit: Global Solid Oxide Fuel Cell Market By Type (Planar and Tubular), By Application (Transportation, Portable, Others), By End-Users (Auxiliary Power Unit, Data Centers, Others) By Region, Forecast & Opportunities to 2026
The concern towards environmental is increasing among population and the people are demanding clean electrical energy. This increases the demand for energy generation from conventional sources such as natural gas and coal. This drives growth in solid oxide fuel cell market during forecast period.
On the basis of type, the SOFC market is segmented into planar and tubular. The planar segment is estimated to dominate the market during forecast period. The planar type is most common type of SOFC. It is designed in a way that ceramic fuel cell modules are arranged in one above another in a sandwich type. The electrolyte is inserted between the electrodes. The demand and adoption of planar type SOFC devices is increasing and this drives growth in planar segment during forecast period.
On the basis of application, the SOFC market is segmented into transportation, portable and stationary. The Stationary segment accounted for largest market share. However, the transportation segment is estimated to register growth at highest CAGR during forecast period. The adoption of SOFCs is increasing in transportation sectors such as marine, trucks and automobiles. Many companies are using SOFC system to power ships for instance, The Samsung heavy industries and Bloom energy are working in collaboration to use SOFC system in order to power ships. The adoption of SOFC is increasing in transportation sector rapidly and this drives growth in transportation segment during forecast period.
North America region is estimated to hold largest market share during forecast period. US is estimated to be the major growth contributor in this region. The SOFCs are largely preferred in this region. The demand and adoption of SOFC along various end-users is increasing. The SOFC research and development sector is growing immensely in this region. This drives growth in North America region during forecast period.
The key market players in solid oxide fuel cell industry are Aisin Seiki, Bloom Energy, Convion Fuel Cell Systems, Ceres Power Holding, FuelCell Energy, Hexis, Solidpower, Sunfire, Protonex, Watt Fuel cell Corporation, General Electric, Ztek Corporation, Elcogen, Atrex Energy and Ultra Undersea Sensor Systems.
- What are the expected industry trends over the next three to five years?
- Which of the solid oxide fuel cell type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?