This market research information presents a comprehensive segmentation of the global solid oxide fuel cell market by application (transportation, stationary, and portable) and by geography (Americas, APAC, and EMEA). It also provides a detailed analysis of the key vendors and their market shares, including Acumentrics, Aisin Seiki, Bloom Energy, FuelCell Energy, Protonex, and Redox Power Systems.
Technavio’s market research analysts estimate the global SOFC market, to grow at a CAGR of around 10% between 2016 and 2020. Solid oxide fuel cell (SOFC) is a fuel cell that produces electricity through an electrochemical process. SOFC is one of the most prominent fuel cell technologies and offers several benefits like low emissions, long-term stability, high efficiency, and fuel flexibility. In terms of shipments, the SOFC market is expected to witness a growth rate of 30% over the next four years. The Americas is the largest market for SOFCs as most of the developments in terms of technology, investment, and commercialization takes place in this region.
Types of SOFCs
Source: Technavio, 2016
“The search for higher efficiency and emission free power has resulted in the development of hybrid SOFC systems that utilize a gas turbine to generate power. The combination of SOFC with a gas turbine will offer advantages like high electrical efficiency, which is estimated to reach around 75-80%. The high efficiency of such systems will result in its increased development in countries such as Japan, the US, and the UK, in the coming years,” says Vishu R., Lead Analyst, Energy, Technavio Research.
Currently, SOFC is one of the most promising technologies in the fuel cell market. Usage of SOFC at 60% efficiency is expected to bring down greenhouse gas emissions by 40%. This is because higher efficiency would imply lower usage of primary fuel, leading to the lower emission of carbon dioxide. Moreover, due to their high operating temperature of 800°C-1,000°C, SOFCs are capable of running on almost any fuel to generate electricity. US-based NASA has switched from using AFC to SOFC for its space missions, as the latter offers higher fuel flexibility.
The leading vendors in the global SOFC market are Acumentrics, Aisin Seiki, Bloom Energy, FuelCell Energy, Protonex, and Redox Power Systems. The market is extremely competitive owing to the presence of numerous local vendors. In this market, many vendors are partners in demonstration projects that are funded by the government for the development of SOFC technology for commercialization as well as for the reduction in the manufacturing costs as SOFC. Since this technology is still in its nascent stage, new vendors that have the capability to develop specialized products can easily enter the market and capture market shares.
A more detailed analysis is available in the Technavio report, Global SOFC Market 2016-2020.
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