February 26, 2016
market that is expected to reach $3.32 billion by 2018
The global solid oxide fuel cell (SOFC) market value is expected to reach $3.32 billion by 2018, growing at a CAGR of 8.7% from 2013 to 2018. The factors responsible for the growth include the ability of fuel cells in stationary, portable, and transportation applications to act as a source of off grid power, zero emission, and a source of clean energy.
The report “Solid Oxide Fuel Cell Market by Type (Planar, Tubular, Others), Application (Large Stationary, Small Stationary, Transportation, Portable & Military), Geography – Global Trends & Forecast to 2018” defines and segments the global solid oxide fuel cell market with an analysis and forecast of the revenue. The SOFC market will grow from an estimated $2.19 billion in 2013 to $3.32 billion by 2018, with a CAGR of 8.7%.
Browse 73 market data tables and 54 figures spread through 235 pages and in-depth TOC on “Solid Oxide Fuel Cell Market – Global Trends & Forecast to 2018”
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Asia-Pacific: Largest market for floating production systems
Asia-Pacific is estimated to be the largest revenue-generating region for SOFC. Japan and South Korea will be the major countries driving the market.
SOFCs are also dominating the European and North American markets. In the ROW, different applications are growing, but the growth rate is low due to lesser awareness.
These regions contain prospective future markets for SOFC along with some other regions in Asia-Pacific.
Planar SOFC: Biggest market by type
Planar SOFC is the largest SOFC type used across the globe. Despite having a higher installation cost, it has higher power to area ratio compared to the other types.
Planar SOFCs, with their high electrical efficiency and ability to be used in sub mega watt and mega watt applications, are one of the widely used fuel cell systems. Planar SOFC technology can be adapted for all types of applications and it also supports portable and military applications due to its high electrical efficiency.
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Portable & Military Use:
The application of SOFCs is growing the fastest in portable and military usage, because of their smaller size and variety of fuels that are used in solid oxide fuel cells. In military applications, SOFCs provide a better and easy way of power compared to traditional power sources.
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Submitted by Rohan Salgarkar
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