Solid Oxide Fuel Cell Market to be worth 1,140.6 Million US$ by 2025
According to a report by MarketsandMarkets, the solid oxide fuel cell market is expected to grow from an estimated US$ 403.4 Million in 2017 to US$ 1,140.6 Million by 2025, at a CAGR of 13.88%, from 2017 to 2025. The global market is set to witness a significant growth due to government subsidies and fuel cell programs in the US, Japan, and Europe.
The power generation segment is expected to hold the largest share of the solid oxide fuel cell market, by application, during the forecast period.
The power generation segment was the largest segment by market share for the solid oxide fuel cell market in 2016 and is projected to dominate the solid oxide fuel cell market during the forecast period. The growth of the power generation segment is primarily driven by the increasing demand for efficient power generation by the commercial and retail end-use segments as well as data centres and telecom towers. Solid oxide fuel cells have an efficiency of as high as 67% as compared to other technologies, such as reciprocating engines which have an efficiency of less than 30%. The government subsidies and incentives given for fuel cell installations in the US and Japan are also driving the growth of the power generation segment.
The planar segment is expected to hold the largest share of the solid oxide fuel cell market, by type, during the forecast period.
The planar segment held the largest market share in the solid oxide fuel cell market, by type in 2016 and is expected to dominate the market during the forecast period. The growth of the planar segment is mainly attributed to the applications of the planar SOFC type in the power generation segment and transportation APU end-use. The planar type is the most commonly used type of solid oxide fuel cell for sub-megawatt and megawatt-scale installations. Companies, such as Bloom Energy (US) and Sunfire (Germany) which dominate the power generation segment, offer planar type SOFC.
North America: The leading market for solid oxide fuel cell
In this report, the solid oxide fuel cell market has been analyzed with respect to three regions, namely, North America, Europe, and Asia Pacific. The market in North America led the global solid oxide fuel cell market in 2016. Government subsidies and incentives provided for the installation of solid oxide fuel cells for power generation applications was the driving factor for the growth in this region. The market in North America is dominated by the power generation segment, with Bloom Energy being the market leader in the supply of solid oxide fuel cells. Several commercial and retail outlets, such as Walmart, Home Depot, and Ikea are investing in solid oxide fuel cells to power their retail outlets and offices for cost saving and emission reduction. Data centres are also adopting solid oxide fuel cells for energy cost saving and efficient power generation. The military segment is also witnessing a growing demand for solid oxide fuel cells for stationary and portable power generation solutions.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the solid oxide fuel cell market. The key players include Bloom Energy (US), Aisin Seiki (Japan), Sunfire (Germany), and SOLIDpower (Italy). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.