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Global Solid Oxide Fuel Cell Market Share, Comprehensive Analysis, Opportunity Assessment and Trends by Forecast 2023

Global Solid Oxide Fuel Cell Market Overview

The global solid oxide fuel cell market is projected to grow at a notable pace in the coming years. This was stated in the report published by Market Research Future (MRFR). The report mentioned that the global market valuation is expected to reach USD 1,183.6 million by 2023. The growth of the market is projected to be at an annual pace of 12.87% during the forecast period.

Also Read: https://www.marketwatch.com/press-release/solid-oxide-fuel-cell-market-2020-global-industry-growth-rate-size-share-analysis-covid-19-outbreak-technology-trends-top-company-profiles-regional-statistics-by-2023-2020-07-15?mod=mw_quote_news

Market Segmentation

The solid oxide fuel cell market segmentation is based on the following key dynamics: application, type, end-user, and mobility.

By application, the market segments into CHP, military, and power generation. Among these segments, the power generation segment holds the leading position in the global solid oxide fuel cell application market category. The segment is furthermore expected to expand in terms of size and value over the forecast period and retain its standings in the global market landscape. Elsewhere, the CHP market is expected to showcase positive growth over the forecast period due to the number of favorable government initiatives undertaken, deteriorating natural gas pricing, low operating costs, and growing ecological concerns.

By type, the market divides into planar and tubular. Herein, the planar segment is surging ahead in the market rankings due to the number of advantages it offers. These advantages include high transformational efficiency and low level of power losses as compared to the conventional power generation. The cells boast major applications in portable device, defense requirements like underwater vehicles and unmanned aircraft, and stationary power generation.

By mobility, the market comprises of portable and stationary mobility. Among these, the stationary segment is expected to lead the market category with the highest share percentage. These fuel cells boast major applications in large combined heat & power (CHP) units, prime power, uninterrupted power supply, and residential purposes. Add to this, the cells offer a vast pool of advantages like low operating costs, high reliability, power quality, and the production as well as utilization of direct current.

Regional Analysis

The global solid oxide fuel cell market is regionally segmented into the following geographies: Asia Pacific, North America, and Europe.

Amount the mentioned regions, the North American market held the largest share as per the study conducted in 2017. The region accounted for 46.5% of the market share and is expected to exhibit the fastest CAGR during the assessment period. A major factor influencing the positive growth of the market is the presence of developed nations like the US and Canada, who are consistently investing massive amounts to drive the industry.

The Asia Pacific market is another key regional player in the global landscape. The implementation of solid oxide fuel cell, especially in Japan and South Korea, across different industries have significantly boosted the growth of the region. Japan holds the leading spot in terms of being the fastest growing country over the forecast period.

Competitive Landscape

The global solid oxide fuel cell market comprises a host of prominent players. This includes names such as FuelCell Energy (U.S.), Delphi (U.K.), Elcogen (Estonia), Redox Power Systems (U.S.), Ceramic Fuel Cell Ltd. (Australia), Bloom Energy (U.S.), Atrex Energy (U.S.), Protonex (U.S.), Ceres Power Holdings Plc. (U.K.), Convion Fuel Cell Systems (Finland), WATT Fuel Cell Corporation (U.S.), and others. These noteworthy players are making a mark in the market with their consistent investments and research & development activities to edge past their competitors and stand out from the crowd.

April 9th, 2019, FuelCell Inc. made an announcement concerning the commissioning of an advanced as well as a flexible solid oxide fuel cell (SOFC) project in Pittsburgh. The project is aided by the Fossil Energy office of the US Department of Energy under the Cooperative Agreement DE-FE0026199.

Get Complete Report at: https://www.marketresearchfuture.com/reports/solid-oxide-fuel-cell-market-4281

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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