The Global Market for Solid Oxide Fuel Cells (SOFCs) is Projected to Reach US$1.4 Billion by 2022
Government Regulations on Clean Air and Strong
Investments in Clean Energy Technologies to Drive the Global Solid Oxide Fuel
Cells Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Solid Oxide Fuel Cells (SOFCs) market. The global market for Solid Oxide Fuel Cells (SOFCs) is
projected to reach US$1.4 billion by 2022, driven by the ever increasing demand for electricity across the globe
and rising focus on clean energy and renewable energy production.
A type of fuel cell
technology, Solid Oxide Fuel Cell (SOFC) generates energy by electrochemical
conversion. The technology therefore finds attractive application in the energy
generation industry. As a reliable, environment-friendly and low cost source of
energy with long-term stability and sustainability, SOFC is poised to witness
robust growth in the coming years. With per-capita consumption of electricity
on the rise worldwide, the need to increase electricity production has become a
top priority for governments across the globe. As governments seek to balance
energy self-sufficiency goals and commitment to climate change agreements, SOFC is soaking up the spotlight as a clean
technology of the future. By boosting electricity generation capabilities of a
nation, SOFCs help in attaining energy security goals. SOFCs score over
traditional energy generation technologies by virtue of their higher operating
efficiency and limited reliance on imported fuels. Being a multi-fuel
technology, SOFCs can operate on a wide range of fuels including renewable
energy, such as biogas, which makes the nation less dependent on imported fossil
fuel for electricity generation.
SOFCs
are increasingly used in stationary power generation multi mega-watt base load power
plant applications, as well as in medium-watt sized residential applications. While SOFCs are primarily used for clean electricity
generation in large multi-megawatt stationary power plants, its portable and
smart features also make them suitable for use in small watt-portable applications,
including battery chargers. SOFC technology directly oxidizes fuel in the cell and
is therefore being commercialized for powering a range of portable and mobile
electronic devices. Given their higher energy efficiency and scalability
benefits, SOFCs are also finding mainstream adoption for auxiliary power
generation thus displacing the inefficient traditional generators. Stringent
environmental regulations and emission control norms governing the power and
automobile sectors are also driving growth in the market. While combustion of
coal in traditional thermal power plants contributes significantly to
environmental pollution, rampant proliferation of internal combustion engine
powered automobiles additionally doubles the impact on the environment. The
zero emission drive and tightening clean air regulations are therefore forcing
power generation and automotive companies to shift their focus from
conventional methods of energy generation towards developing and using a more
environment-friendly technology. The scenario opens a new window of
opportunities for SOFCs. As the case with other fuel cell technologies, SOFC
companies are heavily dependent on government subsidies for viability. The
environmental benefits of SOFCs make them a key beneficiary of new government
programs to reduce dependence on fossil fuel resources and promotion of
alternate energy. Expansion in application areas other than energy generation,
such as transportation, military, portable product power source and other
application areas will be critical for growth in this market.
As
stated by the new market research report on Solid Oxide Fuel Cells (SOFCs), Asia-Pacific represents the largest and the fastest
growing market worldwide with a CAGR of 9.6% over the analysis period led by
huge government support for green energy and financial subsidies for
environmental friendly power generation technologies. With progressive
refinements in performance and affordability, China and other energy-hungry Asian
economies are expected to embrace SOFC technology and emerge as game changers
in SOFC market in the long term.
Major players covered in
the report include Adelan Ltd., Atrex Energy, Inc., Bloom Energy Corporation,
Ceres Power Limited, Convion Ltd., Delphi Automotive PLC, Elcogen AS, FuelCell
Energy, Inc., Hexis AG, LG Fuel Cell Systems Inc., Nexceris LLC, Protonex
Technology Corporation, sunfire GmbH, Toto Ltd., Ultra Electronics AMI, and
ZTEK Corporation, Inc. among others.
The research report titled
"Solid Oxide Fuel Cells (SOFCs): A Global Strategic
Business Report", announced by
Global Industry Analysts, Inc., provides a comprehensive review of market
trends, issues, drivers, mergers,
acquisitions and other strategic industry activities. The report provides
market estimates and projections in US dollars for all major geographic markets
including the United States, Canada, Europe (France, Germany, Italy, United
Kingdom, and Rest of Europe), Asia-Pacific (including Japan), and Rest of World.
The global market for SOFCs is also analyzed by end-use applications Remote
Power & Auxiliary Power Units (APUs), Combined Heat & Power (CHP), and
Others.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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